The Local Pension Board of Wiltshire Council met on Thursday 10 September 2026 to review a range of reports concerning the governance, financial health, and operational performance of the Wiltshire Pension Fund. Key discussions were scheduled to include updates on the Fund's financial controls, investment performance, and progress on implementing government reforms.

Headlines and Monitoring (HAM) Report

A comprehensive report was scheduled for discussion, providing the Board with an overview of the Wiltshire Pension Fund's performance and developments. This included updates on the scheme, regulatory, and legal landscape, as well as governance matters, specifically focusing on the General Code of Practice (GCOP) and progress made in achieving compliance. The report was also set to detail the Health Check Dashboard up to 30 June 2026, offering a snapshot of the Fund's performance against its Business Plan objectives. Furthermore, the Board was to review the Risk Register, Administration Key Performance Indicators (KPIs) from May to August 2026, and an update on the progress of the KPI Improvement Plan. An audit update on the progress of Key Financial Controls for 2026/27 was also on the agenda.

The report highlighted that the Fund's value had reached £4.05 billion by June 2026, exceeding the £4 billion mark for the first time. It also noted that the Key Financial Controls internal audit had concluded with a High Reasonable assurance rating, with two actions due for completion by the end of October. Challenges in resourcing were identified, with workforce metrics such as turnover, sickness absence, and vacancy rates being below target, categorised as a Very High risk. The report indicated that the Fund was on track to achieve full compliance with The Pension Regulator's (TPR) GCOP by the end of 2026, with significant progress made in addressing non-compliant actions. The Board was to be updated on the ongoing recruitment for a Governance Manager and an Employer Funding and Risk Lead.

Key Financial Controls

The Board was scheduled to receive an update from the Investment and Accounting Team Lead regarding the operational accounting arrangements and the monitoring of the quarterly budget. This report aimed to provide the Board with information to monitor the Fund's key financial controls, with a focus on employer contributions, pension payments, treasury and cashflow management, data controls, budget reporting, and external financial reporting. The report indicated that the majority of employer contributions were received on time, with a reduction in the average number of days late for contributions. The reconciliation process for pension payments following the migration to the Integrated Payroll System was also to be reviewed.

Terms of Reference for the Local Pension Board

Lucy Byrne was scheduled to present the updated draft Terms of Reference for the Local Pension Board. The report aimed to ensure the Board's Terms of Reference remained appropriate and reflected current regulatory requirements and best practice, including updates to governance practices and relevant regulatory developments. The Board was invited to review the document and confirm its suitability in supporting its oversight role.

Annual Report & Accounts

The Investment and Accounting Team Lead was due to present the Wiltshire Pension Fund's annual report and accounts for the 2025/26 financial year. The report, which largely followed the format of the previous year, included updated case studies and information for stakeholders. The audit of the 2025/26 accounts by Grant Thornton was ongoing and nearing completion. The report also addressed the going concern assessment, confirming that the Wiltshire Pension Fund is a going concern, supported by its strong funding level, strategic asset allocation, liquidity management, positive investment performance, and the secure nature of its employer base.

Investment Update - Responsible Investment

An update on Responsible Investment (RI) was to be presented, detailing progress against actions in the 2026/27 Responsible Investment Plan. This included updates on climate scenario modelling, the Social and Affordable Housing Impact Report, the Stewardship Report, and investigations into joining the Circular Bioeconomy Alliance. The report was also to cover the Climate and Nature Report, site visits undertaken, voting activities, and collective engagement efforts. The Board was asked to use this report to monitor progress on implementing the RI policy and note the advancements made against the RI Plan.

Fit for the Future Requirements - Independent Person

The Investment and Accounting Team Lead was scheduled to present the proposal for appointing an Independent Person to the Pension Committee. This appointment is a requirement under the Government's pension reforms, with a statutory deadline of 31 December 2026. The role is intended to provide independent, expert oversight and challenge across investment, governance, administration, and funding matters. The report outlined the proposed role description, appointment process, and timeline, aiming to ensure the Fund meets the new regulations.

Fit for the Future Requirements - LGPS Senior Officer

Lucy Byrne was to discuss the appointment of the LGPS Senior Officer. This role is a new statutory post introduced by the Fit for the Future reforms, responsible for the day-to-day management and operation of the Pension Fund. The report was to present a document outlining the roles and responsibilities of the LGPS Senior Officer and the Section 151 Officer, establishing clear accountability and supporting effective governance arrangements. Jennifer Devine was noted to be moving into this role from 1 August 2026.

Urgent Items

Any other items of business deemed urgent by the Chairman were to be considered.

Date of Next Meeting and Forward Work Plan

The Board was scheduled to review its Scheme Year Forward Work Plan and note the date of the next meeting, which was set for 3 December 2026.

Exclusion of the Public

A resolution was to be considered to exclude the public from Part II of the meeting, where confidential information was likely to be disclosed.

Part II: Minutes and Key Decisions of the Wiltshire Pension Fund Committee

The confidential minutes of the Wiltshire Pension Fund Committee meetings held on 18 June 2026 and 30 July 2026 were to be considered.

Pooling Governance Update

An update from officers on the ongoing pooling governance arrangements was scheduled.

Local Pension Board Minutes

The confidential minutes of the previous Local Pension Board meeting held on 4 June 2026 were to be confirmed.

Urgent Items (Confidential)

Any other urgent items of a confidential nature were to be considered.