The Pension Fund Committee of Oxfordshire Council met on Friday 6 March 2026 to discuss the Annual Business Plan and Budget for 2026/27, review the Fund's risk register, and consider reports on governance, communications, and investment performance. The meeting also included updates on the Pension Board's activities and the administration of the pension fund.

Annual Business Plan and Budget 2026/27

The committee was scheduled to consider the proposed Annual Business Plan, Budget, and Training Plan for the forthcoming financial year. This report included a review of progress against the key priorities set out in the 2025/26 Annual Business Plan and an update on the Fit for the Future consultation. The committee was recommended to note the progress against service priorities for 2025/26 and approve the Business Plan, Budget, Training Plan, and Cash Management Strategy for 2026/27. A recommendation was also made to confirm the appointment of the LGPS Central Shareholder representative as the Head of the Pension Fund role.

Risk Register Report

This report was scheduled to present the latest position on the Fund's risk register, including any new risks identified since the previous meeting. The Pension Fund Committee was recommended to note the latest risk register and accept that it covers all key risks to the achievement of their statutory responsibilities, and that the mitigation plans, where required, are appropriate.

Governance and Communications Report including Cyber Security Review

This report was set to cover key governance and communication issues for the Fund, including a report on any breaches of regulation in the last quarter. It also included the recent Cyber Security review undertaken by the Fund. The committee was recommended to note the Fund's annual review of Cyber Security, its update on General Code of Practice Compliance for 2025/26, the Pension Fund Committee training update, the latest quarterly breaches for the fund, and the communications update.

Administration Report

This report was intended to update the committee on key administration issues, including service performance measurement, the debt recovery process, and any write-offs agreed in the last quarter. The committee was recommended to note the report and approve changes made to the Key Performance Indicators in the Administration Strategy.

Report of the Independent Investment Advisor

This report was scheduled to provide an overview of the financial markets, the overall performance of the Fund's investments against the Investment Strategy Statement, and commentary on any issues related to specific investment portfolios. The report included the quarterly investment performance monitoring report from Brunel.

Corporate Governance and Socially Responsible Investment

This item was scheduled to provide an opportunity to raise any issues concerning Corporate Governance and Socially Responsible Investment that needed to be brought to the committee's attention. The committee was recommended to note the contents of the report.

Report of the Local Pension Board

This report was scheduled to set out the items the Local Pension Board wished to draw to the attention of the committee following their last meeting. The committee was recommended to note the comments of the Board as set out in the report.

Presentation from LGPS Central

LGPS Central was scheduled to provide the committee with a verbal update and presentation on the transition of assets.

Investment and Funding Update

This report was to provide the committee with an update on and seek approval for the 2025 valuation and certification of employer results, Strategic Asset Allocation, Investment Strategy Statement, and Funding Strategy Statement and supporting policies. The committee was recommended to note the progress on finalising the 2025 valuation, review consultation responses and note employer comments, approve the final Funding Strategy Statement, note the Strategic Asset Allocation Review report and instruct officers on its use, approve the Investment Strategy Statement for consultation, approve the Local Investment Policy for consultation, and approve the Cash Management Policy for consultation.

Workforce Strategy

This report was scheduled to provide the committee with an update on progress made on the workforce planning project. Aon was also scheduled to present their report, which was an annex to this report. The committee was recommended to note the update, note the benchmarking report and salary survey and instruct officers to use this data in discussions with Oxfordshire County Council as part of the organisational redesign, and approve the approach to addressing loss of experienced staff and challenges due to increased requirements from the Government on LGPS Funds.

The agenda also included items for Apologies for Absence and Temporary Appointments, Declarations of Interest, and Petitions and Public Address. Items 14, 15, and 16 were designated as exempt items, with the recommendation that the public be excluded from these discussions due to the likely disclosure of exempt information.