The Pensions Fund Committee of West Northamptonshire Council met on Wednesday 10 June 2026, discussing a range of financial and governance matters concerning the Northamptonshire Pension Fund. Key decisions included the approval of an Informal Complaints Policy and a review of the Employer Contribution Rates Policy, alongside noting the External Audit Plan Results.

Governance and Compliance Report

The committee received an update on significant current issues impacting the governance, management, and administration of the Northamptonshire Pension Fund. This included information on the LGPS England and Wales, the Pensions Schemes Act 2026, and the LGPS 'Access and fairness' and 'Access and protections' consultations, which will introduce changes for elected members joining the LGPS from 11 May 2026. Updates were also provided on pension dashboards, the Scheme Advisory Board, the Pensions Ombudsman, and The Pensions Regulator. The report also detailed immaterial amendments made to policies and strategies. The committee noted the report.

Informal Complaints Policy

The committee was asked to approve the Fund's Informal Complaints Policy. This policy aims to provide a framework for managing informal complaints from members, beneficiaries, and employers, ensuring that misunderstandings or errors are resolved at the earliest opportunity. The policy outlines the process for making an informal complaint, response times, and how the Fund will handle complaints, as well as directing users to the formal Internal Dispute Resolution Procedure (IDRP) should they remain dissatisfied. The committee approved the policy.

External Audit Plan Results

Grant Thornton, the Fund's external auditors, presented their audit plan for the 2025-26 financial year. The key risks and areas of focus identified for the audit included the valuation of Level 3 investments and management override of controls. The planning materiality for the financial statements was set at £74.8 million. The total audit fees for the year were proposed at £142,405. The committee noted the External Audit Plan and the presentation.

Review of Employer Contribution Rates Policy

The committee was asked to approve draft changes to the Review of Employer Contribution Rates Policy. The policy, originally approved in June 2023, has been rewritten for improved readability and to provide greater clarity on decision-making processes and how employers can challenge decisions. The objectives have also been updated to align with the latest version of the Fund's business plan. The policy sets out the circumstances under which the administering authority may review employer contributions between formal valuations, focusing on significant changes to an employer's liabilities or covenant. The committee approved the draft changes to the policy.

Administration Report

This report provided an update on the administrative performance of the Northamptonshire Pension Fund for the period 1 January to 31 March 2026. It covered administrative performance against Key Performance Indicators (KPIs), business plan updates, admissions and cessations, and updates to the Fund's Risk Register. The report highlighted an improvement in performance levels compared to the previous period, with 67% of KPIs rated Green. 100% of employer contributions were received on time. No new material breaches or data breaches were reported. The report also noted the admission of Thomas Franks Limited (Moulton College) and Symphony Education Trust to the Fund, an update to the admission agreement for Just Ask Estate Services Limited, and the cessation of Northampton High School. The committee noted the contents of the report and the admissions and cessations.

Northamptonshire Pension Fund Committee Forward Agenda Plan

The committee reviewed the forward agenda plan, noting upcoming items for future meetings. This included standing reports, policy approvals, and updates on various aspects of the pension fund's operations. The committee noted the plan.

Private Business

The committee resolved to exclude the press and public for the remainder of the meeting to discuss exempt information relating to private minutes, the action log, the annual investment review, the annual investment consultancy provider review, and the investment strategy statement.

Appointment to the Investment Sub-Committee

The committee deferred the appointment to the Investment Sub-Committee until the next ordinary meeting.