The Pension Board of Gloucestershire Council met on Wednesday 29 July 2026 to review updates on the Gloucestershire Pension Fund's governance, operations, funding, and investments. The meeting also covered the draft financial statements and audit plan for the year ending 31 March 2026, and the development of the Fund's Investment Strategy Statement and Investment Policy.

Gloucestershire Pension Fund Update – Governance & Operations

The Board was scheduled to receive an update on governance and operational matters. This included noting the draft minutes of the Pension Committee meeting held on 11 June 2026, and an overview of the new regulatory framework under which the Fund will operate. Discussions were also planned regarding the delegations actioned to enable the Fund to join LGPS Central, amendments to the Risk Register, and updates on the Fit for the Future governance implementation. Operational matters included a review of Key Performance Indicators, the 2025/26 budget outturn, and the Business Plan for 2026/27.

Gloucestershire Pension Fund Business Update – Funding & Investments

This agenda item was scheduled to provide the Board with an update on the Fund's funding position as at 31 March 2026. It was also intended to cover progress on the Fund's net zero commitments and outline the next steps in this area.

Draft Investment Strategy Statement & Investment Policy Review

The Board was scheduled to be updated on the review and development of the Fund's Investment Strategy Statement (ISS) and Investment Policy. This included noting the revised timetable for finalising these documents, which has been extended to December 2026 to align with the publication of statutory guidance. The Board was also asked to provide feedback on the draft ISS and Investment Policy, and to note the summary findings from the Responsible Investment member survey.

GPF Funding & Investment Performance Benchmarking

This report was scheduled to present the findings of the funding and investment performance benchmarking for the Gloucestershire Pension Fund. It was intended to highlight the Fund's position relative to other Local Government Pension Scheme (LGPS) peers and national trends, providing assurance on the Fund's strong funding position and outlining implications for employer contributions, funding strategy, and regulatory compliance.

Pension Board Annual Report 2025-26

The Board was scheduled to review the draft Annual Report for 2025-26. This report details the business conducted by the Board during the year, including any risks or concerns identified. The Board was asked to provide feedback on the draft report and subsequently approve it.

Pension Fund Draft Financial Statements & Audit Plan 2025-26

The Board was scheduled to consider the year-end draft financial statements for the Gloucestershire Pension Fund. These statements, once audited, will be presented to the Audit Committee for approval as part of Gloucestershire County Council's Accounts. The External Audit Plan for the financial year ending 31 March 2026, to be undertaken by KPMG, was also to be reviewed.

Exclusion of Press and Public

Agenda items 10, 11, and 12 were scheduled to be considered in private session, with the exclusion of the press and public. This was due to the likely disclosure of exempt information relating to the Pension Board's exempt minutes and further updates on the Gloucestershire Pension Fund's activities.