The Local Pension Board is scheduled to convene on Wednesday, 29 July 2026, to review a series of comprehensive reports concerning the Leicestershire Pension Fund. Key discussions are expected to centre on the fund's financial performance, annual accounts, and ongoing administrative and governance matters.

Pension Fund Annual Report and Accounts 2025/26

A significant portion of the meeting is dedicated to the Pension Fund Annual Report and Accounts for the financial year 2025/26. This report, which is subject to external audit by Grant Thornton LLP, will be presented for the Board's comments and feedback before it is considered by the Local Pension Committee. The document details the fund's financial position, investment performance, and administrative activities, including contributions received and benefits paid out. It highlights that the fund's value stood at £7.4 billion as of 31 March 2026, with a 10.5% investment return over the past year. The report also outlines the fund's governance structure, risk management framework, and details of its investments, including those managed by LGPS Central Limited.

Pension Fund Administration Report: April to June 2026 - Quarter One

The Board will also receive the Pension Fund Administration Report for the first quarter of 2026-27, covering April to June 2026. This report provides an overview of the main administrative actions undertaken, focusing on governance areas, the administration of fund benefits, and the performance of the Pensions Section against its key performance indicators (KPIs). The report details performance metrics related to the speed of processes, such as benefit notifications and payments, as well as customer feedback on communication and treatment by staff. It also covers governance aspects like complaints handling and breaches logged, noting that no material breaches were reported in the quarter.

Fit for the Future Update

An update on the Fit for the Future initiative will be provided, detailing progress on regulatory changes within the Local Government Pension Scheme (LGPS). This includes requirements for appointing a Senior LGPS Officer and an Independent Person by 31 December 2026, and the mandate for triennial independent governance reviews. The report outlines the next steps for officers, which involve reviewing guidance, ensuring appropriate policies are in place, and preparing for these appointments and reviews.

Annual Board Report 2025/2026

The Board will consider its own Annual Board Report for 2025/2026. This report summarises the Board's activities throughout the year, including its oversight of fund administration, the McCloud Remedy implementation, and preparations for the Pensions Dashboards Programme. It notes the improved funding position of the fund and highlights that there are no significant issues of concern. The report also details the training undertaken by Board members.

Risk Management and Internal Controls

A report on Risk Management and Internal Controls, as stipulated by The Pension Regulator's Code of Practice, will be presented. This report confirms that there have been no material changes to the fund's risk register this quarter. The register, which categorises risks into investment, liability, employer, governance, operational, and regulatory areas, was last approved by the Local Pension Committee on 3 July 2026. The report indicates that officers are continuing to review ongoing developments and the implications of government guidance related to 'Fit for the Future' and potential local government reorganisation.

The meeting is also scheduled to cover the appointment of a Chairman and Vice-Chairman, and the confirmation of the minutes from the previous meeting held on 29 April 2026. A period for Question Time is also allocated on the agenda.