The Pensions Committee of Staffordshire Council was scheduled to discuss the Staffordshire Pension Fund's training plan and policy for 2026/27, its business plan for 2026-2029, and the results of the actuarial valuation at 31 March 2025. The committee was also set to review the Fund's climate-related disclosures and climate change strategy.

Staffordshire Pensions Committee and Local Pensions Board Training Plan & Training Policy 2026/27

The committee was scheduled to consider the 2026/27 Training Plan for members of the Pensions Committee and Local Pensions Board, and to note the content of the Staffordshire Pension Fund's Training Policy. The report highlighted the legal requirement for trustees of occupational pension schemes to be trained, as well as the Pensions Regulator's General Code of Practice. It also detailed the eight core technical areas identified by the Chartered Institute of Public Finance and Accountancy (CIPFA) Knowledge and Skills Framework (KSF) that committee members are expected to understand. The report outlined the training provided in 2025/26, including joint training days and online access to learning platforms. The proposed training plan for 2026/27 included topics such as Responsible Investment (RI) policy, investment beliefs, the Fund's Investment Strategy Statement, and cost benchmarking. The report also noted that uptake of the LGPS Online Learning Academy (LOLA) could be significantly improved.

Staffordshire Pension Fund Business Plan 2026-2029

This report presented the proposed three-year Business Plan for the Staffordshire Pension Fund, covering 2026-2029. The plan introduced new Key Development Activities (KDAs) and carried forward others from 2025/26. Key areas for development included Governance, with upcoming legislative changes such as the equalisation of survivor benefits and the removal of age limits on death grant payments. Communications were also a focus, with plans to increase member webinars and review the Fund's website to develop short topical videos. The National Pensions Dashboard Programme was highlighted as an area of increased focus, with the Fund having successfully connected to the dashboard ecosystem by the October 2025 deadline. Investments would focus on the handover of the Fund's Strategic Asset Allocation implementation to LGPS Central. The report also detailed indicative costs for the Pension Fund for 2026-2029, noting that investment and governance costs were forecast to change with the full implementation of asset pooling regulations.

Report on the Actuarial Valuation at 31 March 2025 and Funding Strategy Statement (FSS)

The committee was scheduled to receive a report on the actuarial valuation of the Staffordshire Pension Fund at 31 March 2025. This valuation is a regulatory requirement, occurring every three years, and informs the contribution rates for scheme employers for the subsequent three years. The report indicated that the primary rate for the whole Fund had reduced from 21.5% of pay at 31 March 2022 to 19.1% of pay at 31 March 2025, primarily due to higher assumed future investment returns. The Funding Strategy Statement (FSS) had been reviewed and amended to reflect strategy changes considered as part of the 2025 Actuarial Valuation, including amendments to reflect the implementation of the Fund's Alternative Investment Strategy and to increase prudence levels. The draft FSS had been subject to a consultation period with scheme employers.

Staffordshire Pension Fund Climate Related Disclosures Report

This report presented the findings from LGPS Central Limited's analysis of the Staffordshire Pension Fund's 2025 Climate Related Disclosures Report. The report adhered to the structure of the Taskforce on Climate Related Financial Disclosures (TCFD) and aimed to assess material financial risks related to climate change. It also provided information on the Fund's progress against its 2030 Climate Objectives. The background on the TCFD was provided, explaining its origins and the four elements of recommended disclosures. The report noted that TCFD-aligned disclosures are considered best practice and may become compulsory for LGPS Funds.

Staffordshire Pension Fund Climate Change Strategy

The committee was asked to consider the continuation of the Staffordshire Pension Fund's updated Climate Change Strategy (CCS) or to replace it with a wider Responsible Investment and Stewardship (RI&S) Policy. The CCS, first approved in February 2022, sets out the Fund's approach to managing climate risks and opportunities, with an overarching aim to achieve a portfolio of assets with net zero carbon emissions by 2050. The report detailed progress against interim 2030 Climate Objectives, showing reductions in Normalised Financed Emissions for listed equities and a decrease in the proportion of investments in Fossil Fuels reserves and thermal coal. The report also highlighted the importance of RI&S, noting that future regulations are expected to increase reporting requirements. The option to consolidate this into a wider RI&S Policy was presented as a move towards good governance, while still ensuring compliance with potential mandatory TCFD reporting.

The meeting also included exempt items related to minutes from previous meetings and financial matters concerning debt write-off and asset pooling updates.