The Wiltshire Pension Fund Committee met on Thursday 26 March 2026 to review the fund's financial health, approve its budget for the upcoming year, and discuss the outcomes of its triennial actuarial valuation. Key decisions included the approval of the 2026/27 budget and the noting of the triennial valuation results, which showed an improved funding position for the Fund.

Headlines and Monitoring (HAM) Report

The committee received a comprehensive update on the Wiltshire Pension Fund's performance and operational status. Investment performance for Q4 2025 was reported as strong, with a return of 0.7%, slightly behind the benchmark but exceeding the actuarial expected return. The Fund's value stood at £3.81 billion at the end of January 2026, though the geopolitical impact of the conflict in the Middle East was anticipated to affect future returns.

The actuarial valuation had been completed, with all rates confirmed to employees. The administration team had met its targets for February 2026 as outlined in the KPI Improvement Plan. Recruitment for a Governance Manager was ongoing, with Barnett Waddingham providing interim support. The team was also working towards Customer Service Excellence accreditation, with a re-assessment scheduled for April 2026.

The Health Check Dashboard indicated positive movement, with many Key Performance Indicators (KPIs) shifting from amber to green. Sample checking was at 95%, exceeding the target of 90%. The funding level had improved as of December 2025, and the internal audit rating was green overall. Cost per member remained below the trend line for funds of Wiltshire's size. Staff engagement was rated amber, but was increasing, with further training planned.

Administration KPIs showed that 98% of cases were completed on target, with only three tasks remaining over target from December to February. A month-by-month performance breakdown and an overview of outstanding cases were provided. The committee noted improvements in KPIs and expressed gratitude for the progress made.

The Risk Register highlighted that service delivery risks had decreased, and financial management risks remained below appetite, although there was a significant risk concerning the Service Level Agreement (SLA) with the Council. Resourcing remained a concern due to staff shortages, particularly in the payroll team. Investment risks were elevated due to changes in investment pooling.

Key Financial Controls indicated that employers continued to make contributions on time, and work had begun on setting the budget for 2026/27. The Fund was on track to meet its budget for the year, despite additional costs associated with the pooling switch. The audit strategy for 2026/27 was presented for approval.

Regarding regulations, the Local Government Pension Scheme (Miscellaneous Amendments) (Member Benefits) Regulations 2026 came into force on 6 March 2026. Access for Elected Members was due to come into force on 11 May 2026. Changes affecting member benefits were being updated in the administration system.

The committee resolved to:

• Note the Fund updates.
• Endorse the risk register as a true and fair view.
• Note the budget position.
• Approve the audit strategy for 2026/27.
• Approve the training plan for 2026/27.

Business Plan and Budget 2026 - 2027

Chris Moore, Investment and Accounting Team Lead, presented the Fund's Business Plan and Budget for 2026/27 for approval. The report detailed achievements against business plan priorities and the budget setting process, which included provisions for inflation and pay rises.

Concerns were raised regarding RAG ratings within the appendix, specifically concerning Recognition from our peers externally. It was noted that work towards this would take place, aiming for PASA accreditation. The potential addition of the corporate SLA to the Performance and Outcome Board (POB) action programme was suggested. Clarity was sought regarding the timeliness of employer payments, with officers explaining this was due to the diverse range of employers.

The committee resolved to:

• Note the progress made during the second year of the 24/27 Business Plan.
• Approve the Pension Fund operating budget for 2026/27 of £5.420 million.

Triennial Valuation Results

James Franklin, Pensions Administration Lead, presented an update on the actuarial valuation as of 31 March 2025. Negotiations with Swindon Borough Council regarding their contribution rates had concluded successfully, with an agreement reached to reduce their primary rate in the final year and remove the stabilisation option. All employers had been notified of their rates, and the full valuation results were included in the agenda.

The committee resolved to:

• Note the Valuation update, including the appendix, and that the valuation report will be published.
• Note that officers and the actuary will distribute the valuation information as required.

Committee Forward Work Plan

The committee reviewed its forward work plan.

The committee resolved to note the forward work plan.

Date of Next Meeting

The dates for the next meetings were confirmed as an investment-focused meeting on 11 June 2026 and an administration-focused meeting on 30 July 2026.

Exclusion of the Public

It was resolved to exclude the public from the meeting for specific agenda items (15-19) due to the likely disclosure of exempt information.

Part II Minutes of Previous Meeting, Review of Part II Local Pension Board Minutes, Pooling Update, Future Considerations, and Role of Advisers

These items were considered in private session. The committee resolved to note the information provided on the progress of other LGPS funds towards Single Purpose Pension Authorities and requested officers to explore the potential benefits for Wiltshire Pension Fund, bringing a further report back to the next meeting. A presentation on the role of advisers was also delivered.