The Gloucestershire Pension Board's meeting on 28 April 2026 was scheduled to cover a comprehensive update on the Fund's governance, operations, funding, and investments. Key discussions were expected to include the transition to LGPS Central, the outcomes of the 2025 triennial valuation, and the proposed business plan and budget for 2026/27.

Gloucestershire Pension Fund Update – Governance & Operations

The meeting was scheduled to receive an update on the governance and operational matters of the Gloucestershire Pension Fund. This included noting the draft minutes of the Pension Committee meeting held on 26 February 2026 and proposed amendments to the Pensions Committee's Terms of Reference. These amendments were intended to align the Committee's responsibilities with government-led changes to LGPS investment pooling and the Fund's transition from the Brunel Pension Partnership to LGPS Central.

The Board was also set to review the Risk Register, noting any amendments and current risks that were above their target levels. This included specific risks related to the pooling transition and its associated costs. Updates on consultations regarding LGPS scheme improvements, including changes to the Normal Minimum Pension Age and access for councillors and mayors, were also scheduled. A technical consultation on the LGPS: Fit for Future reforms, covering pooling, management, and investment of funds, as well as governance, was also to be discussed. An update on the Pension Schemes Bill was also on the agenda.

Operational matters included a review of the Fund's Key Performance Indicators (KPIs), with a report indicating that the Fund had remained above the 90% threshold for all KPIs on a rolling 12-month basis. The 2025/26 budget and business plan outturn was also to be presented, highlighting a projected overspend in investment management expenses due to the LGPS pooling reforms, particularly the costs associated with winding down the Brunel Pension Partnership and the transition to LGPS Central.

Gloucestershire Pension Fund Update – Funding & Investments

This agenda item was scheduled to provide the Board with an update on the Fund's funding position and investment performance as at 31 December 2025. Due to the ongoing 2025 triennial valuation process, the usual quarterly funding update was not available, but assurances were to be given that no major events had materially affected the Fund since the previous meeting.

Investment performance for the quarter ending 31 December 2025 was to be presented, showing an increase in the Fund's total market value. The report was expected to detail the Fund's performance against its strategic benchmark over the previous 12 months and the 3 years to 31 December 2025. Investment activities during the quarter, including calls into private market asset classes, were also to be discussed. The current Strategic Asset Allocation (SAA) was to be presented, noting that overall strategic allocations remained outside target allocations, primarily due to strong equity market performance. Rebalancing strategies were to be discussed in light of transition costs and the developing clarity around the asset transition to LGPS Central.

Responsible Investment updates were also scheduled, including the LAPFF Quarterly Engagement Report and the Fund's signatory status to the Net Zero Asset Managers (NZAM) Initiative. A case study on supporting the relaunch of the NZAM initiative was to be presented, outlining the benefits of this engagement. The review of the Fund's Investment Strategy Statement (ISS) and Responsible Investment Policy was also to be discussed, in anticipation of new regulatory requirements. The report was to detail the timeline of key activities for this review, including stakeholder consultation and the presentation of draft policies. An update on the Stewardship Code was also planned, outlining the changes in the 2026 UK Stewardship Code and the Fund's renewal submission for the period 1 January – 31 December 2025.

Gloucestershire Pension Fund Business Plan 2026/27

The Board was scheduled to receive and note the approved Business Plan and operational budget for 2026/27. The plan outlines the Fund's objectives, key areas of activity, and budget for the upcoming financial year. It is structured around the Fund's strategic goals in Investment, Funding, Administration, and Governance. Key challenges and influences for 2026/27 were identified as pooling reforms, the economic environment, regulatory complexity, the Pensions Dashboard, and technological advancements. Five core projects for 2026/27 were to be highlighted: Asset Pool Transition, Fit for the Future Reforms, Benefits Regulatory Reforms, Cyber Security/Business Continuity, and the i-Connect Employer Portal Roll-out. The proposed budget includes an increase in staff costs to support the expansion of the Pensions Team and ensure compliance with increasing regulatory obligations.

2025 Triennial Valuation

The Board was to be presented with the final report on the actuarial valuation of the Gloucestershire Pension Fund as at 31 March 2025. This valuation sets employer contribution rates for the period 1 April 2026 to 31 March 2029 and provides an updated whole Fund funding position. Headline results were expected to show an improved funding level and a decrease in primary contribution rates. The report was also to include the approved Funding Strategy Statement, Cessation Policy, Contributions Rate Review Policy, and Prepayment of Contributions Policy.

Cashflow Monitoring

This agenda item was scheduled to present updated cashflow projections prepared by the Fund Actuary, Hymans Robertson LLP. The report was expected to summarise key findings, risks, and recommended next steps for cashflow management following the 2025 valuation. The projections indicated that the Fund is likely to become cashflow negative from 2026/27, earlier than previously anticipated, due to reduced contribution rates and rising benefit payments. The analysis considered different inflation scenarios and highlighted the sensitivity of the cashflow position to these factors. The implications for the Fund's Funding Strategy, Investment Strategy, and Operational Cash Management were to be discussed. The Board was asked to note the findings, the ongoing monitoring by officers and advisers, and that officers would reflect the emerging cashflow-negative position within ongoing investment strategy and liquidity planning.