The Pension Fund Investment Sub-Committee of Warwickshire Council was scheduled to discuss a range of governance and investment-related matters. Key topics included a review of the Pension Fund Governance Report, an update on the 2025 Valuation, and the Investment Strategy Statement. The committee was also set to consider reports on general activity, cashflow management, and updates from Border to Coast Pensions Partnership and LGPS pooling developments.

Pension Fund Governance Report

The committee was scheduled to review the Pension Fund Governance Report, which provides an overview of key governance issues affecting the Warwickshire Pension Fund. This included an updated Forward Plan, which has been revised to show a four-year outlook, incorporating strategic developments and longer-term issues such as the Pensions Bill and local government reorganisation. New sections have been added to the Forward Plan to highlight Strategic Environment, Special Projects, and Contract Letting activities.

The report also detailed the current Risk Register, which is reviewed quarterly by Fund officers. While risk scores remained unchanged following the most recent review, new risk drivers and management actions were added. These included potential challenges from employers regarding the Funding Strategy Statement, the risk of being unable to meet demand for administration tasks due to software developments or short delivery timescales, and growing concerns about a Tech or AI asset bubble alongside geopolitical uncertainty. A new entry for Artificial Intelligence (AI) as a separate risk was also planned, with its risk score being assessed.

Two key policies were presented for approval: the updated Responsible Investment Policy and the Voting Policy. The Responsible Investment Policy outlines the Fund's approach to integrating Environmental, Social, and Governance (ESG) factors into investment decisions to manage risks and generate suitable returns. The updated policy includes thematic sub-sections for human rights and nature, and clarifies the stance on engagement and divestment. The Voting Policy details the Fund's approach to investor stewardship and corporate sustainability issues, with amendments including the approach to voting on nature priority companies.

The report also summarised training sessions held in 2025/26 and committee attendance, highlighting that training is a key mitigating action against the risk of governance failure.

Valuation 2025

A significant portion of the meeting was dedicated to the Valuation 2025, with detailed reports scheduled for discussion. While the specific content of these reports is not publicly available, valuations are a critical process for pension funds, determining the financial health of the scheme and informing future contribution rates.

Investment Strategy Statement (ISS)

The Investment Strategy Statement (ISS) was also scheduled for discussion. The ISS outlines the long-term investment objectives, risk appetite, and asset allocation strategy for the Pension Fund. It guides how the fund's assets are invested to meet its liabilities and ensure the sustainability of pension benefits.

General Activity Update Q4 2025

An update on the general activity of the Pension Fund for the fourth quarter of 2025 was to be presented. This typically includes performance reviews, operational updates, and any significant developments during the period.

Cashflow Management

The committee was scheduled to review cashflow management, which involves monitoring the inflow and outflow of funds within the pension scheme. Effective cashflow management is essential for ensuring that the fund has sufficient liquidity to meet its payment obligations to pensioners and for making timely investments.

Border to Coast - Strategy, Partnership, and Fit for the Future

Discussions were planned regarding the strategy, partnership, and future direction of Border to Coast Pensions Partnership. As Warwickshire Pension Fund is part of this pooled investment vehicle, updates on its strategic direction and operational developments are crucial for ensuring alignment and effective collaboration.

LGPS Pooling - Implementation of Pooling Developments

The meeting was also to cover the implementation of developments related to Local Government Pension Scheme (LGPS) pooling. This agenda item would likely address the ongoing integration and evolution of pooled investment arrangements for LGPS funds across the country.

Quarterly Investment Management Report

A quarterly investment management report was to be presented, providing an overview of the performance of the fund's investments over the preceding quarter. This report would typically detail asset allocation, investment returns, and any significant market movements or investment decisions made.

Review of the Minutes of the Warwickshire Local Pension Board Meeting of 21 October 2025

The committee was scheduled to review the minutes of the Warwickshire Local Pension Board meeting held on 21 October 2025. The Local Pension Board acts as a scrutiny body for the Pension Fund, and its minutes provide insight into their discussions and recommendations. The report recommended that the Pension Fund Investment Sub-Committee note these minutes.

Minutes of Previous Meetings

The minutes of the previous meetings held on 8 December 2025 and 10 February 2026 were to be confirmed.

The agenda also indicated that certain items would be considered in private session due to the potential disclosure of exempt or confidential information, as defined by the Local Government Act 1972. These items included the Valuation 2025, Investment Strategy Statement, General Activity Update Q4 2025, Cashflow Management, Border to Coast - Strategy, Partnership, and Fit for the Future, LGPS Pooling - Implementation of Pooling Developments, and the Quarterly Investment Management Report. Exempt minutes from previous meetings were also scheduled for review.