The Pension Fund Committee of Oxfordshire Council met on Friday 4 September 2026 to discuss a range of important matters concerning the management and future strategy of the pension fund. Key topics included a review of the annual business plan, proposed changes to the council's constitution, and updates on investment performance and strategy.

Review of the Annual Business Plan 2026/7 and Local Pension Board Report

The committee was scheduled to review progress against the key priorities outlined in the Annual Business Plan for 2026/7. This included an assessment of service priorities and a presentation of the Local Pension Board Report for 2025/26. The report aimed to identify areas on track and those requiring further action to meet objectives. Recommendations included reviewing progress against service priorities, noting the Local Pension Board's annual report and training log, and agreeing on any necessary further actions.

Constitution Review

A report was presented outlining proposed changes to the council's constitution. These changes were intended to implement the Fit for the Future reforms, which were introduced on 30 June 2026. The committee was recommended to note the report and, via the Audit and Governance Committee, recommend these changes to the Council to formalise the new governance arrangements.

Risk Register Report

The committee was scheduled to receive an update on the Fund's risk register, including any new risks identified since the previous meeting. The report aimed to present the latest position on the register and ensure that mitigation plans were appropriate for all key risks to the achievement of statutory responsibilities. The committee was recommended to note the latest risk register and accept that it covers all key risks and that mitigation plans are appropriate.

Governance and Communications Report

This report was set to cover key governance and communication issues for the Fund, including a review of any regulatory breaches in the last quarter. It was also to include updates from Hyman's Oversight & Challenge report for the General Code of Practice Review for 2025/26, the Fund's compliance with the General Code of Practice for 2026/27, and the Pension Fund Committee training update. The committee was recommended to note these updates, including any regulatory breaches for the period April to June 2026, and the communications update.

Governance Policy Reviews

The committee was scheduled to review and consider for approval the Communications Policy and the Regulatory Breaches Policy. These policies are crucial for ensuring the Fund operates within the required governance frameworks. The committee was recommended to consider for approval the revised Communications Policy and the revised Regulatory Breaches Policy.

Administration Report

This report was to provide an update on key administration issues, including service performance measurement, the debt recovery process, and any write-offs agreed in the last quarter. The committee was recommended to note the report.

Report of the Independent Investment Advisor

The committee was scheduled to receive a report from the Independent Investment Advisor, covering an overview of financial markets, the Fund's investment performance against the Investment Strategy Statement, and commentary on specific investment portfolios. The committee was recommended to note the report.

Annual Report and Accounts including Taskforce for Climate-related Financial Disclosures (TCFD) Report

This report presented the draft Annual Report and Accounts for the Pension Fund for 2025/26, including the latest TCFD report. It also detailed progress against the targets set in the Fund's Climate Change Policy. The committee was recommended to note the report.

Corporate Governance and Socially Responsible Investment

This item provided an opportunity to raise any issues concerning Corporate Governance and Responsible Investment that needed to be brought to the committee's attention. Recommendations included noting the Fund's 2026 Taskforce on Climate-related Financial Disclosure Report and noting the contents of the report.

Funding and Investments Update

This report covered updates on fund cashflow monitoring, pool transition costs, and local investments. The committee was recommended to note the contents of the report.

Investment Strategy Statement

This report presented the Investment Strategy Statement to the committee for approval. The committee was recommended to consider for approval the Investment Strategy Statement, the Local Investment Policy, and the Cash Management Policy.

Exempt Items

Several items on the agenda were designated as exempt, meaning the public would be excluded from the meeting during their discussion due to the likely disclosure of exempt information. These included updates on pooling transitions, local government reorganisation, workforce strategy, and local investment opportunities. For these items, the committee was recommended to note the relevant reports and consider further actions.

The meeting also included a nomination for an LGPS Central Oversight Board representative, declarations of interest, and a section for petitions and public address. Apologies for absence and temporary appointments were also scheduled.