The Pension Fund Board of Buckinghamshire Council met on Wednesday 15 July 2026 to review the Fund's annual report, discuss governance and compliance updates, and consider the McCloud update. The meeting also included a review of the Fund's policies and a forward plan for future discussions.

Review of Buckinghamshire Pension Board Policies

The Board was scheduled to review the Buckinghamshire Pension Board's Policies, including its Terms of Reference, Code of Conduct, and Knowledge and Understanding Framework. These policies are reviewed annually to ensure robust governance. The report indicated that the Board's specific Conflicts of Interest Policy no longer applied due to the Fund introducing a broader policy covering the Board, Committee, and officers. No material changes were noted for the remaining three policies, with updates to the Terms of Reference reflecting an increase in allowances and referencing the Fund's Conflicts of Interest Policy. The Knowledge and Understanding Framework was set to remain in force, pending the approval of the Fund's new Training Strategy.

Pension Fund Annual Report 2025/26

The Board was scheduled to review the draft Buckinghamshire Pension Fund Annual Report for the year ending 31 March 2026. This report, prepared in accordance with Chartered Institute of Public Finance and Accountancy (CIPFA) guidelines, was expected to include details on the overall management of the Fund, governance and training, financial performance, the Fund Account, Net Assets Statement and Notes, investments and funding, scheme administration, and an actuarial report. Key highlights from the draft report were expected to include an increase in Fund membership to 91,224, the processing of 5,664 retirement tasks, £176,940,000 paid in pension benefits, and £201,539,000 collected in contributions. The report also noted that 100% of the Fund's assets had been transitioned to the Brunel Pension Partnership investment pools by 31 March 2026.

Governance and Compliance Update

This report was intended to provide the Board with updates on several governance and compliance matters. These included progress on the Pensions Dashboards Programme (PDP), which aims to provide individuals with online access to their pension information, and The Pensions Regulator's (TPR) General Code of Practice, which consolidates standards for pension scheme governance and administration. The report was also expected to cover new regulations concerning Access and Fairness and Access and Protections, with implementation plans in place. Additionally, a revised Risk Register was presented for the Board's comment, aiming for a more strategic approach to risk management across Administration, Governance, Funding, and Investments. Finally, the Training Plan for 2026/2027 was to be presented, designed to support Committee and Pension Board members, as well as officers, in maintaining the necessary knowledge and skills.

McCloud Update

The Board was scheduled to receive an update on the McCloud remedy project. This project addresses legislative changes implemented on 1 October 2023, which removed the age requirement for underpin protection, necessitating a review of all qualifying members. Buckinghamshire Pension Fund had identified 21,814 eligible members for the McCloud remedy, with 11,099 having potential data queries. The report was expected to detail the progress on reconciling hours and service break information, identifying members due for benefit recalculations, and the value of underpin amounts paid to date. It was also noted that outstanding guidance from MHCLG/GAD regarding Pension Sharing Orders was yet to be updated.

Forward Plan

The Board was scheduled to review the Forward Plan, which outlines future agenda items and meeting dates. Provisional dates for upcoming meetings were to be discussed, with a provisional date for the next meeting set for 22 July 2026. An item regarding the Election of Chairman was also to be added to the agenda for the next Board meeting.

Annual Benefit Statements - Administration Year End Update

This report was intended to inform the Board about the current status of the Annual Benefit Statements. In accordance with Regulation 89 of the Local Government Pension Scheme Regulations 2013, these statements must be issued no later than 31 August. The report was expected to detail the submission of year-end returns by employers, the resolution of queries, and the overall position regarding the issuance of Annual Benefit Statements, with an aim to achieve 100% issuance by the deadline.

Administration Performance Statistics

The Board was scheduled to review the administration performance of the Pensions Administration team. This report was expected to provide an analysis of incoming communications, workload and performance levels, employer submissions, data reconciliation, and ongoing projects. Key performance indicators, including call answering times, workflow case completion rates, and the turnaround times for priority tasks such as retirements and deaths, were to be presented. The report was also to detail the status of employer submissions via i-Connect and the progress on projects such as the Annual Allowance, Tracing Provider, McCloud, and Access & Fairness.

Exclusion of Press and Public

A resolution was scheduled to exclude the press and public from a portion of the meeting. This was due to the item containing information relating to the financial or business affairs of any particular person, as defined by Paragraph 3 of Part 1 of Schedule 12a of the Local Government Act 1972.

Administration Performance Statistics - Contributions

This report was expected to provide statistics on contributions received by the Fund.

Confidential Minutes of Pension Fund Board and Pension Fund Committee

The Board was scheduled to review confidential minutes from previous meetings of both the Pension Fund Board and the Pension Fund Committee.

Pension Fund Performance

The Board was to receive an update on the Pension Fund's performance. This would likely include details on investment returns, asset allocation, and comparisons against benchmarks.

Pooling Update

An update on the Fund's investment pooling arrangements was scheduled. This would likely cover progress and developments related to the Brunel Pension Partnership and any potential transitions to new pooling arrangements.

Date of Next Meeting

The date and time of the next Pension Fund Board meeting were to be confirmed, with a provisional date of 7 October 2026 at 10 am.