The Pensions Committee of Worcestershire Council met on Wednesday 24 June 2026 to discuss a range of financial and governance matters relating to the Worcestershire Pension Fund. Key topics scheduled for review included the Fund's Business Plan, Risk Register, and unaudited annual accounts for 2025/26. The committee was also set to consider updates on communications, training, and the Fund's adherence to the UK Stewardship Code.

Pension Board and Pension Investment Sub-Committee Minutes

The committee was scheduled to note the minutes from the Pension Investment Sub-Committee meeting held on 18 June 2026 and the Pension Board meeting on 19 June 2026. These minutes would provide a record of decisions and recommendations made by these sub-committees, as per their terms of reference.

Business Plan

The Worcestershire Pension Fund's Business Plan for 2026/2027 was scheduled for review. This plan outlines the Fund's priorities and planned activities for the year, covering administration, governance, and investments. The report included updates on administration, including Key Performance Indicators (KPIs) and employer movements. It also detailed the Fund's governance structure, risk management policies, and communications and engagement strategies. The investment section provided an overview of the Fund's performance and funding strategy, referencing the 2025 actuarial valuation. The Chief Financial Officer recommended that the committee review the plan.

Risk Register

The committee was scheduled to review the Worcestershire Pension Fund's Risk Register. This document identifies and assesses potential risks to the Fund's operations and strategic objectives. The report highlighted changes to the register, including the addition of risks related to internal controls, independent governance reviews, and increased administration work due to local government reorganisation and survivor benefit remediation. Mitigating actions for these risks were also detailed. The Chief Financial Officer recommended that the committee review the register.

Governance and Compliance Update

This agenda item was intended to provide an update on governance and compliance matters within the Worcestershire Pension Fund. It was scheduled to cover topical updates on the LGPS England and Wales, including the Pension Schemes Act 2026 and the Access and Fairness reforms. The report also included information on the UK Pensions Commission's interim report and the Scheme Advisory Board's Annual Report. Updates on the Fund's good governance initiatives, such as the appointment of an Independent Person and an LGPS Senior Officer, were also planned. Policy reviews, including the Pensions Administration Strategy and Risk Management Policy, were scheduled for approval. The Chief Financial Officer recommended that the committee review the update and approve the draft Pensions Administration Strategy and Risk Management Policy.

Communications and Training Update

The committee was scheduled to receive an update on the Fund's communications and training activities. This included an overview of communication efforts aimed at member engagement and transparency, such as councillor scheme communications and employer newsletters. Website usage statistics and member portal registration levels were to be presented. The update also covered training delivered to active members, the pensions team, and board and committee members, including details on the LGPS Online Learning Academy (LOLA). The Chief Financial Officer recommended that the committee review the update and note the Training and Conferences Calendar.

Pension Fund Unaudited Annual Accounts 2025/26

The committee was scheduled to review and approve the unaudited Pension Fund Annual Accounts for the year ending 31 March 2026. The report detailed key financial highlights, including the Fund's revenue surplus, contributions, benefit payments, and investment returns. It also addressed the valuation of Level 3 investments, providing an analysis of differences in valuation and the process for ensuring fair assessment. The Chief Financial Officer recommended that the committee approve the unaudited accounts, note the process for valuing Level 3 investments, and agree that these represented a fair assessment at the time of audit.

UK Stewardship Code 2026 Updated Submission

This item concerned the Worcestershire Pension Fund's updated submission for signatory status under the UK Stewardship Code 2026. The report highlighted the enhanced requirements of the 2026 Code, focusing on outcomes, accountability, and evidence of impact. The Fund's approach to meeting these standards, including its integration of stewardship into investment strategy, manager selection, and oversight, was to be detailed. The submission, covering the period to 31 December 2025, was attached as an appendix. The Chief Financial Officer recommended that the committee note the submission, the Fund's approach to meeting the Code's standards, and review and comment on the content of the submission.

Forward Plan

The committee was scheduled to review and approve the Pensions Committee's Forward Plan. This plan outlines anticipated agenda items for future meetings, covering areas such as LGPS Central updates, ESG reports, annual accounts, stewardship code submissions, business plans, investment strategy reviews, and governance updates. The Chief Financial Officer recommended that the committee comment on and approve the plan.

LGPS Central Update, Strategic Asset Allocation Review 2025, Draft Investment Strategy Statement, and Pension Investment Update

These items, scheduled for discussion from agenda item 14 onwards, were likely to involve detailed reviews of the Fund's investment strategy, performance, and management arrangements. This would include updates from LGPS Central, the UK's largest LGPS asset pool, and a review of the Strategic Asset Allocation for 2025. The committee was also expected to consider a draft Investment Strategy Statement and receive a Pension Investment Update. These discussions would likely involve assessing investment performance, risk management, and future strategic direction.

LGPS Central Phased Delivery Plans and Fit for the Future

This agenda item was scheduled to cover the phased delivery plans of LGPS Central and the implications of the Fit for the Future reforms for the Fund's investment and governance arrangements. This would likely involve discussions on how the Fund is adapting to regulatory changes and the evolving landscape of LGPS pooling.

The committee was also scheduled to consider excluding the public and press for agenda items 14-18, as these were likely to involve the disclosure of exempt information relating to financial or business affairs.