The Lincolnshire County Council Pension Committee met to discuss several key items, including updates from the Lincolnshire Local Pension Board, the Lincolnshire Pension Fund's performance, and the results of the 2025 whole fund valuation. The committee also reviewed the draft annual report and accounts for 2024/25. All members present approved the minutes of the previous meeting.

2025 Whole Fund Valuation and Draft Funding Strategy Statement

The committee received a report on the Whole Fund 2025 Valuation Results and Draft Funding Strategy Statement. The report introduced a presentation from Barnett Waddingham, the Fund's Actuary, which set out the whole Fund valuation results from the latest valuation, undertaken at 31 March 2025, and the Fund's draft Funding Strategy Statement (FSS).

Report by the Independent Chair of the Lincolnshire Local Pension Board

The committee received a report from George Graham, the Independent Chair of the Lincolnshire Local Pension Board, updating them on the board's work. He highlighted the consistent performance of the administration service, but noted ongoing backlogs, a common issue across the local government pension scheme¹.

Pension Fund Update Report

The committee received an update on fund matters for the quarter ending 30 June 2025. The report was presented by Jo Kempton, Head of Lincolnshire Pension Fund.

Pensions Administration Report

The committee received a report updating them on current administration issues, covering the period from 1 April 2025 to 30 June 2025. The report was presented by Matt Mott, Head of Governance and Business Development at West Yorkshire Pension Fund.

Performance Measurement Annual Report

The committee received a report from Jo Kempton, Head of Lincolnshire Pension Fund, setting out the Pension Fund's longer term investment performance for the period ending 31 March 2025.

Annual Report and Accounts 2024/25

The committee received a report presenting the Draft Annual Report and Draft Auditor's Year End Report from KPMG on the audit of the 2024/25 financial statements. The report was presented by Claire Machej, Accounting, Investment and Governance Manager.