The Pension Board of Worcestershire Council met on Friday 27 February 2026 to review the Fund's Business Plan, Risk Register, and Governance and Compliance Update. Key discussions included the progress of ongoing projects such as the McCloud remedy and the Pensions Dashboard Programme, alongside updates on investment strategy and climate change risk.

Business Plan

The Board reviewed the Worcestershire Pension Fund Business Plan as of February 2026. Steve Gribbin, Head of Pensions Administration, reported an incident of fraudulent activity that had been identified and subsequently reported to The Pensions Regulator. He also confirmed that there were 16 outstanding deceased member cases impacted by the McCloud Judgement, and that accruable interest would be payable on the frozen funds of these deceased members. The Board noted the business plan and the archived records.

Risk Register

The Board reviewed the Risk Register, with particular attention paid to the potential impact of Local Government Reorganisation (LGR) on the Fund. Concerns were raised about the burden on the pension team during the restructuring of the Council and the potential implications for the Fund's administration if Worcestershire were to become two unitary authorities. The Board Chair suggested adding the impact of LGR to the Risk Register, and Steve Gribbin confirmed that increased administration work as a result of LGR had been included under Risk 8 in the new register. A member also highlighted the importance of testing the Fund's systems against cyber-attacks to prove their robustness. The Board noted the February 2026 Worcestershire Pension Fund Risk Register.

Governance and Compliance Update

The Board reviewed the Governance and Compliance Update. Simon Lewis indicated that updated Terms of Reference for the Board, Committee, and Pension Investment Sub-Committee, along with the Governance Policy Statement, would require approval from the Council following consideration by the Pensions Committee. The Board Chair noted the difficulty in finding individuals with the appropriate skills to serve as independent persons on the Pensions Committee and Pension Investment Sub-Committee. The Board noted the update and associated appendices, including the Funding Strategy Statement, Good Governance Position Statement, Cyber Security Report, Conflicts of Interest Policy, and updated Terms of Reference. They also requested that the most up-to-date cyber information be provided.

Training Update

The Board reviewed the Training Update and welcomed the use of the Apprenticeship Levy to recruit apprentices to the administration team. The Board noted the draft Training Strategy, Training and Conferences Calendar, Pre-meeting Training Plan, and the Training Dashboard Proposal.

Investment Strategy Statement and Climate Change Risk Strategy Update

The Board reviewed the Investment Strategy Statement and Climate Change Risk Strategy Update. Steve Gribbin reported that the ISS and Strategic Asset Allocation Review would be presented at future meetings. The Board noted the update relating to the 2026 Investment Strategy Statement, the draft Climate Change Risk Strategy, the Fund's 6th Annual Climate Risk Management Strategy Report, and the outcomes of the Fund's ESG Workshop.

Forward Plan

The Board Chair raised a concern regarding the Chief Executive of LGPS Central's reluctance to hold scheduled meetings with Board Chairs, despite the importance of these meetings for ensuring accountability and avoiding duplication of work, particularly given the current period of significant change within pensions. The Board noted the Forward Plan.

Exclusion of Public and Press

The Board resolved to exclude the press and public from the meeting for Agenda items 13 and 14, as these were likely to involve the disclosure of exempt information relating to financial or business affairs.

LGPS Central Ltd Update

The Board noted the update on LGPS Central Ltd.

Pension Fund Budget Forecast Outturn 2025/26 and Updated Indicative Budgets 2026/27 to 2028/29

The Board noted the expected outturn of the Fund's budget for 2025/26.