The Devon Pension Board met on Wednesday 29 April 2026 to review the board's attendance and training, consider the annual report for 2025/26, and discuss the budget and risk register for the Devon Pension Fund. The meeting also included updates on employer monitoring, Local Government Pension Scheme developments, and the minutes of the Investment and Pension Fund Committee.

Review of Attendance

The board was scheduled to review its attendance records for board meetings and training events. The report noted that the terms of reference state that membership may be reviewed and terminated if a member fails to attend two consecutive meetings or training events, in the absence of mitigating factors. An attendance log was provided for the board's review.

Pension Board Annual Report 2025/26

The board was asked 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 covers the board's role in assisting Devon County Council, as the local scheme manager, with compliance with LGPS regulations, requirements from the Pensions Regulator, 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. The report highlighted the requirement for a training strategy under new LGPS regulations, extending knowledge and skill requirements to both the Pension Board and the Investment and Pension Fund Committee. The strategy focuses on the CIPFA/Scheme Advisory Board Knowledge and Skills framework, an annual training plan, and reporting on mandatory training completion. The mandatory training for 2026/27 includes completing Barnet Waddingham Enlighten training videos.

Devon Pension Board Budget

The board was asked to note the outturn for the 2025/26 budget and consider the proposed budget for 2026/27. The report indicated that adequate resources are required for the board's functions, including allowances, accommodation, administrative support, training, and professional advice. The expenses of the Local Pension Board are considered part of the administration costs of the Fund.

Employer Monitoring

This report was intended to update the Pension Board 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 the monitoring process, including a summary of monthly contributions received and a table outlining late payments from specific employers. It also provided a summary of employer performance concerning notifications for scheme members joining and leaving the LGPS.

Devon Pension Fund Risk Register

The board was scheduled to review the Pension Fund Risk Register and proposed actions to mitigate identified risks. The register identifies risks from various sources, including funding position, investment performance, membership changes, benefits administration, costs, communications, and financial systems. The board monitors the register as part of its scrutiny role, and any specific concerns are raised with the Investment and Pension Fund Committee. The report noted that the risk register had been migrated to a new risk management system, with 41 risks recorded across the Devon Pension Fund management and Peninsula Pensions.

Investment and Pension Fund Committee Minutes

The board was to receive the minutes from the Investment and Pension Fund Committee meeting held on 27 February 2026 for information. Key discussions from that meeting included the approval of the Internal Audit Plan 2026/27, the appointment of a Senior LGPS Officer and Independent Person, and arrangements for transitioning investment pooling from Brunel to Local Pension Partnership Investments (LPPI). Other topics covered were the Investment Management Report, the Triennial Valuation and Funding Strategy Statement, a Conflicts of Interest Policy, the Fund Member Survey results, the Pension Fund Treasury Management Strategy, and updates on Peninsula Pensions administration and employer performance.

Internal Audit Annual Report

The board was asked to note the Internal Audit Year End Report for 2025/26 for Devon Pension Fund and Peninsula Pensions, and to consider any comments for the Investment and Pension Fund Committee. The report indicated that overall, Internal Audit could provide substantial assurance on the adequacy and effectiveness of the Fund's internal control environment, based on seven assurance-based audit reviews. However, limited assurance was provided for the Data Quality Employer Interface review, leading to an increase in planned audit days for 2026/27.

Peninsula Pensions Administration Update and Performance Statistics

This report provided an update on Peninsula Pensions' performance against statutory requirements and internal targets for the quarter ending 31 December 2025. Overall performance against the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 was 94%, with 92% for high-priority procedures. The report detailed team performance, including updates on McCloud remedy work, Pension Dashboard connections, Personal Savings Statements, and data quality scores. It also included a breakdown of administration performance for the Devon Pension Fund and trend analysis of workflow.

Local Government Pension Scheme Update

An update on recent developments affecting the LGPS was scheduled. This included information on new regulations extending LGPS membership to elected members of local authorities from May 2026, and amendments to regulations concerning survivor benefits, death grants, the gender pension gap, and the McCloud remedy. The report also outlined the employee contribution bands for 2026/27 and the pensions increase for the LGPS.

Future Work Programme

The board was invited to review the proposed Future Work Programme and provide suggestions for future agenda items. The 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. Scheduled topics for future meetings included the Scheme Advisory Board Knowledge and Skills framework, Terms of Reference review, Fair Deal, Good Governance implementation, and budget updates.