The East Riding of Yorkshire Council's Pensions Committee is scheduled to convene on Friday 30 October 2026. The meeting's agenda includes a review of the Pension Fund's Annual Report and Accounts for 2025-26, an update on the McCloud Project, and a discussion on the Investment Strategy Statement.

Pension Fund Annual Report and Accounts 2025-26

The committee is set to consider the draft East Riding Pension Fund Annual Report and Accounts for the 2025-26 financial year. This report details the Fund's financial performance, including its assets, liabilities, and investment returns. The audit process for these accounts is underway, with completion expected by January 2027. The committee's approval is required before the draft report can be published by the statutory deadline of 1 December 2026.

McCloud Project Update

An update on the implementation of the McCloud remedy is scheduled for discussion. This remedy addresses age discrimination in public service pension reforms, requiring benefits to be assessed against both career average and former final salary schemes. The report will cover the progress made, remaining rectification work, and the Fund's compliance position, including a reported breach to The Pensions Regulator due to missed deadlines. The project plan aims for completion of the remaining retrospective rectification work by June 2027, subject to various dependencies.

Investment Strategy Statement

The committee will review and potentially approve an updated Investment Strategy Statement (ISS). This update is necessitated by new regulations and guidance under the 'Fit for the Future' agenda, particularly concerning local investments and strategic asset allocations. The proposed ISS includes a target range of 0-5% for local investments and adjusts the ranges for Income and Protection asset classes to provide Border to Coast Pensions Partnership with greater flexibility. Following committee approval, the draft ISS will undergo a consultation period before its final publication by March 2027.

Local Government Pension Scheme Regulations and Governance Update

This agenda item will provide an update on recent developments within the Local Government Pension Scheme (LGPS) regulatory environment. It will cover the implementation of the 2026 'Fit for the Future' regulations, including guidance on pooling, investment strategy, and fund governance. The report will also touch upon pensions dashboards, updates from the LGPS Scheme Advisory Board, and the Pensions Regulator's requirements. Progress on appointing an Independent Person and an LGPS senior officer, as well as the updated Knowledge and Understanding Strategy, will be detailed.

Conflicts of Interest Policy

The committee is scheduled to review and approve the East Riding Pension Fund's Conflicts of Interest Policy. This policy aims to establish a consistent framework for identifying, declaring, managing, and monitoring conflicts of interest that may affect the governance and management of the Fund. It has been prepared in accordance with relevant legislation and regulatory guidance, including The Pensions Regulator's General Code of Practice.

Corporate Governance and Voting Activity

This report will provide an overview of the Fund's corporate governance and voting activity during the second quarter of 2026. It will detail the voting actions taken by Border to Coast Pensions Partnership, the Fund's investment pool, and the Local Authority Pension Fund Forum (LAPFF). The report will highlight specific instances of engagement and voting, including the Fund's stance on environmental, social, and governance (ESG) issues, such as climate change and artificial intelligence risks at companies like Alphabet and Amazon.

Pension Board Activity

The committee will receive an update on the activities of the East Riding Pension Board. The Board's role is to assist the Administering Authority in ensuring the effective and efficient governance and administration of the LGPS. The report will likely cover the Board's oversight of risk management, administration policies, investment performance, and regulatory compliance.

Investment Strategy Statement

In addition to the update on the regulatory requirements for the ISS, a separate agenda item will focus on the specific details of the Fund's Investment Strategy Statement. This will likely elaborate on the proposed asset allocations, the approach to local investments, and the Fund's investment beliefs and objectives.

Other items

The agenda also includes the Pension Fund Annual Report and Accounts 2025-26, which will be presented for approval. There will also be a review of the Pension Board's activities and a discussion on Local Government Pension Scheme Regulations and Governance updates. The committee will also consider the Fund's Conflicts of Interest Policy and Corporate Governance and Voting Activity.