The Gloucestershire Pension Fund 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 revolve around the ongoing transition to LGPS Central, the implications of government reforms, and the fund's financial performance and risk management.

Gloucestershire Pension Fund Business Update – Governance & Operations

The board 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 the government's LGPS investment pooling reforms and the fund's transition from the Brunel Pension Partnership to LGPS Central.

The report was also set to detail updates on consultations regarding LGPS scheme improvements, including changes to the Normal Minimum Pension Age, access for councillors and mayors, academies, and the Fair Deal policy. A technical consultation on the LGPS Fit for Future reforms, covering pooling, management, and investment of funds, as well as governance, was also scheduled for discussion.

Furthermore, an update on the Pension Schemes Bill was anticipated, outlining its aims to accelerate LGPS asset pooling, enhance governance, and stimulate UK investment. The board was also to review the Risk Register, noting any amendments and risks that remained above their target levels, particularly concerning asset pooling and the transition to LGPS Central. The approved Cash Management Strategy for 2026/27 was to be presented, outlining the framework for managing the fund's cash balances. Finally, an overview of the 2025/26 budget and business plan outturn was scheduled.

Gloucestershire Pension Fund Business Update – Funding & Investments

This agenda item was set to provide the board with an update on the fund's funding position, market value, asset allocation, and investment performance as of 31 December 2025. It was noted that the usual quarterly funding update would not be available due to the ongoing 2025 triennial valuation process. The board was also scheduled to review the fund's 2026 Stewardship Report, demonstrating adherence to the Financial Reporting Council's UK Stewardship Code. Governance activities and recommendations agreed by the Pensions Committee on 26 February 2026 were also to be presented.

The report was expected to detail investment activities during the quarter, including capital calls into private market asset classes such as infrastructure, social and affordable housing, private equity, and private debt. The current Strategic Asset Allocation (SAA) was to be presented, highlighting variations from target allocations, particularly in equities, fixed interest, and alternatives. The board was to be informed about the cautious approach to rebalancing due to transition costs associated with the move to LGPS Central.

Updates on responsible investment activities were also scheduled, including the LAPFF Quarterly Engagement Report and the fund's signatory status to the Net Zero Asset Managers (NZAM) Initiative. The implications of this signatory status, reinforcing expectations for climate-risk management by investment managers and enhancing the fund's position in the investor community, were to be discussed. A case study on supporting the NZAM initiative's relaunch was also planned. The review of the fund's Investment Strategy Statement and Responsible Investment Policy, in anticipation of new regulatory requirements, was to be outlined, including a stakeholder consultation process. Finally, the report was to detail the fund's adherence to the UK Stewardship Code, including changes in the 2026 Code and the fund's renewal submission.

Gloucestershire Pension Fund Business Plan 2026/27

The board was scheduled to review the Gloucestershire Pension Fund's Business Plan for 2026/27. This plan details the fund's objectives, key areas of activity, and operational budget for the upcoming year, aiming to ensure good governance and long-term sustainability. The plan is structured around strategic goals in Investment, Funding, Administration, and Governance. Key challenges and influences for the year 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 presented: Asset Pool Transition (completing the move from Brunel Pension Partnership to LGPS Central), Fit for the Future Reforms (ensuring compliance with pooling and governance changes), Benefits Regulatory Reforms (implementing changes from Access & Fairness and Access & Protection proposals), Cyber Security/Business Continuity (delivering the work plan from the fund's Cyber Security Strategy), and i-Connect Roll-out (onboarding employers onto the i-Connect platform). The proposed budget, which excludes variable portfolio management fees, was to be presented, detailing increases in staff costs to support the expansion of the Pensions Team and the delivery of core projects.

2025 Triennial Valuation

This report was to inform the board of the completion of the statutory triennial actuarial valuation of the Gloucestershire Pension Fund as at 31 March 2025. The valuation sets employer contribution rates for the period 1 April 2026 to 31 March 2029 and provides an updated whole fund funding position. Key results were expected to show an improved funding level from 110% in 2022 to 152% in 2025, with a decrease in primary contribution rates from 21.8% to 17.4% of pay. The report was also to present the Funding Strategy Statement, Cessation Policy, Contributions Rate Review Policy, and Prepayment of Contributions Policy, which had been approved for consultation with employers.

Cashflow Monitoring

The board was scheduled to receive an update on the fund's cashflow projections, prepared by the fund actuary, Hymans Robertson LLP. The report was expected to highlight that the fund is projected to become cashflow negative from 2026/27, earlier than previously anticipated, due to reductions in contribution rates and increasing benefit payments. The projections were noted to be sensitive to inflation, salary growth, and other demographic factors. The report was to outline the implications for the fund's funding and investment strategies, emphasizing the need for integrated cashflow-aware portfolio construction and sufficient liquidity. The next comprehensive cashflow projection exercise was scheduled for no later than the 2028 actuarial valuation.

Exclusion of the Press and Public

Certain agenda items were scheduled to be discussed in private session, with the press and public excluded, due to the likely disclosure of exempt information.

Pension Board Exempt Minutes

The board was to approve the exempt minutes of the previous meeting held on 21 January 2026.

Gloucestershire Pension Fund Business Update (Exempt)

A more detailed, exempt report on the fund's activities was to be presented to the board.

LGPS - Fit for Future - Pension Pooling Update (Exempt)

An update on the progress of implementing the LGPS: Fit for the Future programme, specifically concerning pension pooling, was scheduled for discussion in the exempt session.