The Warwickshire Local Pension Board was scheduled to meet on Thursday 29 January 2026 to discuss a range of important topics concerning the administration, investment, and governance of the Warwickshire Pension Fund. Key agenda items included updates on pension administration activity and performance, the Q4 2025 investment performance, and progress on the 2025/26 Business Plan. The Board was also set to review the Governance Action Plan, proposed updates to its own Terms of Reference, and the minutes from previous Pension Fund Committee meetings.

Pension Administration Activity and Performance Report

The Board was scheduled to receive an update on the key developments affecting pensions administration and the performance of the Pensions Administration Service (PAS). This report was expected to detail the take-up of the online member portal, broken down by member type, and provide an overview of Key Performance Indicators (KPIs) for the period 1 April 2025 to 30 November 2025. The report was also to include information on pensioner payroll key performance indicators, workloads, breaches recorded, compliments and complaints, and the progress of the Pensions Dashboard Programme.

Investment Update Q4 2025

An update on investment-related activity was scheduled, covering cashflow, private markets activity, voting, portfolio restructuring costs, the Fund's ability to service liabilities, asset allocation compared to targets, and the performance of fund managers. The report was expected to detail the value of the pension portfolio as at the end of September 2025, the progress in building alternative investments, and a review of cashflow requirements. It was also to summarise voting activity for funds held with Border to Coast and LGIM, and discuss the alignment of the Fund's assets with government pooling requirements.

Business Plan 2025/26 Update

The Board was to receive an update on the Warwickshire Pension Fund's Business Plan for 2025/26, outlining the progress made up to the second quarter. The report was to detail the status of various activities, categorised by RAG rating (Red, Amber, Green, Completed, Not Started), and highlight specific completed items such as the 2025 Annual General Meeting and the publication of the unaudited Annual Report and Accounts. The progress of the Task Force on Climate-related Financial Disclosures (TCFD) report was also to be noted.

Governance Action Plan Update

An update was scheduled on the delivery of actions identified in a recent review of the Fund's governance arrangements, conducted by AON. The report was to summarise the progress using a RAG rating system for the 93 identified actions, grouped into themes and projects. Specific attention was to be given to updates on the terms of reference for the Board and Committee, business continuity, and cyber resilience. The report was also to include additional activities related to the LGPS Fit for the Future consultation and pending Pension Schemes Bill.

LPB Terms of Reference Update

The Board was scheduled to consider proposed amendments to its Terms of Reference and the creation of a new Recruitment and Retention Policy. These changes were proposed to ensure the Board's procedures align with required governance standards following a review of the Warwickshire Pension Fund's compliance with The Pensions Regulator's General Code of Practice. The revised Terms of Reference were to be submitted for the Board's feedback and subsequent approval by Warwickshire County Council.

Minutes of the September 2025 Pension Fund Committees

The Board was to review and comment on the minutes from the September 2025 meetings of the Pension Fund Investment Sub-Committee and the Staff and Pensions Committee. These minutes would provide a summary of the matters discussed at those meetings, including discussions on the Palestine Solidarity Campaign's call for divestment, the Pension Fund Governance Report, and various confidential items related to the 2025 Valuation, Investment Strategy Statement, and Climate Scenario Analysis. The Staff and Pensions Committee minutes were expected to cover topics such as the Governance Action Plan, Annual Strategic Workforce Assessment, Teachers' Pay, Maternity Leave for operational staff, Pension Fund Regulatory and Policy updates, Pension Administration Activity and Performance, and Employers Joining and Leaving the Pension Fund.