The West Sussex Council Pensions Committee met to discuss the annual report, the 2025 actuarial valuation and funding, and Local Government Pension Scheme (LGPS) investment pooling. The committee approved the draft annual report for publication, pending audit and consideration by the Regulation, Audit and Accounts Committee (RAAC). Further discussion on the actuarial valuation and investment pooling took place in Part II of the meeting, which was closed to the public.

Annual Report

The committee considered the annual report for the period 1 April 2024 to 31 March 2025, as presented by the Executive Director of Finance and Support Services. The report is a requirement under LGPS Regulations and must be published before 1 December following the scheme year end.

The annual report includes information on:

• The management and financial performance of the pension fund
• The administration arrangements in place
• The net asset statement and supporting notes and disclosures
• Various policy documents

The report adheres to guidance issued by the Scheme Advisory Board (SAB), the Chartered Institute of Public Finance and Accountancy (CIPFA), and the Department for Levelling Up, Housing and Communities (DLUHC). The guidance aims to ensure consistent reporting and comparable data across all funds.

The report complies fully with all 'must' items within the guidance.

The Pension Fund Statement of Accounts were prepared and approved by the Executive Director of Finance and Support Services ahead of the 30 June deadline and are subject to external audit by EY¹. The Regulation, Audit and Accounts Committee (RAAC) considered EY's audit planning report on 7 July 2025, which highlighted risks consistent with prior years, including misstatement due to fraud or error, valuation of Level 3 investments², valuation of directly held property investments, and IAS 26³.

The RAAC will consider the Pension Fund Audit Results Report at its meeting on 15 September, and feedback will be provided to the Pension Committee. The Chairman of RAAC will approve and sign the Pension Fund Accounts on behalf of the Regulation, Audit & Accounts Committee when the County Council Accounts are available.

Councillor Jeremy Hunt, Chair of the Pension Committee provided a foreword in the report, noting that the end of 2024/25 and the outcome of the government's Fit for the Future consultation brings a time of change for the Local Government Pension Scheme, specifically impacting on asset pools and governance. He stated that this will not impact on the benefits payable to members, or the work that the Fund does on a day-to-day basis to administer the scheme.

Andy Cunningham, Chair of the Pension Advisory Board stated that the board is satisfied that the West Sussex Pension Fund is operated in compliance with statutory regulations and other legislation, and with guidance issued by the Ministry of Housing, Communities and Local Government (MHCLG).

The committee approved the draft annual report for publication, pending audit and consideration by the RAAC.

Other Business

The agenda also included:

• Declarations of interest
• Part I minutes of the last meeting
• Urgent matters
• Part II matters
• Date of next meeting