The Wiltshire Pension Fund Committee was scheduled to meet on 24 July 2025 to discuss the fund's performance, governance, and future strategy, including training, strategy updates and key reports. The committee was also expected to review the minutes of the Local Pension Board meeting held on 22 May 2025.

Here's a breakdown of the key topics from the agenda:

Investment Pooling

The committee was scheduled to receive an update on the selection of a new investment pool, following a letter from government officials stating that the business plan submitted by Brunel Pension Partnership did not meet their criteria.

The Headlines and Monitoring (HAM) Report indicated that this situation had increased investment risk, with concerns raised about the fund's ability to implement its investment strategy and the ongoing operations of the existing pool. According to the report:

The High risk is in relation to the Fund's ability to implement its investment strategy (this is currently very uncertain due to the changes), and the Very High risks are regarding ongoing operations of the existing pool, and the future of pooling including transition to an as yet unknown new arrangement.

The committee was scheduled to endorse the approach being taken to finding a new pool.

Responsible Investment

The committee was scheduled to receive an update on the Fund's responsible investment performance. The HAM Report noted that the Investment risk area is now High, with an overall risk score of 17 compared to risk appetite of 12.

Fund Performance and Financials

The committee was scheduled to review the draft statement of accounts and annual report, along with an assessment of going concern and an update on the external audit.

The Headlines and Monitoring Report included a health check dashboard, providing a snapshot of the fund's performance against its business plan objectives. The report noted that while internal audit ratings and service delivery KPIs are still amber overall, there has been positive progress on these measures over the last quarter.

The Key Financial Controls highlights included:

• Final sign off for the full Wiltshire Council Accounts for four years 2019/20 - 2022/23 has now been complete.
• Unaudited accounts and annual report for 2023/24 have been published, audit testing by Grant Thornton is completed and draft audit report with disclaimer opinion is issued.
• Interim audit testing was completed in March for 2024-25 accounts and final audit is expected to start in June.

The committee was also scheduled to note the budget position, with expenditure against the Fund budget for 2024/25 showing an underspend of £339k, 7% of the budget.

Strategy and Policy Updates

The committee was scheduled to consider updated versions of the Pension Administration Strategy and the Communications Strategy, as well as the Governance Compliance Statement.

The Pension Administration Strategy was updated to reflect the requirements set out in Regulation 59 of the Local Government Pension Scheme Regulations 2013. The Communications Strategy was updated to reflect the requirements set out in the Pension Regulator's General Code of Practice, which came into force on 28 March 2025.

Training

The committee was scheduled to receive training on the triennial valuation process and timings for the 2025 valuation from Barnett Waddingham, the Fund's actuary. There was also scheduled training from Redington, the Fund's investment advisers, on the review of the strategic asset allocation.

Local Pension Board

The committee was scheduled to review the minutes of the Part I meeting of the Local Pension Board held on 22 May 2025.

The minutes from the Local Pension Board meeting of 22 May 2025, which included discussion of the Headlines & Monitoring Report, Key Financial Controls, the Pension Administration Strategy, the Communication Strategy, and a payroll system update.

Headlines and Monitoring Report

The committee was scheduled to review the Headlines and Monitoring Report, which provides ongoing oversight of scheme, regulatory, legal, and fund updates, a health check dashboard, administration KPI update, risk register, key financial controls highlights, audit update, and committee and LPB training.

The report included updates on:

• Scheme, Regulatory, Legal and Fund Update
• Health Check Dashboard To 30 June 2025
• Administration KPI update including an update of the KPI Improvement Plan
• Risk Register
• Key Financial Controls highlights including budget monitoring
• Audit update SWAP KC actions
• Committee and LPB training

The report also detailed key events across the Pension Fund over the last quarter, including investment performance, concerns over delays in employer data, and the letter from ministers regarding Brunel's business plan.

Other Business

The committee was scheduled to review the committee forward work plan and determine the date of the next meeting. There was also an opportunity to raise any urgent items.