The LGPS Local Pension Board of Lincolnshire Council is scheduled to meet on Thursday, 19 March 2026. The meeting's agenda includes a comprehensive update on the Pension Fund's performance for the quarter ending 30 December 2025, a review of the Fund's business plan, and a discussion on compliance with new LGPS regulations. Additionally, the Board will consider the 2025 actuarial valuation report and the Fund's Funding Strategy Statement, alongside its work plan and training needs.

Pension Fund Update Report

The Board is scheduled to receive a Pension Fund Update Report from Jo Kempton, Head of Lincolnshire Pension Fund. This report will provide an update on the Fund's status for the quarter ending 30 December 2025 and cover any other current issues. The report includes details on the Breaches Register, Risk Register, and Asset Pooling updates. It also addresses Pension Board membership and comments on Committee papers.

Pensions Administration Report

A Pensions Administration Report, covering the period from 1 October 2025 to 31 December 2025, is scheduled for review. This report, presented by Matt Mott from West Yorkshire Pension Fund, will update the Board on the Fund's administrator's quarterly performance. It details performance against Key Performance Indicators (KPIs), including areas where targets were not met and the reasons for underperformance, such as backlogs in interfund linking and the administrative work required for the McCloud remedy. The report also provides membership numbers for the Lincolnshire Fund and updates on member and employer contact, internal dispute resolution procedures, and staffing within the shared service.

Lincolnshire Pension Fund – Business Plan

The Board will consider the Lincolnshire Pension Fund Business Plan for the financial years 2026/27, 2027/28, and 2028/29. This plan outlines the Fund's objectives across governance, investments, funding, administration, and communication. It includes pension fund statistics, details on resources and budget, a review of the 2025/26 key tasks, and outlines key tasks for the next three years. The plan also identifies key risks and mitigation actions, and provides a forward plan for Committee and Board meetings.

Fit for the Future Compliance Matrix

A report presenting a compliance matrix against the new LGPS Regulations, introduced following the finalisation of the Pension Schemes Bill, is scheduled for review. Officers have compiled this matrix, detailing requirements, deadlines, the Fund's current position, RAG ratings, mitigations, and compliance plans. The report indicates that there are no red rated items, and any amber items have associated mitigation or compliance plans.

Whole Fund 2025 Valuation Report and Funding Strategy Statement

Claire Machej, Accounting, Investments and Governance Manager, will present the Actuarial Valuation Report as at 31 March 2025 and the Fund's final Funding Strategy Statement (FSS). The valuation report details the methodology, results, and sensitivities, while the FSS outlines the Fund's approach to meeting its liabilities, managing risk, and setting employer contribution rates. The report notes that all employers have agreed to their proposed contribution rates from 1 April 2026.

Work Plan and Training Needs

The Board will review its work plan and training needs. This includes discussing future training requirements, reviewing the current work programme, and considering how the Board will contribute to the review of Board scrutiny and future agendas. The report details the progress of current Board members in completing mandatory training, such as induction and the LGPS Online Learning Academy (LOLA), and outlines plans for future training, including risk management sessions and a training assessment package.

Consideration of Exempt Information

An agenda item concerning the consideration of exempt information is scheduled. This item will be discussed with the press and public excluded from the meeting, as it is considered to contain exempt information as defined in the Local Government Act 1972.

Training: Cyber Security Training (West Yorkshire Pension Fund)

An exempt report on Cyber Security arrangements at West Yorkshire Pension Fund is to be received for information. This report is presented by Elizabeth Boardall, Chief Technology, Projects and Communications Officer – WYPF.