The Wiltshire Pension Fund Committee met on Thursday 26 February 2026 to discuss the results of the 2025 triennial valuation and the accompanying funding strategy statement. The committee was also scheduled to review and approve the investment strategy statement and receive an update on responsible investment.

Triennial Valuation Results and Funding Strategy Statement

The committee was scheduled to receive presentations on the Wiltshire Pension Fund's 2025 triennial valuation results and a revised Funding Strategy Statement (FSS). The valuation, conducted by the Scheme Actuary Barnett Waddingham, assesses the ongoing financial position of the fund and its employers, including the review of employer contribution rates. The report indicated an increase in the funding position from 103% to 106%. Key changes to the FSS included a revised structure following new guidance, the introduction of a single academy pool, and the extension of self-insurance to death in service. The report detailed an extensive consultation process with stakeholders, including employers, and outlined the proposed approach to managing surpluses and deficits. Swindon Borough Council had raised concerns regarding their provisional employer contribution rates, and a verbal update was to be provided at the meeting.

Review and Approve the Investment Strategy Statement

The committee was scheduled to review and approve the Investment Strategy Statement (ISS), which incorporates the outcomes of the investment strategy review. The ISS outlines how the Wiltshire Pension Fund invests its assets, with a primary objective of providing pension and lump-sum benefits to members. The statement detailed the fund's investment beliefs, strategic asset allocation, and investment objectives, including returns, risk, cash flow, and local investment targets. The report noted that the ISS had been drafted to align with anticipated changes in LGPS regulations and the transition of investments to the LGPS Central pool. A specific allocation of 2% (with a tolerance of 1-4%) was proposed for local investments, defined by the combined local authority areas of LGPS Central's constituent administering authorities, with a requirement for a proportion of investments to deliver direct, identifiable benefit to the Wiltshire area.

Responsible Investment Update & Progress Report

A report was scheduled to be presented on the fund's quarterly responsible investment performance. This included updates on actions taken in relation to the Responsible Investment Plan 2025/26, such as climate scenario modelling, the development of options for a local investment portfolio, and social and affordable housing impact reports. The report also highlighted the fund's continued signatory status of the UK Stewardship Code and provided details on site visits undertaken to investments. The fund's engagement with the Local Authority Pension Fund Forum (LAPFF) and topical investigations, such as robotaxis and biodiversity, were also to be discussed. The committee was invited to comment on and approve the proposed Responsible Investment Plan for 2026/27.