The meeting's agenda included the Staffordshire Pension Fund's investment cost benchmarking, audit report for 2023/24, breaches of the law policy, and the LGPS: Fit for the Future consultation.

Staffordshire Pension Fund Investment Cost Benchmarking 2023/24

A report from CEM Benchmarking Ltd. was provided, comparing the Staffordshire Pension Fund's investment costs and performance to a global peer group of 40 pension funds. The peer group included funds with a median size of £7.4 billion, while the Staffordshire Pension Fund had a market value of £7.5 billion at the end of March 2024.

The report highlighted that the Staffordshire Pension Fund's investment management costs were competitive, despite significant changes in asset structure over recent years, including increased allocation to private market asset classes.

Despite making significant changes to the asset structure of the Fund over the past few years, including allocating significantly more assets to more expensive private market asset classes, the Fund has been able to maintain investment management costs at a competitive level and demonstrate value for money to stakeholders in the Fund.

Staffordshire Pension Fund Investment Cost Benchmarking 2023/24 (Agenda Item 5 20 December 2024 CEM Investment Benchmarking 2023-24)

Staffordshire Pension Fund Audit report 2023/24

The Director of Finance provided a report on the audit of the Staffordshire Pension Fund's accounts for 2023/24.

After some rigorous testing of processes and procedures, it is pleasing that the Fund’s accounts for 2023/24 have been given an unqualified audit opinion.

Staffordshire Pension Fund Audit Results Report for 2023/24 (Agenda Item 6 - Staffordshire Pension Fund Audit Results Report for 202324 Audit Update for 202)

Staffordshire Pension Fund - Breaches of the Law Policy

A revised Breaches of the Law Policy for the Staffordshire Pension Fund was included in the agenda pack. The policy document outlines how the Fund identifies, manages, and reports breaches of the law.

The Pensions Regulator's (TPR) new General Code of Practice (‘the Code’) came into force on 28 March 2024 covering the following areas: • Administration • Funding & Investments • Governing Bodies • Communications & Disclosure • Reporting to TPR

Staffordshire Pension Fund - Breaches of the Law Policy (Agenda Item 7 20 December 2024 Updated Breaches of the Law Policy)

LGPS: Fit for the Future - Draft Consultation Response

The meeting agenda included a draft response to the LGPS: Fit for the Future consultation.

On 14 November 2024, the Pensions Investment Review - Interim Report, was announced by the Chancellor in her Mansion House speech. For the LGPS, this principally involved the intention: • to direct all assets to be under pool management (including legacy private market assets) by 31 March 2026; • to ensure all pools are established FCA regulated entities by 31 March 2026; • for pool companies to equip themselves to provide Strategic Asset Allocation advice to their Partner Fund as well as making the implementation decisions; • for the Administering Authority to set out the Fund’s ambition for local investment; and • to implement proposals from the outcome of the Good Governance review issued in 2021.

Agenda Item 8 - 20 December 2024 Pensions Investment Review