The Wiltshire Pension Fund Committee is scheduled to convene on Thursday 18 June 2026 to discuss the fund's responsible investment performance, investment manager fees, and updates on investment pooling arrangements. The meeting will also include a review of the fund's quarterly investment performance and future governance arrangements.

Responsible Investment Update and Progress Report

The committee is scheduled to receive an update on the Wiltshire Pension Fund's responsible investment performance for the past quarter. This report will detail progress against actions outlined in the Responsible Investment Plan 2026/27, including work on climate scenario modelling, social and affordable housing impact reports, and stewardship activities. The report also covers the fund's published stewardship activities, including its compliance with the UK Stewardship Code 2026, and provides an overview of site visits undertaken and voting records. The fund's engagement with companies on environmental and social issues, such as its participation in an engagement with Nestlé regarding physical climate risks, will also be highlighted.

Quarterly Investment Update

A report is scheduled to be presented to the committee regarding the fund's investment performance. This update will cover the fund's strategic asset allocation, which is globally diversified with a majority invested in developed markets. The report will also detail the fund's approach to responsible investment, including its commitment to achieving net-zero carbon emissions by 2050 and its investment beliefs, which guide its stewardship and engagement activities. The fund's focus on environmental, social, and governance (ESG) factors, including climate change, biodiversity, social impact, and corporate governance, will be a key element of this discussion.

Investment Manager Fee and Costs

The committee is scheduled to receive an update on the investment manager fees and costs incurred by the Wiltshire Pension Fund for the year ending 31 March 2026. This report will detail the various costs associated with managing the fund's investments, including management fees, performance fees, and transaction costs. The total cost for 2025/26 was £36.6 million, representing 0.96% of the total fund value, a slight decrease from the previous year. The report will break down these costs by asset class, illustrating the investment management expenses for active equity, passive equity, gilts, private markets, property, and active debt.

Future Governance Arrangements

The committee is scheduled to receive a presentation and training from Jeff Houston on Single Purpose Pensions Authorities. This topic is relevant to the ongoing changes within the Local Government Pension Scheme (LGPS) industry, particularly in light of the 'Fit for the Future' consultation. The discussion is expected to explore the implications of these potential structural changes for the Wiltshire Pension Fund.

Investment Pooling Update

An update concerning changes to the pooling arrangements for the Wiltshire Pension Fund is scheduled for discussion. This will include information on the fund's transition away from its current pooling partner, Brunel Pension Partnership Limited, and the selection of a new partner, LGPS Central Limited. The report will likely detail the rationale behind this change, focusing on the alignment of stewardship priorities and the capabilities of the new pooling partner.

LGPS Central Committee Update

A presentation from LGPS Central is scheduled to provide an overview of developments within the organisation. This update is intended to explain how these developments will assist the Wiltshire Pension Fund in meeting its long-term investment objectives and Strategic Asset Allocation (SAA). The discussion will likely focus on how LGPS Central's strategies and initiatives support the fund's goals, particularly in relation to responsible investment and achieving competitive risk-adjusted returns.

Training on Pool Oversight

The committee is scheduled to receive training from Gallagher on the responsibilities of the committee in overseeing the LGPS Central Pool. This training will likely cover the governance and oversight functions required to effectively monitor the pool's activities and ensure alignment with the Wiltshire Pension Fund's objectives and policies.