This meeting was scheduled to cover a range of financial, investment and governance matters relating to the Gloucestershire Pension Fund. It included scheduled updates on the Fund's performance and activities, and consideration of several policy documents and the adoption of a new Cyber Security Strategy. The Committee was also scheduled to receive a report on the Fund's compliance with the Pension Regulator's General Code of Practice.

Gloucestershire Pension Fund Business Update

A report titled [Gloucestershire Pension Fund Update - Part 1 - Funding & Investment](https://glostext.gloucestershire.gov.uk/documents/s106267/Agenda+Item+7+-+Gloucestershire+Pension+Fund+update+-+Part+1+-+Funding+Investment.pdf) was prepared for the Committee by Matthew Trebilcock, Head of Pensions, outlining the estimated funding position, market value, asset allocation and investment performance of the Fund. The report pack also contained a related report that was not published because it contained exempt information. The funding update notes that:

Please note that the asset value at 30 September 2024 shown in this table may differ to the actual asset value at that date because it is an estimate based on estimated cash flows. However, the estimated value is consistent with the liabilities and therefore gives a more reliable estimate of the funding position than the actual asset value at the same date.

The update also includes a report on the Fund's Social & Affordable Housing Portfolio, managed by Gresham House. The report notes that Gresham House had formed a partnership with Thriving Investments to manage the Gresham House ReSI LP fund and the £50 million earmarked for deployment within Gloucestershire. It notes the intention to rename the Gresham House ReSI LP to reflect this new partnership.

An update on the [Gloucestershire Pension Fund Update – Part 1 – Governance & Operations](https://glostext.gloucestershire.gov.uk/documents/s106270/Agenda+Item+8+-+Gloucestershire+Pension+Fund+update+-+Part+1+-+Governance+Operations.pdf), also prepared by Matthew Trebilcock, was also scheduled for discussion. The report was intended to update the committee on the administration and governance of the Fund. It included an update on the status of the Fund's [Risk Register](https://glostext.gloucestershire.gov.uk/documents/s106272/Agenda+Item+8+-+Gloucestershire+Pension+Fund+Update+-+Part+1+-+Governance+Operation+-+Appendix+2+-.pdf), which lists the various financial and administrative risks the Fund is exposed to. For example, risk #2 is described as:

Lack of experience, knowledge, skills on the Pension Committee or Pension Board, and/or the lack of adequate training, resulting in a negative impact on governance arrangements within the Gloucestershire Fund.

The report also includes an update on the Fund's Business Plan for 2024/25, noting that the approval of the Fund's audited accounts was not completed by the 30 September 2024 deadline. The report also describes the status of a number of Core Projects, including the production of a Taskforce for Climate Related Financial Disclosures (TCFD) report, the rollout of an employer data portal called i-Connect and a member self-service portal called Engage and the implementation of the McCloud Remedy.

Pension Fund Policies

The committee was scheduled to consider a “Pension Fund Policies & TPR/Governance Workplan Review” that included proposed revisions to existing Fund policies, new policies and a review of the Fund's compliance with The Pension Regulator (TPR) General code of practice. The report was prepared by Matthew Trebilcock. The documents included in this agenda item included revised versions of the Fund's Breaches of the Law Policy and Risk Management Policy. The report notes that a review of the Breaches of the Law Policy:

... was first approved by Committee in December 2021 and due for review at least every 3 years. The Breaches Policy sets out the procedure to be followed by certain persons involved with the Gloucestershire Pension Fund, in relation to identifying, recording and, where necessary, reporting breaches of the law to the Pensions Regulator.

The report proposed adopting a number of new policies including:

• A [Business Continuity Policy](https://glostext.gloucestershire.gov.uk/documents/s106278/Agenda+Item+9+-+Pension+Fund+Policies+TPR+Governance+Workplan+Review+-+Appendix+3+-Business+Contin.pdf): The report pack notes that an operational business continuity plan is already in place, as required by Gloucestershire County Council, and that a gap analysis to determine the Fund's specific needs had already been undertaken. It proposed approving the new policy based on the findings of the gap analysis, and on consultation with the Council's Business Continuity Team.
• A [Data Improvement Strategy](https://glostext.gloucestershire.gov.uk/documents/s106279/Agenda+Item+9+-+Pension+Fund+Policies+TPR+Governance+Workplan+Review+-+Appendix+4+-+Data+Improveme.pdf): This strategy document follows the Fund's recent assessment of its data and details plans to improve its data quality. A detailed “Data Improvement Plan” that sets out specific actions to improve the quality of the Fund's data was scheduled to be presented to the Committee at its next meeting in December.
• An “Administration Strategy”: This policy document sets out the administrative policies and performance standards for both the Fund and its sponsoring employers and would replace the existing interim Administration Strategy that was adopted in June 2023. It covers a range of administrative functions, including how the Fund would communicate and work with its sponsoring employers, and the setting of Service Level Agreements to ensure compliance with the LGPS Regulations.

Cyber Security Strategy

The Committee was scheduled to consider the adoption of a new “Cyber Security Strategy”. The report notes that:

This Business Continuity Policy (BCP) establishes the purpose, context, scope and governance of the Fund’s approach to business continuity. The aim of the Policy is to reduce the effects of any incident or event that could disrupt activities of the Fund and ensure either the continuation of or smooth return to business as usual.

2025 Valuation - Advice on Assumptions

The agenda included the consideration of a report titled “2025 Valuation - Advice on Assumptions”. The report pack does not contain a copy of the report itself, presumably because it contained exempt information.

Gloucestershire Pension Fund Update - Part 2

The Committee was scheduled to note a “Gloucestershire Pension Fund Update - Part 2”, intended to be read in conjunction with the Part 1 report. Like the “2025 Valuation - Advice on Assumptions” report, it was not included in the report pack.

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

The final item on the agenda was the consideration of a report titled “Government Consultation: Local Government Pension Scheme: Fit for the Future”. As with the previous two items, the report itself was not published. The meeting minutes note that it was approved, presumably for submission to the Government.

This summary only describes what was scheduled to be discussed. It is important to note that the minutes for this meeting were not published, and so it is not possible to say what was discussed, or whether any decisions were actually made.