The Devon Pension Board met on Wednesday, 29 April 2026, to review the board's attendance and training records, consider the annual report for 2025/26, and discuss the budget for the upcoming year. The meeting also included updates on employer monitoring, the pension fund's risk register, and Peninsula Pensions' performance.

Review of Attendance

The board was scheduled to review its attendance and training records. The report pack indicated that a log of attendance at board meetings and training events is maintained, and that the board's terms of reference state that membership may be reviewed and terminated if a member fails to attend two consecutive meetings or training events without mitigating factors.

Pension Board Annual Report

The board was set to consider the Devon Pension Board Annual Report for 2025/26. This report details the work undertaken by the board during the year, highlighting areas reviewed and key recommendations made to the Investment and Pension Fund Committee. The report also noted the board's role in assisting Devon County Council, as the local scheme manager, with compliance regarding LGPS regulations, the Pensions Regulator's requirements, and the effective governance and administration of the LGPS.

Training Review and 2026/27 Training Strategy

A review of training for 2025/26 and the proposed training strategy for 2026/27 were scheduled for discussion. This followed amendments to the Local Government Pension Scheme (LGPS) regulations, which require administering authorities to have a training strategy in place. The strategy aims to ensure that all relevant individuals, including Pension Board and Investment and Pension Fund Committee members, possess the necessary knowledge and skills. This includes being conversant with LGPS rules, fund policies, pension law, and other prescribed matters. The proposed strategy for 2026/27 includes mandatory training through Barnet Waddingham's Enlighten online modules, as well as in-house sessions and briefings on topics identified through a training needs analysis.

Devon Pension Board Budget

The board was to consider the outturn for the 2025/26 budget and approve the budget for 2026/27. The report indicated that the board requires adequate resources for allowances and expenses, accommodation, administrative support, training, and professional advice. The expenses of a Local Pension Board are considered part of the administration costs of the Fund.

Employer Monitoring

The meeting was scheduled to provide an update on the procedures for monitoring the timely receipt of administration data and the payment of contributions from employers. Employers are required to submit data and contributions in line with the Fund's Administration Strategy and legal deadlines. The report detailed instances of late payments and outlined the monitoring process, including the use of a new finance system and reconciliation exercises.

Devon Pension Fund Risk Register

The board was to review the Pension Fund Risk Register, which identifies and assesses risks and outlines mitigation actions. The register incorporates risks from both the Investments Team and Peninsula Pensions. The report highlighted that the Investment and Pension Fund Committee is the ultimate risk owner. The register had been migrated to a new risk management system, and while some initial glitches were being addressed, the number of high risks had been reduced to two: Investments – External Market Risks and Cyber Security.

Investment and Pension Fund Committee Minutes

The minutes of the Investment and Pension Fund Committee meeting held on 27 February 2026 were provided for information. These minutes covered a range of topics including the approval of the Internal Audit Plan 2026/27, the appointment of a Senior LGPS Officer and Independent Person, and arrangements for investment pooling with Local Pension Partnership Investments (LPPI). The minutes also detailed the Investment Management Report as at 31 December 2025, the Funding Strategy Statement, a Conflicts of Interest Policy, the results of the Fund Member Survey, the Treasury Management Strategy 2026/27, and Peninsula Pensions' administration performance and employer performance reports.

Internal Audit Annual Report

The Head of Devon Assurance Partnership was to present the Internal Audit Year End Report for 2025/26 for Devon Pension Fund and Peninsula Pensions. The report provided an assurance opinion on the adequacy and effectiveness of the Fund's internal control environment, based on seven assurance-based audit reviews. Overall, substantial assurance was indicated, with a note that the Data Quality - Employer Interface review again provided limited assurance, leading to an increase in planned audit days for ongoing reviews in this area.

Peninsula Pensions Administration Update and Performance Statistics

An update on Peninsula Pensions' performance was scheduled, focusing on compliance with the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 and internal targets within the Pension Administration Strategy. The report detailed performance for the quarter ending 31 December 2025, noting that 94% of all cases and 92% of high-priority tasks were completed within statutory timescales. Updates were also provided on the McCloud remedy implementation, the Pension Dashboard connection, and Personal Savings Statements.

Local Government Pension Scheme (LGPS) Update

Developments affecting the LGPS were to be discussed. This included the LGPS (Amendment) (Elected Member Pensions) Regulations 2026, which extend LGPS membership to elected local authority members from 11 May 2026. The report also covered changes to survivor benefits, death grants, the gender pension gap, abolition of the lifetime allowance, and the McCloud remedy, with regulations coming into force on 1 April 2026. Employee contribution bands for 2026/27 and the pensions increase for 2026/27 were also detailed.

Future Work Programme

The board was invited to review and provide suggestions for its future work programme. The proposed programme included standing items such as minutes of the Investment and Pension Fund Committee, the Devon Pension Fund Risk Register, and Peninsula Pensions Administration Performance. Future agenda items were also outlined for July 2026, October 2026, and January 2027, covering topics like the Scheme Advisory Board Knowledge and Skills Framework, Fair Deal, Good Governance implementation, and budget updates.