The Pension Fund Committee of Oxfordshire Council met on Friday 05 June 2026 to review the Annual Business Plan for 2026/27, discuss the Fund's risk register, and consider reports on governance, communications, and administration. The committee also received updates on investment performance, corporate governance, and socially responsible investment.

Review of the Annual Business Plan 2026/27

The committee was scheduled to review progress against the key priorities outlined in the Annual Business Plan for 2026/27. The report indicated that the Fund was making good progress in most areas, but highlighted challenges in the Workforce Strategy, procurement, and implementation of government policies related to Access and Fairness and Access and Protections. The plan's four key priorities for the year were: improving governance arrangements, enhancing operational effectiveness and delivering regulatory changes, developing investment and funding services, and delivering service enhancements through increased use of technology.

Risk Register Report

This item was scheduled to present the latest position on the Fund's risk register, including any new risks identified since the previous meeting. The report noted that the Local Pension Board had reviewed the register and recommended a review of Risk 19, Failure of Pooled Vehicle to meet local objectives, with a view to reducing its risk rating. They also recommended adding a new risk related to Local Government Reorganisation. Two new emerging risks had been identified and added: Risk 25, Insufficient workforce resources due to ineffective recruitment, attraction and retention, and Risk 26, Local Government Reorganisation, which could potentially lead to problems with fund governance and operations.

Governance and Communications Report

The report was set to cover key governance and communication issues for the Fund, including an update on General Code of Practice Compliance for 2026/27. It was also to include a report on any breaches of regulation in the last quarter and an annual cyber security review. The committee was recommended to approve a revised Local Pension Board Constitution.

Administration Report

This report was scheduled to update the committee on key administration issues, including service performance measurement, the debt recovery process, and any write-offs agreed in the last quarter. It was also to provide an update on the new member self-service portal, Engage, and the progress of the McCloud remedy project.

Report of the Independent Investment Advisor

This report was to provide an overview of the financial markets, the overall performance of the Fund's investments against the Investment Strategy Statement, and commentary on any issues related to specific investment portfolios. The report included the quarterly investment performance monitoring report from Brunel.

Corporate Governance and Socially Responsible Investment

This item was to provide an opportunity to raise any issues concerning Corporate Governance and Responsible Investment that needed to be brought to the attention of the committee. It included an update on responsible investment activities, such as the results of a member survey on investment priorities and engagement with companies like Microsoft.

Funding and Investments Update

This report was to cover updates on fund cashflow monitoring, pool transition costs, and local investments.

Pooling Transition Update

An LGPS Central representative was scheduled to present a transition progress report to the committee.

Local Government Reorganisation Fund Structure Update

This report was to update the committee on the approach to identifying the appropriate Fund structure post Local Government Reorganisation (LGR). The committee was recommended to review an independent report from Barnett Waddingham and agree on an approach for Fund officers to explore further options.

Approval of Senior LGPS Officer

This report was to present the final recommendation for the appointment of the Senior LGPS Officer. The committee was recommended to review an independent report from Aon and agree to the appointment of the Senior LGPS Officer as the Head of Pension Fund role.

Report of the Local Pension Board

This report was to set out the items the Local Pension Board wished to draw to the attention of the committee following their last meeting. The committee was recommended to note the comments of the Board as set out in the report.