The Wiltshire Pension Fund Committee met on Thursday 26 February 2026 to approve the results of the 2025 Triennial Valuation and the associated Funding Strategy Statement (FSS), and to review and approve the Investment Strategy Statement (ISS). The committee also received an update on responsible investment activities and training on draft LGPS regulations.

Triennial Valuation Results and Funding Strategy Statement

The committee approved the final results of the 2025 Triennial Valuation and the Funding Strategy Statement (FSS), along with its associated policies. This valuation assesses the financial health of the Wiltshire Pension Fund and sets employer contribution rates for the next three years. Jennifer Devine, Head of Wiltshire Pension Fund, explained that the process involved agreeing assumptions in October and consulting on the FSS in December. She highlighted that reductions in employer contribution rates were offered where possible, acknowledging the challenging financial climate, but without compromising the Fund's cashflow or long-term sustainability. This approach resulted in 85% of employers receiving a discount.

Discussions also took place regarding Swindon Borough Council's request for an additional reduction in their secondary contribution rate. While a 2.7% reduction had already been agreed, Swindon Borough Council sought a further 5.6% reduction, which officers indicated would push the Fund into a cashflow negative position and impact other employers. Barnett Waddingham, the Fund's actuary, provided clarity on the significance of the secondary rate in balancing total contribution rates. Councillor Vijay Manro, representing Swindon Borough Council, requested a deferral of the decision to allow for a full impact assessment. However, this deferral was not seconded. The committee ultimately approved the valuation and FSS, noting that discussions with Swindon Borough Council were ongoing and a compromise was being proposed.

Review and Approve the Investment Strategy Statement

Chris Moore, Investment and Accounting Team Lead, presented the Investment Strategy Statement (ISS), which incorporates the outcomes of the investment strategy review and has been updated to align with anticipated changes in LGPS regulations. The ISS outlines how the Wiltshire Pension Fund invests and will be implemented by LGPS Central. Key changes include a breakdown of assets according to new government classifications, further details on returns and risk objectives, and a definition of Local investment. The committee discussed the potential impact of any compromise on Swindon Borough Council's secondary contribution rate on the ISS, with clarification that the ISS assumes a cashflow positive Fund. The importance of the ISS in directing LGPS Central's investment implementation was emphasised, and the risk section was noted to address geopolitical instability through diversification. The Fund's policy on divestment from fossil fuels, as part of its Responsible Investment Policy, was also referenced. The committee approved the final ISS for publication.

Responsible Investment Update & Progress Report

Chris Moore presented the quarterly responsible investment performance report. The report detailed progress against the Responsible Investment Plan 2025/26, with most actions rated as green, although some were grey due to the implications of the pooling change. The report highlighted that all activities feed into public-facing publications, and the plan for the upcoming year was appended. Site visits had been undertaken, and members were invited to attend future visits. The committee agreed to use the report for monitoring progress on responsible investment policy, noted the progress made against the 2025/26 plan, and approved the Responsible Investment Plan for 2026/27.

Training Item on the Draft LGPS Regulations

Chris Moore provided training on changes to LGPS regulations and guidance, focusing on the Fit for the Future reforms. The training covered the implications of asset pooling, with a requirement for the Fund to participate in a pool and for the ISS to direct the pool's investment strategy. The role of the Fund in holding the pool accountable, while having limited advice and support, was discussed. Governance changes, including the appointment of an LGPS senior officer and an independent person, and the requirement for a new standard of knowledge and understanding for relevant individuals, were also outlined. The need for an independent governance review every valuation period was highlighted, with a tough standard for achieving a green rating. The committee discussed the timeline for appointments and the impact of the electoral cycle.

Date of Next Meeting

The dates for the next meetings were confirmed: an administration-focused meeting on 26 March 2026 and an investment-focused meeting on 11 June 2026.

Urgent Items

The Chairman noted an application received to appoint an Employer Representative to the Committee, with Councillor Gavin Grant volunteering to be part of the interviewing process. The Head of the Wiltshire Pension Fund reminded the committee of upcoming training on pension dashboards.

Exclusion of the Public

The committee resolved to exclude the public from the meeting for specific agenda items (14-16) due to the likely disclosure of exempt information.

Part II Minutes of Previous Meeting

The private minutes of the meeting held on 18 December 2025 were approved as a true and correct record.

Quarterly Investment Update

Thobeka Kellett, Senior Investment Analyst, presented a report on the Fund's quarterly investment performance. The committee agreed to use the investment reports and the update provided by officers and advisers as a basis for monitoring investment performance and the implementation of the strategic asset allocation.

Investment Pooling Update

Chris Moore provided an update on changes to the pooling arrangements. The committee noted the progress being made in meeting government requirements on investment pooling, approved the appointment of the Head of Wiltshire Pension Fund as the Shareholder Representative for LGPS Central, and delegated authority to officers to transition assets into LGPS Central as advised.