The Local Pension Board of West Northamptonshire Council met on Thursday 05 February 2026 to review several key reports concerning the governance, administration, and financial standing of the Northamptonshire Pension Fund. Decisions were made regarding the Pension Fund Annual Report and Statement of Accounts, the Conflicts of Interest Policy, and the Data Improvement Strategy and Plan.

Governance and Compliance Report

Michelle Oakensen, Governance & Regulations Manager, presented the Governance and Compliance Report. The Board noted updates on various consultations impacting the Local Government Pension Scheme (LGPS) in England and Wales, including LGPS Access and Protections and LGPS Fit for the Future . Responses to these consultations had been submitted on behalf of the Fund. The report also highlighted developments concerning The Pensions Ombudsman and The Pensions Regulator, alongside opportunities for skills and knowledge development for Board members. Immaterial amendments to policies such as the Cash Management Strategy and Cyber Strategy were also noted.

Pension Fund Annual Report and Statement of Accounts 2024-25

Ben Barlow presented the Pension Fund Annual Report and Statement of Accounts for 2024-25. The Board was informed that the Fund's assets had risen to £3,748.2 million, attributed to positive investment performance. The report detailed an increase in contributions, benefits, and investment income, alongside management expenses. Grant Thornton's external audit findings indicated an anticipated unqualified opinion on the financial statements, with two matters identified during the audit: errors in investment management expenses and Level 2 and 3 investments, which had been corrected in the accounts. There were no recommendations for management in the Audit Findings Report, and a new process had been implemented to address a prior year IT audit recommendation. The Board noted the contents of the report.

Conflicts of Interest Policy

Madalina Bratec, Governance Specialist, presented the updated Conflicts of Interest Policy. The policy outlines how actual and potential conflicts of interest are identified and managed for those involved in the governance of the Northamptonshire Pension Fund. Updates included incorporating requirements from The Pensions Regulator's General Code of Practice and reflecting the Fund's transition from the ACCESS asset pool to Border to Coast Pension Partnership (BCPP). The policy also detailed procedures for managing conflicts, including declarations at meetings and a register of interests. The Board reviewed and noted the updated policy.

Data Improvement Strategy and Plan

Mohammed Mansha, Systems & Projects Manager, presented the Data Improvement Strategy and Plan for 2026/27. The strategy details how the Fund obtains, manages, and maintains high-quality data, with cyclical reviews and internal controls. The plan outlines specific areas of focus for the upcoming year, including improving common data and ensuring readiness for Pension Dashboards. Updates to the strategy included reflecting legislative changes, stakeholder revisions, and new contractual arrangements for mortality screening and address tracing services. The Board reviewed the contents of the report.

Administration Report

Mark Whitby, Head of Pensions, presented the Administration Report for the period 1 September to 31 December 2025. The report indicated that while overall performance against Key Performance Indicators (KPIs) was less than desired, with 28% rated Red, improvements were expected following the recruitment of additional operational staff. Employer contributions were received on time, and no new material breaches or data breaches were reported. The Business Plan had one activity with an amber RAG status, relating to the processing of undecided leaver records, with plans to address this through external support and internal resource allocation. Two new employers were admitted to the Fund, and one ceased participation. The Risk Register had seen updates with new and removed risks and mitigations. The Board noted the report and the admissions and cessations, and reviewed the Risk Register.

Northamptonshire Pension Fund Board Agenda Plan

The Governance & Regulations Manager presented the Northamptonshire Pension Fund Board Agenda Plan, outlining items scheduled up to October 2026. The plan was noted to be subject to refinement following the approval of the Business Plan and the emergence of clearer implementation plans for current consultations and regulatory changes. The Board reviewed and noted the agenda plan.

The meeting concluded with a private session to discuss exempt information relating to private minutes, the Fit for the Future update, strategic asset allocation, and the valuation report.