The Pensions Committee of Staffordshire Council met on Friday 25 September 2026 to discuss the Staffordshire Pension Fund's investment performance, draft annual report and accounts, and governance. The meeting also included a review of the Fund's membership in the Local Authority Pension Fund Forum (LAPFF) and updates on LGPS Central Pool governance and training.

Staffordshire Pension Fund Investment Performance 2025/26

The committee was scheduled to receive a presentation from Northern Trust regarding the Staffordshire Pension Fund's investment performance for the fiscal year ending 31 March 2026. The report indicated that the Fund's assets were valued at £8.4 billion, having returned 8.9% over the year. The presentation was expected to cover performance at a total fund, asset class, and individual investment fund level, with a focus on how these returns aligned with agreed benchmarks and contributed to the Fund's key objectives, such as the funding ratio and the ability to meet liabilities.

Staffordshire Pension Fund Draft Annual Report and Accounts 2025/26

A draft of the Staffordshire Pension Fund's Annual Report and Accounts for 2025/26 was to be presented. The report was scheduled to be published on the fund's website by the statutory deadline of 1 December, with the expectation that minor amendments might be required following the conclusion of the external audit by KPMG. The final version was to be signed off by the Director of Finance & Resources in consultation with the Chair of the Pensions Committee.

Local Authority Pension Fund Forum (LAPFF) Membership Review

The committee was to consider a review of the Staffordshire Pension Fund's membership in the Local Authority Pension Fund Forum (LAPFF). The Pensions Panel had previously recommended that the Fund cease its membership, with a 12-month notice period required, meaning membership would terminate in April 2028. The report highlighted that LAPFF represents LGPS Funds on responsible investment, corporate governance, and stewardship matters, and that the annual cost of membership was £12,500.

LGPS Senior Officer Appointment

The committee was to note the confirmation of the Assistant Director for Treasury and Pensions as the nominated LGPS Senior Officer for the Staffordshire Pension Fund. This appointment is a requirement under the Pension Schemes Act 2026, with a deadline of 31 December 2026 for all LGPS administering authorities to have an LGPS senior officer in place. This role is responsible for all aspects of managing the LGPS within the authority.

LGPS Central Pool Governance

An update was scheduled regarding the new governance structure of the LGPS Central pool, effective from 1 September 2026. This followed reforms introduced by the Pension Schemes Act 2026 and secondary legislation. Staffordshire County Council, as the administering authority, would be represented on the Oversight Board, the Shareholders Engagement Forum, and the Client Forum, with specific roles for the Chair of the Pensions Committee, the Director of Finance and Resources, and Pension Fund Officers.

Training Update

The committee was to receive an update on the training for Pensions Committee Members. This was in response to the strengthened governance framework introduced by the Local Government Pension Scheme (Amendment) (Governance) Regulations 2026, which include statutory knowledge and understanding requirements for individuals exercising delegated pension responsibilities. The Fund had procured Hymans Robertson's LGPS Online Learning Academy training platform and planned to participate in the National Knowledge Assessment (NKA) for 2026 to benchmark knowledge levels.

Pension Fund Governance Review

A report was to be presented concerning a fundamental review of the Fund's governance structures and processes, in preparation for the statutory Independent Governance Review required by March 2028. This review, conducted by Hymans Robertson, was to assess the current governance structure, including a desktop review of documents, meeting observations, and stakeholder surveys and interviews. The review would also compare alternative structures within the LGPS and consider the implications of the Pension Schemes Act 2026 and potential Local Government Reorganisation.