The Local Pension Board of Wiltshire Council met on Thursday 12 February 2026 to discuss a range of important financial and governance matters concerning the Wiltshire Pension Fund. Key decisions included the appointment of Mike Pankiewicz as Vice-Chairman, the approval of the previous meeting's minutes, and the noting of minutes from the Wiltshire Pension Fund Committee. The Board also reviewed and endorsed the Fund's risk register, approved the proposed budget for the Local Pension Board for 2026/27, and noted updates on the 2025 Triennial Valuation and the Investment Strategy Statement.

Appointment of Vice-Chairman

The Board resolved to appoint Mike Pankiewicz as Vice-Chairman for the remainder of the current year.

Minutes and Key Decisions of the Wiltshire Pension Fund Committee

The Board noted the Part I (public) minutes from the ordinary meetings of the Wiltshire Pension Fund Committee held on 20 November 2025 and 18 December 2025.

Headlines & Monitoring (HAM) Report

The Board considered a comprehensive report detailing key issues and developments within the Wiltshire Pension Fund. This included updates on:

• Headlines: Key events across the Pension Fund, with investment performance for the quarter to December 2025 reported as +2.0%, slightly behind the benchmark of +2.6%. The fund value stood at £3.8 billion.
• Scheme, Regulatory, Legal and Fund Update: Information on ongoing work with LGPS Central for the Fund's admission as a shareholder and asset transition, as well as efforts to exit the Brunel pool.
• Governance Updates: Progress on complying with The Pensions Regulator's (TPR) General Code of Practice (GCOP), with the Fund in a very healthy position and all not compliant actions addressed. The report also detailed responses to three consultations issued by the Ministry of Housing, Communities and Local Government (MHCLG) concerning 'Fit for the Future' reforms, 'Guidance on pooling, investment strategy statements and governance', and 'LGPS in England and Wales: Scheme improvements (Access and Protections)'. Key governance priorities for 2026 include developing a Governance Strategy, a Training Strategy, and appointing an LGPS Senior Officer and an Independent Person to advise the Committee.
• Health Check Dashboard: The dashboard, which tracks performance against the Business Plan objectives, showed a positive and improving picture. Service Delivery KPIs had moved to a green rating, and Internal Audit Ratings were also green. Staff Engagement remained amber.
• Risk Register: The Board endorsed the risk register as a true and fair view. Key risks identified above appetite included Service Delivery (due to recent staff shortages), Fund Governance (due to historic issues and the absence of a permanent Governance Manager), and Resourcing (due to staff shortages and sickness absence). Investment risk remained high, particularly concerning the transition to a new pool.
• Administration KPIs: Performance from 1 October 2025 to 31 January 2026 showed that 96% of cases were completed on time, with a target of 95% for all task types to meet their KPIs. The backlog was decreasing, and targets were on course to be met.
• Audit Strategy Update: The audit strategy for 2026/27 was presented, including standard annual audits for the Annual Report & Accounts, Key Financial Controls, and Customer Service Excellence.

The Board resolved to note the Fund updates and endorse the risk register.

LPB Budget

The Board considered the proposed Local Pension Board budget for 2026/27, which amounted to £29,000, a 3% increase from the previous year to account for inflationary uplift. The Board resolved to agree the draft budget and recommend it to the Pension Fund Committee for inclusion in the Fund's administration budget for 2026/27. They also requested that officers consider future training sessions for the Board, including attendance at appropriate national training events.

Key Financial Controls

The Board reviewed a report on the Fund's key financial controls. The audited accounts for 2023/24 had been published, and the audit of the 2024/25 accounts was completed, with a modified draft opinion. Progress was being made towards an unqualified opinion for the 2025-26 accounts. The report highlighted that while most employer contributions were received on time, there was a slight increase in late payments. A significant risk remained due to ongoing challenges in agreeing a Service Level Agreement (SLA) with Wiltshire Council, which impacted budget monitoring. The Board resolved to use the report to monitor progress against resolving identified issues and to receive an update on the SLA resolution at the next meeting.

2025 Triennial Valuation

An update was provided on the 2025 Triennial Valuation, a requirement to assess the Fund's financial position and employer contribution rates. The provisional results showed an increase in the funding position to 106%. Employer contribution rates for academies and Town and Parish Councils were adjusted, with 85% of employers seeing a decrease. The draft Funding Strategy Statement (FSS) had been consulted upon, and the Pension Committee had deferred its approval to allow for further consideration of consultation responses. The Board resolved to note the report and confirmed there were no areas of concern identified.

Investment Strategy Statement

The Board received an overview of the approach being taken to draft the Investment Strategy Statement (ISS), which outlines how the Wiltshire Pension Fund invests on behalf of its members and employers. The revised ISS will incorporate new requirements from the 'Fit for the Future' consultation, including a breakdown of assets by new government asset classes, further details on financial objectives, and a local investment approach. The Board resolved to note the approach being taken and that there were no areas of concern highlighted for consideration by the Wiltshire Pension Fund Committee.

Training Plan for 2026/27

The Board reviewed the Training Plan for 2026/27, which outlines training for both Committee and Board members. The plan includes sessions on pensions legislation, administration, risk management, investment, and financial reporting. The Board resolved to approve the Training Plan subject to the addition of an update on Pool Governance.

Fit for the Future

An update was provided on the regulatory changes expected from MHCLG's 'Fit for the Future' technical consultation. These changes will significantly impact LGPS Funds' approach to pooling, investment strategy statements, and fund governance, including requirements for funds to participate in only one pool and delegate investment strategy implementation to that pool. The Board resolved to note the progress being made on implementing these government proposals.

Training

This agenda item was considered alongside the Training Plan for 2026/27.

Date of Next Meeting and Forward Work Plan

The Board noted that the next ordinary meeting would be held on 4 June 2026 and approved the Scheme Year Forward Plan.

Exclusion of the Public

The Board agreed to exclude the public from the meeting for specific agenda items (Items 20-24) due to the likely disclosure of exempt information.

Part II Business (Exempt from Public)

The Board considered and noted Part II (private) minutes from the Wiltshire Pension Fund Committee meetings and discussed pooling governance updates and employer compliance and covenant matters.