The Pensions Committee of Lincolnshire Council met on Thursday 22 January 2026 to review the performance and administration of the Lincolnshire Pension Fund. Discussions were scheduled to cover the fund's financial performance, operational efficiency, risk management, data quality, and the work of the Pension Board.

Pension Fund Update Report

The committee was scheduled to receive an update on the Lincolnshire Pension Fund's performance for the quarter ending 30 September 2025. This report, prepared by Jo Kempton, Head of the Lincolnshire Pension Fund, was expected to cover several key areas. These included an update on the fund's funding and performance, noting that the value of invested assets had increased by £161.4 million to £3,827.7 million by the end of the quarter. The report was also set to detail any breaches of regulations, updates to the risk register, progress on asset pooling through the Border to Coast Pensions Partnership, the budget and business plan, and attendance at conferences and training. A consultation on the Funding Strategy Statement was also to be considered, with a single response received from the Department for Education.

Pensions Administration Update

A report from Matt Mott, Head of Governance and Business Development at West Yorkshire Pension Fund (WYPF), was scheduled to provide an update on the administration of the pension fund for the period of 1 July to 30 September 2025. This update was expected to detail key performance indicators (KPIs), highlighting areas where targets were not met, such as transfer in actuals, transfer out payments, and interfund out quotes. The report was also to cover staffing updates within the shared service, the outcomes of audits undertaken by Bradford Council's Internal Audit, and a summary of the shared service budget. A five-year forecast for the shared service charge per member was to be presented, alongside details of provisions for IT system development related to regulatory changes like the McCloud remedy and the Pensions Dashboard. The report was also to include an update on the Pensions Dashboard project, detailing its objectives, progress, and associated considerations, as well as an update on the member portal and the ongoing McCloud remedy implementation.

Risk Register Annual Review

The committee was scheduled to review and approve the Lincolnshire Pension Fund's Risk Register and Risk Policy. This report, also from Jo Kempton, Head of the Lincolnshire Pension Fund, would present the key risks facing the fund across governance, investment and funding, operational, and people categories. It would detail the current risk scores, target scores, assurance status, and direction of travel for each identified risk. The report noted that the risk management policy had not changed since the previous year's review, but the risk register had been updated to reflect changes in how the council records and manages risk, focusing on genuine threats that are actively managed.

The Pensions Regulator (TPR) Data Quality Report

This report, also from Matt Mott of WYPF, was scheduled to provide an update on the data quality scores for the Lincolnshire Pension Fund, as reported annually to The Pensions Regulator (TPR) in November. The report indicated that the current data scores for the fund, including both current and legacy data, were 96.67% for common data and 89.57% for scheme-specific data. For current data only, these scores were higher at 98.87% and 98.75% respectively. The report was set to detail specific data issues, such as missing addresses, earnings, and CARE benefits, along with a Data Improvement Plan designed to address these shortcomings.

Report by the Independent Chair of the Lincolnshire Local Pension Board

George Graham, the Independent Chair of the Lincolnshire Local Pension Board, was scheduled to provide an update on the Pension Board's activities over the preceding months. The report was expected to cover outcomes from the Board's meeting on 23 October 2025, focusing on the performance of the administration service, the annual review of the Fund's risk register, the Fund's Annual Report for 2024/25, the Annual Assurance Report from Internal Audit, and the results of the actuarial valuation and Funding Strategy Statement. The Board had also received training on the Funding Strategy Statement prior to their meeting. The report aimed to provide the Pensions Committee with assurances gained from the Pension Board's work and to present any recommendations from the Board.

Consideration of Exempt Information

An item concerning Investment Philosophy, Local Investment Recap, and Investment Strategy Review Modelling was scheduled to be discussed in private session, as it was considered to contain exempt information. This report was prepared by Claire Machej, Accounting, Investment and Governance Manager, and provided feedback on a workshop and training session.