This meeting was scheduled to include updates on the investment performance of the Gloucestershire Pension Fund and presentations about the administration of the scheme. The meeting also included scheduled discussion of whether to approve new policies related to the administration of the fund, as well as to receive reports on the findings of audits.

Government Consultation: Local Government Pension Scheme: Fit for the Future

The Pension Committee was scheduled to consider a report about a draft response to the Government's consultation on the future of the Local Government Pension Scheme (Agenda Item 16 - Government Consultation: Local Government Pension SCHEME: FIT FOR THE FUTURE).

Cyber Security Strategy

The committee was scheduled to be asked to approve the Gloucestershire Pension Fund's Cyber Security Strategy. (Agenda Item 13 - CYBER SECURITY STRATEGY)

2025 Valuation - Advice on Assumptions

The Committee was scheduled to receive a report recommending that they approve the assumptions for the 2025 valuation of the Gloucestershire Pension Fund. (Agenda Item 14 - 2025 VALUATION - ADVICE ON ASSUMPTIONS)

Pension Fund Policies & TPR/Governance Workplan Review

The Committee was scheduled to receive a report asking them to approve a number of policies related to the Gloucestershire Pension Fund. These were:

• Reporting & Recording Breaches of the Law Policy (Agenda Item 9 - Pension Fund Policies TPR Governance Workplan Review - Appendix 1 - Breaches of th)
• Risk Management Policy (Agenda Item 9 - Pension Fund Policies TPR Governance Workplan Review - Appendix 2 - Risk Managemen)
• Business Continuity Policy (Agenda Item 9 - Pension Fund Policies TPR Governance Workplan Review - Appendix 3 -Business Contin)
• Data Improvement Plan (Agenda Item 9 - Pension Fund Policies TPR Governance Workplan Review - Appendix 4 - Data Improveme)
• Administration Strategy (Agenda Item 9 - Pension Fund Policies TPR Governance Workplan Review - Appendix 5 - Administration)

The committee was also scheduled to receive a report on the findings of the Fund's assessment against the essential criteria of The Pensions Regulator's (TPR) General Code of Practice. The report identified some outstanding actions that would need to be delivered before the fund would be fully compliant with the code. (Agenda Item 9 - Pension Fund Policies TPR Governance Workplan Review).

Gloucestershire Pension Fund Update - Part 1 Funding & Investment

The committee was scheduled to receive a report on the investment performance of the Gloucestershire Pension Fund. The report noted that the total market value of the fund had increased by £81.636m over the previous quarter to £3,555.053m. The report stated that the Fund is a member of the Brunel Pension Partnership, which is a collaboration of Local Government Pension Scheme funds. (Agenda Item 7 - Gloucestershire Pension Fund update - Part 1 - Funding Investment). The report included a summary of the performance of the funds investments (Agenda Item 7 - Gloucestershire Pension Fund Update - Part 1 - Funding Investment - Appendix 1 - S), and an analysis of how this compares to the fund's Strategic Asset Allocation. (Agenda Item 7 - Gloucestershire Pension Fund Update - Part 1 - Funding Investment - Appendix 2 - S) The report also noted the appointment of Ben Fry to the role of Affordable Housing Fund Director at Thriving Investments. Thriving Investments are a fund management company that is part of the Places for People (PfP) group. They manage a fund that the Gloucestershire Pension Fund has invested £35m into.

Gloucestershire Pension Fund update - Part 1 - Governance & Operations

The committee was scheduled to receive a report on the governance and operational matters of the Gloucestershire Pension Fund. The report included the Fund's Risk Register, which is a list of risks to the effective delivery of the fund's aims and objectives. The report stated that some of the risks in the Register were above their target risk scores, including the risk of under resourcing of Pension Administration staff. (Agenda Item 8 - Gloucestershire Pension Fund update - Part 1 - Governance Operations) The committee was scheduled to receive additional reports setting out the criteria for risk evaluation (Agenda Item 8 - Gloucestershire Pension Fund Update - Part 1 - Governance Operation - Appendix 1 -), the Risk Register (Agenda Item 8 - Gloucestershire Pension Fund Update - Part 1 - Governance Operation - Appendix 2 -) and an update on the fund's Key Performance Indicators. (Agenda Item 8 - Gloucestershire Pension Fund update - Part 1 - Governance Operations - Appendix 3) The report also updated the committee on progress against the Fund's 2024/25 Business Plan (Agenda Item 8 - Gloucestershire Pension Fund Update - Part 1 - Governance Operations - Appendix 4), noting that the accounts of the fund were not approved by 30 September 2024 as scheduled, and that work on the 'Engage' project had been delayed. The 'Engage' project will give members of the pension scheme the opportunity to access their data and documentation online. The report noted that the Chief Investment Officer at Brunel Pension Partnership, David Vickers, would be leaving the company in Spring 2025.

Pension Board Draft Minutes

The Committee was scheduled to note the draft minutes of the Gloucestershire Pension Fund Pension Board. The Pension Board is a statutory committee which supports the Pension Committee in ensuring that the fund is well run. In the minutes, John Abbott, a member of the Pension Board, questioned the under-performance of the Fund's assets relative to its strategic benchmark. Matthew Trebilcock, Head of Pensions, provided an explanation of the benchmark setting process. (Agenda Item 6 - PENSION BOARD DRAFT MINUTES, 23rd Oct Public minutes final).

Pension Committee Minutes

The Committee was scheduled to be asked to approve the minutes of the previous meeting of the Gloucestershire Pension Fund Pension Committee held on 19 September 2024. (Agenda Item 5 - PENSION COMMITTEE MINUTES, 19th September 2024 Final MInutes)

Gloucestershire Pension Fund Business Update - Part 2

The committee was scheduled to be asked to note a report about the Gloucestershire Pension Fund. (Agenda Item 15 - GLOUCESTERSHIRE PENSION FUND UPDATE - PART 2)