The Pension Board of Worcestershire Council met on Friday, 27 February 2026, to discuss the Fund's Business Plan, Risk Register, and updates on governance and compliance. The meeting also included a review of training initiatives, the Investment Strategy Statement, and the Climate Change Risk Strategy.

Business Plan

The Board was scheduled to review the Worcestershire Pension Fund Business Plan for 2024/2025 – 2026/2027. This plan outlines the Fund's aims and objectives, detailing how it intends to deliver against these and improve its services for members. It serves as a working document, monitored continuously and discussed at every Board and Committee meeting. The plan covers strategic goals, progress tracking through short and medium-term objectives, and prioritisation of scheme business. Updates were expected on administration, governance, and investments, including progress on projects such as McCloud, the member portal, the pensions dashboard programme, and I-Connect.

Risk Register

A review of the Worcestershire Pension Fund Risk Register was scheduled. This register identifies and assesses risks facing the Fund, categorised into areas such as Compliance and Legal, Operational and Technological, Engagement, Pooling, and Investment. The register uses a scoring system based on likelihood and impact to prioritise risks and inform mitigation strategies. Updates were expected on existing risks, including those related to asset pooling, inflation, employer contributions, regulatory changes, and cyber security. A draft new Risk Register for April 2026 was also presented for consideration.

Governance and Compliance Update

The Board was set to review the Governance and Compliance Update, which details activities and risks in this area. Key topics included updates on the Pensions Schemes Bill and the Government's response to the LGPS Access and Fairness consultation. The Board was also scheduled to review the Fund's Good Governance Position Statement, Cyber Security Review, Conflicts of Interest Policy, and updated Terms of Reference for the Board and Committee. The update was expected to cover progress on ensuring compliance with The Pensions Regulator's single code of practice and the implementation of the Senior LGPS Officer role.

Training Update

A review of the Fund's training initiatives was on the agenda. This included the draft Training Strategy, which sets out the approach to ensuring individuals involved in the management, governance, administration, and decision-making processes possess the necessary knowledge and skills. Updates were expected on training delivered to scheme members, Board and Committee members, and officers, as well as progress on mitigating risks related to insufficient knowledge and competence. The Board was also to review the Training and Conferences Calendar, a Pre-meeting Training Plan, and a proposal for individual learning dashboards.

Investment Strategy Statement (ISS) and Climate Change Risk Strategy (CCRS) Update

The Board was scheduled to review updates on the Fund's Investment Strategy Statement (ISS) and Climate Change Risk Strategy (CCRS). This included a review of the draft 2026 ISS, reflecting new LGPS investment regulations and guidance from the Ministry for Housing, Communities & Local Government. The Board was also to consider the draft Climate Change Risk Strategy, which outlines the Fund's approach to addressing climate-related risks and opportunities. Additionally, the 6th Annual Climate Risk Management Report, incorporating Task Force on Climate-related Financial Disclosures (TCFD) reporting, was to be presented, alongside outcomes from an ESG Workshop.

Forward Plan

Finally, the Board was to review and comment on the proposed Forward Plan. This document outlines key areas anticipated for future reporting, acknowledging that the plan may be subject to change due to forthcoming government-led regulatory changes to the LGPS.

The meeting also included standard agenda items such as apologies, declaration of interests, and confirmation of previous minutes. Items related to LGPS Central Ltd and the Pension Fund Budget Forecast Outturn were scheduled to be discussed in a part of the meeting where the public and press would be excluded due to the likely disclosure of exempt information.