The Warwickshire Local Pension Board met on Tuesday 7 July 2026 to review the fund's performance and administration, discuss investment updates, and consider the business plan for the upcoming year. The meeting also included updates on governance, regulatory changes, and a review of fund managers' internal controls.

Pension Administration Activity and Performance Update

The Board was scheduled to receive an update on the performance of the Pensions Administration Service (PAS). This included information on the uptake of the online portal, with figures showing the number of active, deferred, and pensioner members registered. The report detailed Key Performance Indicators (KPIs) for the period, noting that 10 out of 16 KPIs were meeting their target, with reasons for any shortfalls and planned improvements outlined. Workload management, including the number of open cases and completed case volumes, was also to be discussed, alongside details of employer and fund administration breaches. The report was expected to cover the annual pensions increase exercise, which had applied a 3.8% Consumer Price Index increase, and preparations for the National Pensions Dashboard.

Investment Update

An update on the Warwickshire Pension Fund's investments was scheduled for discussion. This included the overall value of the fund, which had increased in the fourth quarter of 2025, and an analysis of asset allocation against strategic targets. The report was expected to cover differences between investment types, risks associated with private credit markets, and the outlook for UK interest rates. The Fund's long-term investment horizon was highlighted as a factor in its resilience to market fluctuations.

Warwickshire Pension Fund Annual Report 2025/26

The Board was scheduled to consider the Annual Report of the Independent Chair for the 2025/26 municipal year. This report details the Board's activities, including its four meetings held during the year. It was expected to summarise updates received on pensions administration, investment performance, the Fund's business plan, and governance, regulatory, and policy issues. The report was also to include minutes from the Staff and Pensions Committee and the Pension Fund Investment Sub-Committee.

Business Plan 2026/27 Update for Quarter 1

A report was scheduled to provide an update on the Warwickshire Pension Fund's Business Plan for 2026/27, outlining progress made up to the end of the first quarter. The plan, which aligns with other key strategy documents, categorises activities as completed, green, amber, or red. The report was expected to highlight specific items rated amber, including those related to the Investment Strategy Statement and meeting good governance requirements, with explanations for these ratings.

LGPS Governance Action Plan

An update on the delivery of actions identified in the review of the Fund's governance arrangements was scheduled for discussion. This included progress on actions arising from an external review by AON and additional activities related to the Pension Schemes Act 2026 and Local Government Reorganisation. The report was expected to detail the RAG status of these actions, with a significant number anticipated to be addressed by the Council's update of its Constitution. The report was also to cover the terms of reference for a single LGPS sub-committee and the creation of a Senior LGPS Officer position.

Governance, Regulatory and Policy Update

The Board was scheduled to receive an update on governance matters, including a revised forward plan for policy reviews over the next three years. The report was expected to detail key developments such as the implementation of access and fairness proposals, equalisation of death grants and survivor benefits, and the introduction of Qualified Added Pension Arrangements (QAPAs). An emerging risk relating to artificial intelligence was also to be incorporated into future reporting.

Review of Fund Managers' Internal Controls Reports

This item was scheduled to be discussed, with the report pack indicating that it would involve consideration of exempt or confidential information.

Minutes From the December 2025 and March 2026 Pension Fund Committees

The Board was scheduled to consider and comment on the minutes from the Pension Fund Investment Sub-Committee meetings held on 8 December 2025, 10 February 2026, and 9 March 2026, as well as the Staff and Pensions Committee meetings held on 8 December 2025 and 9 March 2026.

The meeting also included standard agenda items such as introductions, apologies, and disclosures of interest, as well as a session for any other business. A resolution was to be considered to exclude the public from the meeting for items containing exempt or confidential information.