The Pension Committee of Gloucestershire Council met on Thursday 26 February 2026 to discuss a range of updates and strategic plans for the Gloucestershire Pension Fund. Key topics included a business update on governance and operations, funding and investment performance, the cash management strategy, and the Fund's stewardship code. The committee was also scheduled to review the 2025 triennial valuation, monitor cashflow, and consider the business plan and operational budget for 2026/27.

Gloucestershire Pension Fund Business Update - Governance & Operations

Matthew Trebilcock, Head of Pensions, was scheduled to provide the committee with an update on governance and operational matters. This included noting the draft Pension Board minutes from 21 January 2026, proposed amendments to the Pensions Committee's Terms of Reference, and an update on the Risk Register, including any risks currently above their target levels. The report was also set to cover consultation responses, governance and operational updates, and the outturn for the 2025/26 budget and business plan.

The committee was to be informed about the LGPS Scheme improvements consultation, specifically regarding access and protections, and the LGPS: Fit for Future technical consultation. Updates on the Pension Schemes Bill were also scheduled.

Gloucestershire Pension Fund Business Update - Funding & Investment

Matthew Trebilcock was also scheduled to present an update on the funding and investment performance of the Fund. The committee was asked to note the Fund's position as at 31 December 2025, including details of investment performance and associated appendices. This update would provide information on the Fund's funding position, market value, asset allocation, responsible investment activity, and engagement activity since the previous committee meeting.

Cash Management Strategy

Nigel Gabb, Strategic Pensions Manager for Investments & Accounting, was scheduled to present the Funds Cash Management Strategy for 2026/27. The committee was asked to approve this strategy, which aims to provide a framework for managing cash balances effectively to meet future financial obligations and commitments. The strategy includes criteria for the sustainability classification of money market funds, with the Fund only investing in those classified as Article 8 and above.

Stewardship Code

Nigel Gabb was also scheduled to present the Fund's 2026 Stewardship Report. The committee was asked to approve this report as an existing signatory to the Financial Reporting Council's UK Stewardship Code. The report details how the Fund meets the principles of the code, with a focus on responsible allocation, management, and oversight of capital to create long-term sustainable value. The report also outlines the Fund's enhanced stewardship approach, including revisions to its responsible investment policy and targets for decarbonisation and engagement.

Gloucestershire Pension Fund Business Plan 2026/27

Matthew Trebilcock was scheduled to present the Gloucestershire Pension Fund Business Plan and operational budget for 2026/27. The committee was asked to approve the business plan and budget, and to note the key projects, monitoring arrangements, and risk framework that will govern delivery during the upcoming year. The plan highlights key challenges and influences such as pooling reforms, the economic environment, regulatory complexity, and the Pensions Dashboard. Five core projects were proposed for 2026/27: Asset Pool Transition, Fit for the Future Reforms, Benefits Regulatory Reforms, Cyber Security/Business Continuity, and Employer Portal (i-Connect) Roll-out.

2025 Triennial Valuation

Matthew Trebilcock was scheduled to present the report on the actuarial valuation of the Gloucestershire Pension Fund at 31 March 2025. The committee was asked to receive and accept the report and formally adopt the Funding Strategy Statement, Cessation Policy, Contributions Rate Review Policy, and Prepayment of Contributions Policy from 1 April 2026. The valuation report indicated an improved funding level and a decrease in average employer contribution rates.

Cashflow Monitoring

Matthew Trebilcock was also scheduled to present an updated cashflow monitoring report, prepared by the Fund Actuary. The committee was asked to note the findings, agree that officers and advisers continue to monitor the Fund's cashflow position, and agree that the next comprehensive cashflow projection exercise should be undertaken no later than the 2028 actuarial valuation. The report highlighted an emerging cashflow-negative position, which officers will reflect in ongoing investment strategy and liquidity planning.

Exclusion of the Press and Public

A resolution was scheduled to be considered for the exclusion of the press and public from the meeting for specific agenda items due to the likely disclosure of exempt information.

Exempt Minutes

The committee was asked to approve the exempt minutes of the meeting held on 4th December 2025.

Social & Affordable Housing Portfolio Review

Matthew Trebilcock was scheduled to present a review of the Social & Affordable Housing Portfolio, with the committee asked to approve the report's recommendation.

LGPS – Fit for Future – Pension Pooling Update

Matthew Trebilcock was also scheduled to provide an update on the LGPS – Fit for Future – Pension Pooling. The committee was asked to note the report, which would likely cover progress on the transition from the Brunel Pension Partnership to LGPS Central.

Gloucestershire Pension Fund Business Update

Matthew Trebilcock was scheduled to provide a further business update on the Gloucestershire Pension Fund, with the committee asked to note the report.