The Buckinghamshire Council Pension Fund Committee convened to discuss key aspects of the fund's performance and governance, including agreeing to adopt the Ministry of Housing, Communities and Local Government (MHCLG) asset classes in setting the Fund's Strategic Asset Allocation, and approving an outline transition plan for the Buckinghamshire Pension Fund Investment Assets to join the London CIV ¹ pool. The committee also reviewed the fund's carbon footprint, training plan, and conflicts of interest policy.

Here's a detailed breakdown of the meeting:

Pooling Transition Plan

The committee agreed to note and approve the outline transition plan for the Buckinghamshire Pension Fund Investment Assets, paving the way for the fund to join the London CIV pool. They delegated authority for signing the necessary documentation, pending legal review and a two-week consultation with committee members, to Councillor Robert Carington, Chairman of the Pension Fund Committee, Councillor Alex Collingwood, Vice-Chairman, the s151 Officer of Buckinghamshire Council, Dave Skinner, and the Assistant Chief Finance Officer (Pensions and Projects), Mark Preston.

Strategic Asset Allocation

The committee agreed to adopt the MHCLG asset classes in setting the Fund's Strategic Asset Allocation. They also agreed to Strategic Asset Allocation option B in the report for the Buckinghamshire Pension Fund, and noted the planned rebalancing between Multi-Asset Credit and Index Linked Gilts.

Carbon Metrics Report

The committee noted the Carbon Metrics Report, which presented an analysis of the Buckinghamshire Pension Fund's carbon footprint as of 31 March 2025. The report indicated a Weighted Average Carbon Intensity (WACI) of 126 tCO2e/mGBP, a 32% reduction compared to the benchmark. Councillor Robert Carington noted that it should be made clearer to readers that a lower WACI than the benchmark was a positive thing. A committee member expressed frustration at the increased reliance on modelling data from US-based companies, and the move away from providing detailed carbon emissions data on a regular basis.

Government Consultation - Scheme Improvements (Access & Protections)

The committee discussed the government's consultation on scheme improvements, covering the Normal Minimum Pension Age (NMPA), LGPS access for councillors and mayors, academies, and the New Fair Deal. The committee agreed to note the report and the fund's proposed responses, as detailed in Appendix 1. The consultation includes a proposal to increase the NMPA from 55 to 57 from 6 April 2028, with some members having a Protected Pension Age, retaining access to benefits from age 55. The committee noted that transfers from previous schemes will make this a complex area to administer as some schemes may have protected rights, and protection may not count on transfer to the LGPS but could count on a future transfer out of the LGPS. The committee noted that councillors in England who previously had access to the LGPS from 1 May 2003- 31 March 2014 will again have access from a proposed date of 1 April 2026 along with mayors. The committee noted that under current rules, an employer who is a member of several LGPS funds can apply to the Secretary of State for a Directions Order to consolidate their LGPS members into a single Fund, and that the proposal is for guidance to be issued so that this decision can be made locally by the employer and the funds concerned if specific criteria is met, with only those that cannot be agreed being referred to the Secretary of State. The committee noted that New Fair Deal (NFD) consultations previously took place in 2016 and 2019, with no government response, and that currently, when a best value employer outsources a service and TUPE applies, pension protection for employees takes place via admitted body status within the LGPS or via a broadly comparable scheme, and that the NFD proposes a new term of a 'deemed employer' whereby the authority letting the contract retains all the pension risk with no need to have an admission agreement in place and no broadly comparable scheme option offered.

Training Plan & Knowledge Assessment Responses

The committee noted the report on the training plan and knowledge assessment responses, highlighting areas for improvement in governance and investments. Councillor Robert Carington stressed the importance of all committee members completing the knowledge assessment.

Conflicts of Interest Policy

The committee approved the Conflicts of Interest Policy, with an amendment to the declaration of interest form to include disclosure of waived or provided training session or conference fees.

McCloud Update

The committee noted the current position of the McCloud remedy, with 2,259 of 10,996 eligible members reviewed. The committee agreed that officers should explore implementing a backstop to ensure employers are aware of the data submission deadline, after which the data assessment procedure would be applied.