The Pensions Board of Staffordshire Council met on Friday 27 March 2026 to discuss data quality scores, the investment risk register, and updates from national bodies. The Board noted improvements in common data quality scores but a decrease in scheme-specific data scores, and reviewed a comprehensive list of investment risks, many of which have increased due to the transfer of responsibilities to LGPS Central Limited.

Data Quality Scores and Data Improvement Plan

The Board noted the Staffordshire Pension Fund's data quality scores for 2025. The Common Data Score increased slightly to 97.4% from 97.2% in 2024. However, the Scheme Specific Data Score saw a reduction, falling to 95.98% from 97.04% in the previous year. This decrease was attributed to decisions made regarding the production of Annual Benefit Statements for members where the Fund had not been formally notified if a member had left the scheme. Rectification of this will be considered as part of the Fund's project to comply with onboarding to the National Pensions Dashboard program.

A Data Improvement Plan (DIP) was also noted, which outlines the method for correcting identified data issues, responsibilities, and expected timescales. Key areas of focus for the 2025 DIP include Common Data Address, Scheme Specific Data CARE benefits, and Scheme Specific Data McCloud protections. The Fund is on track to correct all McCloud-related records by the legal deadline of 31 August 2026, with the exception of cases reliant on external parties for data or guidance.

Staffordshire Pension Fund Risk Register - Investments

The Board reviewed the Staffordshire Pension Fund's Risk Register, specifically focusing on investment-related risks. Fund Officers identified five areas of high risk and twelve areas of medium risk. The high-risk areas are primarily linked to the Fit for the Future consultation and new directives from the Local Government Pension Scheme (Pooling, Management and Investment of Funds) Regulations 2026, which came into effect on 1 April 2026. These include:

• The monitoring of the actual Strategic Asset Allocation (SAA) and the ability to make strategic/tactical asset allocation decisions without advice and information from LGPS Central Limited (LGPSC).
• The risk of increased operating costs or reduced forecast savings from LGPSC impacting the Fund's return, due to significant expansion and increased budgeted costs for LGPSC.
• The risk of LGPSC and the Fund losing key personnel, knowledge, and skills due to retirements, changes in investment pooling, and the movement of transactional activities to LGPSC.
• The risk of regulatory changes impacting LGPSC and/or the Fund.

The twelve medium-risk areas include concerns about LGPSC's ability to appoint suitable managers, provide an adequate range of products, and maintain an appropriate manager monitoring service. There are also risks related to LGPSC not adequately considering asset class correlation, manager/fund styles, systemic risk factors, and currency risk. Concentration of services at LGPSC and the risk of divergence of other Partner Funds from LGPSC's shared objectives were also highlighted. Many of these risks have increased in score because the Fund no longer has direct control over them, as investment management has moved to LGPSC.

Local Government Association/Scheme Advisory Board Update

The Board received an update on national developments from the Local Government Association (LGA) and the Scheme Advisory Board (SAB). Key points included:

• Pensions Dashboard Programme (PDP): The connection date for all schemes remains 31 October 2026. The Fund has provided its data by the deadline, and Phase 2 testing has commenced, with LGPS members encouraged to volunteer as testers.
• Government Consultations: Updates were provided on the Access and Fairness consultation, which will be implemented in two stages from 1 April 2026, affecting survivor benefits and death grants. The Gender Pensions Gap consultation proposes making absences of less than 15 days automatically pensionable and extending the time limit to buy back lost pension. Further proposals from the Scheme Improvements (Access and Protection) consultation include extending LGPS access to councillors and mayors, with specific conditions.
• Fit for the Future Programme: New regulations regarding investment, pooling, and governance are intended to come into force on 1 April 2026. These include legal requirements for Pensions Committee, Board, and officers to have appropriate knowledge, the appointment of a named Senior LGPS Officer responsible for investment strategy, governance, and administration, and the appointment of an independent advisor to the Pensions Committee. Independent governance reviews of Funds will be conducted every three years.
• Scheme Advisory Board (SAB) Activities: SAB published its 2026 Annual Report, highlighting increased LGPS membership and assets. Key priorities for 2026 include assisting with the embedding of Fit for Future changes, increasing engagement with Committees and Boards, and reviewing guidance for Local Pension Boards. SAB has also issued statements on the management of the LGPS, emphasizing its value, efficiency, and cost-effectiveness.
• General Updates: The Fund has migrated to the Engage Pension Portal and a new telephony system. Scheme members and employers will be informed of the Amendment Regulations.