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LGPS Local Pension Board - Thursday, 23rd October, 2025 3.00 pm
October 23, 2025 LGPS Local Pension Board View on council website Watch video of meeting Watch video of meetingSummary
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The LGPS Local Pension Board of Lincolnshire Council was scheduled to review the performance and financial health of the Lincolnshire Pension Fund. Key agenda items included updates on the fund's performance for the quarter ending 30 June 2025, an annual review of the risk register, and the results of the 2025 valuation of the fund.
Pension Fund Update Report
The Board was scheduled to receive a report from Jo Kempton, Head of Lincolnshire Pension Fund, providing an update on the fund's performance for the quarter ending 30 June 2025. This report was also expected to cover any other current issues affecting the fund. The agenda indicated that this update would include a Breaches Register. 1
Pensions Administration Report
A report from Matt Mott, West Yorkshire Pension Fund, was scheduled to be presented, detailing the quarterly report of the Fund's administrator for the period of 1 April 2025 to 30 June 2025. This report was expected to include a KPI Table, customer surveys, a shared service risk register, and a regulatory update. 2
Risk Register Annual Review
Jo Kempton, Head of Lincolnshire Pension Fund, was scheduled to present the Pension Fund Risk Register and Risk Management Policy for the Board's annual review. The agenda indicated that this would include the Risk Register for October 2025. 3
Annual Report and Accounts 2024/25
Claire Machej, Accounting, Investments and Governance Manager, was scheduled to present the Draft Annual Report and the Draft External Auditor's Year End Report from KPMG, the Fund's External Auditor, concerning the audit of the 2024/25 financial statements. This would include the Annual Report 2025 draft and the Auditors ISA 260 Report. 4
Internal Audit Assurance
The Board was scheduled to receive a report from Jo Kempton, Head of Lincolnshire Pension Fund, introducing a paper from the Head of Internal Audit. This paper was intended to outline the internal audit approach to gaining assurance on the management of the Pension Fund, including the Annual Assurance Report for 2024-25. 5
Whole Fund 2025 Valuation Results and Draft Funding Strategy Statement
Claire Machej, Accounting, Investment and Governance Manager, was scheduled to present the results of the whole fund valuation undertaken as at 31 March 2025, along with the Fund's draft Funding Strategy Statement (FSS). This presentation was to be delivered by the Fund's Actuary, Barnett Waddingham, and would include the Initial Valuation Results and the Draft FSS. 6
Work Plan and Training Needs
The Board was scheduled to consider its work programme and training needs, as outlined in a report by Claire Machej, Accounting, Investment and Governance Manager. This would involve reviewing the LGPS Pension Board Work Plan. 7
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The Breaches Register would likely detail any instances where the Pension Fund has not complied with relevant legislation or regulations. ↩
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Key Performance Indicators (KPIs) are used to measure the performance of the administrator against set targets. Customer surveys provide feedback from scheme members. A shared service risk register identifies potential risks in services provided jointly with other entities. A regulatory update would inform the Board of any changes in legislation or guidance affecting pension funds. ↩
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The Risk Management Policy sets out the framework for identifying, assessing, and managing risks to the Pension Fund. ↩
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The ISA 260 Report is a communication from the external auditor to those charged with governance, detailing significant findings from the audit of financial statements. ↩
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Internal audit provides an independent assessment of the effectiveness of an organisation's internal control systems. ↩
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A Funding Strategy Statement (FSS) is a document required by the Public Service Pensions Act 2013, which sets out how the administering authority and the scheme employers will work together to ensure the long-term solvency of the pension fund. ↩
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The work plan outlines the Board's objectives and activities for the coming period, while training needs identify areas where Board members require further development to effectively fulfil their roles. ↩
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