The Warwickshire Local Pension Board's meeting agenda included a range of updates and reports concerning the governance, administration, and investments of the Warwickshire Pension Fund. Key discussions were planned to cover the Fund's business plan, investment performance, and regulatory and policy updates.

Governance, Regulatory and Policy Update

The Board was scheduled to receive an update on governance issues affecting the Warwickshire Pension Fund. This included a review of the Fund's three-year forward plan, outlining upcoming workstreams impacting officer workload and future Board agendas. The report was also to provide an update on the current Risk Register, detailing named risks and management actions. Significant risks noted were Local Government Reorganisation, governance failure, and climate change, all rated as 'Red'.

Updates on policy reviews were also scheduled, focusing on the Administration Strategy, Governance Compliance Statement, and Internal Dispute Resolution Procedure (IDRP). The draft Administration Strategy, which sets out service standards and responsibilities between the Fund and its scheme employers, was out for consultation. The IDRP policy was to be updated to clarify procedures for challenging decisions and provide updated contact details. The Governance Compliance Statement was to be updated to reflect new delegations of oversight and decision-making to the LGPS Pension Fund Sub-Committee. Additionally, the report was to cover the Fund's Climate Risk Policy and Net Zero Strategy, aiming to build long-term resilience and mitigate transition and physical risks associated with climate change. Training sessions and regulatory updates, including government reshuffles and the launch of a new website for LGPS administrators and employers, were also on the agenda.

Governance Action Plan

An update on the delivery of actions identified in the review of the Fund's governance arrangements was scheduled for discussion. This included progress against recommendations from the independent governance review by AON, as well as new actions arising from the Pension Schemes Act 2026 and associated regulations. The report was expected to highlight that while significant progress had been made, additional capacity was required to manage the volume of new governance requirements. The plan was also being expanded to cover actions related to Local Government Reorganisation, although this work had been paused pending a government review.

Business Plan Update 2026/27 Quarter 2

The Board was scheduled to review the Warwickshire Pension Fund's Business Plan for 2026/27 and the progress made up to the end of the second quarter. The plan sits alongside other key strategic documents, including the Administration Strategy, Investment Strategy Statement, and Funding Strategy Statement. The report was to summarise the status of each item in the plan, with four items marked as complete since the previous meeting. These included the Annual Pensioners' Newsletter, the issuance of Annual Benefit Statements, the production of draft accounts, and the development of fund-wide medium-term financial planning. A three-year Medium-Term Financial Plan (MTFP) was also to be presented, indicating that the Fund was expected to be cash flow negative over the planning period, with benefit payments exceeding contribution income.

Investment Update

A general summary of investment-related activities was scheduled for review. As at the end of June 2026, the pension fund portfolio was valued at £3.6bn, representing an increase of 4.75% from the previous quarter. The report was to detail the Fund's asset allocation, showing a significant increase in overseas equities and a slight decrease in property holdings. The report was also to summarise capital movements into and out of alternative funds, noting a net capital inflow of £2.2m in the last quarter. A review of the Fund's cash position was to be presented, showing a dip from an overweight position due to funding a commitment to the Border to Coast Pension Partnership Real Estate Fund. Voting activity for the previous quarter, in respect of funds held with Border to Coast and Legal and General Investment Management (LGIM), was also to be detailed, including summaries by proposal type and global voting activity. The report was also to cover the Fund's arrangements for assessing the performance of its investment consultants and independent financial advisers against objectives established under the CMA Investment Consultancy and Fiduciary Management Market Investigation Order 2019. Updates on a rebalancing exercise to move the Fund closer to its strategic asset allocation and the change of custodian from Bank of New York Mellon to Northern Trust were also scheduled.

Minutes of Previous Meetings

The Board was scheduled to consider the minutes of the June 2026 Staff and Pensions Committee meeting and the July 2026 LGPS Pension Fund Sub-Committee meeting.

Reports Containing Exempt or Confidential Information

The Board was scheduled to consider reports containing exempt or confidential information, with a resolution proposed to exclude the public from the meeting for these items on the grounds of disclosure of exempt information. These items included the Pension Administration Activity and Performance Report, the Annual Report and Accounts 2025/26, the Investment Strategy Statement Update, and the LGPS Pooling Update.