The Pension Board of Gloucestershire Council met on Wednesday 21 January 2026 to review updates on the fund's governance, operations, funding, and investments. Key discussions included the progress of government consultations on LGPS reforms, the fund's financial performance, and ongoing data improvement initiatives.

Gloucestershire Pension Fund Business Update - Governance & Operations

The Board received an update on the governance and operational matters of the Gloucestershire Pension Fund. Matthew Trebilcock, Head of Pensions, presented information on the fund's risk management, audit findings, and ongoing consultations.

The Board noted the minutes from the Pension Committee meeting held on 4 December 2025. A significant point of discussion was the Risk Register, which now includes a new risk categorised as red concerning the transition of assets to LGPS Central and the potential costs associated with exiting the Brunel Pension Partnership. The audit findings report from KPMG confirmed an unqualified opinion for the Pension Fund's 2024-25 Statement of Accounts, with no major changes identified from previous reports.

The Board was informed about the government's continued activity in the Local Government Pension Scheme (LGPS) sector, including several consultations that required responses over the Christmas period. The Chair of the Board thanked the Pension Team for their efforts in completing these submissions.

In response to a question regarding transition options, the Head of Pensions offered to provide further detail during the exempt part of the meeting due to commercial sensitivities.

The Pensions Administration Manager, Annette Benson, reported on the progress of the Data Improvement Strategy and Plan. While good progress has been made, areas for further improvement remain, particularly concerning data quality, which is considered fundamental to effective pension fund administration. Key Performance Indicators (KPIs) showed that the fund was performing at approximately 90% across all KPIs on a rolling 12-month basis for the first time. However, case volumes have continued to increase, presenting a risk of future volatility in these measures.

Resolved: The Board noted:

• The Pension Committee minutes of 4 December 2025.
• The Risk Register and its amendments, including the new red risk concerning asset transition and exit costs.
• The audit finding report for 2024-25.
• The consultation responses, governance, and operational updates.
• The annual data improvement plan.

Gloucestershire Pension Fund Business Update - Funding & Investments

The Board received an update on the funding and investment performance of the Gloucestershire Pension Fund. The Head of Pensions, Matthew Trebilcock, advised the Board on the fund's funding position, market value, asset allocation, and investment performance for the quarter ending 30 September 2025.

Due to the ongoing 2025 triennial valuation process, a detailed quarterly funding update was not available to avoid confusion with the differing assumptions used in the 2022 valuation and those proposed for consultation. However, members were assured that no major events had materially affected the fund since the September meeting, and it continued to operate in line with expectations pending the outcome of the 2025 valuation. Normal funding level monitoring will resume from 1 April 2026, once the new valuation assumptions are adopted.

Regarding investment performance, the Board noted that over the quarter to 30 September 2025, the fund's total market value increased by £200.520 million to £3,928.604 million. Over the preceding 12 months, total fund assets underperformed the strategic benchmark by 2.0%, with a return of 10.0%. Performance over the three years to 30 September 2025 was 10.30% annualised, slightly behind the strategic benchmark by 0.50%. The fund was reported to be in a healthy position.

Resolved: The Board noted the fund's position as at 30 September 2025, along with the governance undertaken and subsequent recommendations agreed by the Pensions Committee at their meeting on 4 December 2025.

Exclusion of the Press & Public

The Board agreed to exclude the press and public from the following agenda items in accordance with Section 100 A (4) of the Local Government Act 1972. This was due to the likelihood of disclosure of exempt information, where the public interest in withholding the information outweighed the public interest in disclosing it.

Pension Board Exempt Minutes

The Board approved the exempt minutes of the meeting held on 23 October 2025.

Debt Management Policy

The Head of Pensions, Matthew Trebilcock, presented the newly approved Debt Management Policy for the Pension Fund, in association with Andy Cunningham, Strategic Pensions Manager for Service Delivery.

Resolved: The Board noted the Debt Management Policy, which had been approved by the Pensions Committee on 4 December 2025.

2025 Triennial Valuation - Draft Funding Strategy Statement

The Head of Pensions presented the draft Funding Strategy Statement (FSS) and associated policies. These were currently undergoing consultation with employers and key stakeholders ahead of the statutory deadline of 31 March 2026.

Resolved: The Pension Board noted the draft Funding Strategy Statement and associated policies, approved by the Pensions Committee on 4 December 2025, while acknowledging that consultation with key stakeholders was underway.

LGPS - Fit for Future - Pension Pooling

The Head of Pensions provided an update on the progress being made towards joining the LGPS Central pool and exiting the Brunel Pension Partnership. The report outlined the upcoming agreements the Fund expected to enter into and the delegations required to meet the government's timeline for moving all investments under the oversight of a pool by 31 March 2026.

Resolved: The Board noted the update on the progress being made to join the LGPS Central pool and to leave the Brunel Pension Partnership.

Gloucestershire Pension Fund Business Update

The Head of Pensions presented a detailed report providing further analysis and commentary on the Fund's activities, designed to be read in conjunction with the public reports. The Board discussed the report in detail.

Resolved: The Board noted the draft exempt Pension Committee minutes of 4 December 2025 and the Fund's activities.