The Buckinghamshire Council Pension Fund Committee met on 24 June 2025 to discuss a range of topics, including an update on the 'Fit for the Future' consultation, a review of the committee's training policy, and the external audit plan. The committee was also scheduled to discuss the McCloud remedy¹ and the 'Access and Fairness' consultation.

Fit for the Future consultation

Mark Preston, Assistant Chief Finance Officer (Pensions and Projects), was scheduled to provide an update on the government's response to the 'Local Government Pension Scheme (England and Wales): Fit for the Future' consultation².

The report pack included the government's response, which stated that all LGPS assets should be pooled by 31 March 2026, with limited exceptions. It also stated that decision making on strategic asset allocation would remain with Pension Fund Committees, but the implementation of the investment strategy would be fully delegated to the pools.

The report pack noted a letter from the Treasury and the Ministry of Housing, Communities & Local Government to Buckinghamshire Council and the other nine Administering Authorities whose LGPS Pension Funds are members of the Brunel Pension Pool, notifying them that Brunel's business case had not been accepted. The letter suggested that the authorities identify an alternative Pool to join, with a deadline of the end of September 2025 to make an in-principle decision.

External Audit Plan

James Gilliland, Pensions and Investments Accountant, was scheduled to present the External Audit Plan & Strategy for the year ended 31 March 2025.

The report pack included an overview of the planned scope, including materiality levels. It stated that materiality for the pension fund financial statements was determined at a level which could reasonably be expected to influence the economic decisions of users, based on a benchmark of total assets.

The report pack also outlined significant risks, higher assessed risks, and other audit risks, including:

• Management override of controls
• Misstatement of the valuation of Level 1, Level 2 and Level 3 investments³
• Incomplete, non-existent or inaccurately recorded Level 1, 2 and 3 investments
• Inappropriate presentation of the fund's actuarial position in the financial statements

The planned responses to these risks were detailed in the report pack. For example, in relation to the valuation of Level 1 and 2 assets, the report pack stated that KPMG's in-house investment valuation team, iRADAR, would be engaged to independently reprice these positions.

The report pack also included mandatory communications relating to going concern and additional reporting requirements.

Pension Fund Committee Training Policy

James Gilliland, Pensions and Investments Accountant, was scheduled to present the Committee Training Policy. The report pack stated that training for Pension Fund Committee members was not required by statute, but was strongly recommended as best practice.

The report pack set out several training options, including self-assessment, engaging a third party to assess training needs, and using The Pensions Regulator's Public Sector Toolkit training. The recommended option was self-assessment, with Committee members completing a self-assessment questionnaire of training needs each year, following which officers would draw up a training plan for the following twelve months for the Committee's approval.

McCloud Update

Claire Lewis-Smith, Pensions Administration Manager, was scheduled to provide an update on the McCloud remedy. The report pack noted that as a result of regulations coming into force, LGPS Pension Funds are required to check all qualifying members to see if underpin protection applies.

The report pack also detailed the progress of data verification, with 354 employers having provided complete data, 31 having provided partial data, and 22 having provided no data at all.

'Access and Fairness' - LGPS consultation

Claire Lewis-Smith, Pensions Administration Manager, was scheduled to present a report on the MHCLG Access and Fairness consultation. The report pack stated that the key objectives of the consultation were to improve fairness and access to the LGPS for all eligible employees, address the gender pension gap, ensure survivor pensions and death grants are distributed more equitably, support members who have opted out of the LGPS in the past, and implement the McCloud remedy.

The report pack detailed the proposals included in the consultation, covering survivor benefits, the gender pension gap, opt-outs, forfeiture, and the McCloud remedy.

Other items

The agenda included the Buckinghamshire Pension Board Draft Minutes, the Forward Plan and the Pension Fund Performance.