Here is a summary of the scheduled discussions for the Local Pension Board meeting on 17 October 2025. The agenda included a review of the Pension Fund's annual report and accounts, including the Taskforce for Climate-related Financial Disclosures (TCFD) report, and updates on the annual business plan, risk register, governance, communications, and administration. Also listed for discussion were the terms of office for board members.

Board Member Terms of Office

The Board was scheduled to receive a verbal update from Mark Smith, Head of Pensions, and Mukhtar Master, Governance and Communications Manager, regarding the reappointment of Board Members and the Independent Chair.

Annual Report and Accounts

The board was scheduled to consider the draft Annual Report and Accounts for the Pension Fund, including the latest Taskforce for Climate-related Financial Disclosures (TCFD) report. According to the agenda, the report was also to include progress against the targets set in the Fund's Climate Change Policy¹. The report was prepared by Greg Ley, Financial Manager – Pension Fund Investment.

Review of the Annual Business Plan

Mark Smith, Head of Pensions, was scheduled to present a report inviting the Board to review the position against the Annual Business Plan for 2025/26, as considered by the Pension Fund Committee at their meeting on 5 September 2025. The Board were invited to offer any comments to the Committee.

Risk Register

Mukhtar Master, Governance and Communications Manager, was scheduled to present the latest risk register, as considered by the Pension Fund Committee on 5 September 2025. The Board were invited to review the report and offer any further views back to the Committee.

Governance and Communications Report

The Board was scheduled to review the Governance and Communications Report, as presented to the Committee at their meeting on 5 September 2025. Mukhtar Master, Governance and Communications Manager, prepared the report, which includes a log of all regulatory and data breaches.

Administration Report

Vicki Green, Pension Services Manager, was scheduled to present the latest Administration Report, as presented to the Pension Fund Committee on 5 September 2025. The report includes the latest performance statistics for the service.

Items for Pension Fund Committee and Next Board Meeting

The Board was to confirm the issues they wished to include in their latest report to the Pension Fund Committee and identify any issues they wished to add to the agenda of the next meeting of this Board.

2025 Valuation Results and LGPS Pooling Reform

The agenda notes that the Board was expected to move into a closed session to discuss the 2025 valuation results, the draft Funding Strategy Statement, and LGPS pooling reform. According to the agenda:

The Committee is RECOMMENDED that the public be excluded for the duration of items 15 and 16 in the Agenda since it is likely that if they were present during those items there would be disclosure of exempt information as defined in Part I of Schedule 12A to the Local Government Act 1972 (as amended) and specified in relation to the respective items in the Agenda and since it is considered that, in all the circumstances of each case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

The report on the 2025 valuation results and updated draft Funding Strategy Statement was prepared by Mark Smith, Head of Pensions. The report on LGPS Pooling Reform was also prepared by Mark Smith, Head of Pensions, and the Board were invited to note this report as presented to the Pension Fund Committee on 5 September 2025.