The Warwickshire Local Pension Board was scheduled to discuss a range of important operational and strategic matters concerning the Warwickshire Pension Fund. Key topics included updates on pension administration activity and performance, the fund's investment performance, progress on the current and future business plans, and an update on the LGPS Governance Action Plan. The board was also set to review governance, regulatory, and policy updates.

Pension Administration Activity and Performance Update

The board was scheduled to receive an update on the performance of the Pensions Administration Service (PAS). This included information on the take-up of the online portal, with figures showing the number of active, deferred, pensioner, and dependent members who had registered. The report was expected to detail Key Performance Indicators (KPIs), with 13 out of 16 KPIs reportedly meeting their targets. Specific attention was to be given to KPIs that were below target, such as B4 (communication issued to active members with pension and lump sum options) and B15 (member estimates requested by scheme member and employer). Workloads were also to be reviewed, with an increase in cases created and completed compared to the previous year, driven by the Engage system and increased member interaction. The report was also to outline any breaches recorded by the Fund and employers, including details of any red breaches reported to the Pensions Regulator. Compliments and complaints were to be noted, with two stage 1 outstanding Internal Dispute Resolution Procedure (IDRP) cases and one stage 2 case, alongside an open investigation with the Pension Ombudsman. The implementation of the pension increase for deferred and pensioner members was also on the agenda, with a 3.8% increase to take effect from 6 April 2026. Finally, the report was to cover the progress on Pensions Dashboards, including the connection to the national programme and the procurement of a data cleansing tool. A benchmarking exercise with the Chartered Institute of Public Sector Financial Accountants (CIPFA) was also to be presented, showing Warwickshire's performance against benchmarks in areas such as administration cost per member and engagement with member portals. Updates on regulatory changes, including those expected from the Access and Fairness consultation, were also scheduled.

Investment Update

The board was set to receive an update on the Warwickshire Pension Fund's investment activities for the fourth quarter of 2025. This included a portfolio summary showing a value of £3.39bn, an increase of 1.9% from the previous quarter. The asset allocation was to be detailed, with variances from the target allocation noted. The report was to cover capital calls and distributions, with a focus on the Fund's increasing use of private market investments. Cashflow forecasts for the next three years were to be presented, highlighting a potential for cashflow to turn negative in the next quarter, which was described as a normal feature of a pension fund. The Fund's voting activity was to be summarised, with a request for a more detailed analysis of the breakdown of votes. The report was also to mention that the Fund was close to being fully pooled, with assets managed through Border to Coast or commissioned managers. The revised responsible investment policy was to be considered by the Pension Fund Investment Sub Committee in March. The report was to address factors that could impact employer contribution rates and the Fund's mitigations for managing cashflow. The government's fit for the future consultation and its implications for investment pools were also to be discussed.

Business Plan Update 2025/26

This item was scheduled to provide an update on the progress made towards the Warwickshire Pension Fund's Business Plan objectives for 2025/26. The report was to summarise the RAG (Red, Amber, Green) ratings for the various activities within the plan, with 13 items completed, 17 rated green, 4 amber, and 6 not started. A change in rating from green to amber was noted for the development and publication of a medium-term financial plan. Items relating to the 2025 valuation were marked as complete. The work with Border to Coast to meet local UK investment requirements was to remain at amber, pending the finalisation of a local investing approach. The Investment Strategy Statement, aligned with the 2025 Valuation, was to be discussed, with further requirements anticipated from the Pension Schemes Bill.

Business Plan 2026/27

The board was to be presented with the Warwickshire Pension Fund's Business Plan for 2026/27. This plan is designed to guide and direct the Fund, providing clarity on goals and objectives and establishing key initiatives for the next three financial years. The plan is intended to support longer-term strategic planning and better anticipate future challenges and opportunities. A medium-term financial plan is to be added to the Business Plan during the year. New additions to this year's plan include a long-term map of policy reviews, major projects, contracts, and wider strategic developments, as well as new performance measures for governance.

LGPS Governance Action Plan Update

This report was to provide an update on the delivery of actions identified in the review of the Fund's governance arrangements, conducted by AON, and additional activities related to the pending Pension Schemes Bill. The plan originally identified 93 actions, with a further 18 added due to the requirements of the Pension Schemes Bill. The report was to summarise the RAG status of these actions, indicating progress in closing or completing items and a reduction in the number of amber-rated actions. Specific actions to address key amber items were to be discussed, including the approval of Terms of Reference for a single LGPS pension fund committee, the review of AVC policy, and the creation of a Senior LGPS Officer position. The new actions related to the Pension Schemes Bill were to be detailed, covering fund governance and LGPS pooling and investment management. The report was to acknowledge potential duplication between new and existing actions and outline plans to simplify and consolidate the plan.

Governance, Regulatory and Policy Update

This item was scheduled to summarise the main governance issues affecting the Warwickshire Pension Fund, including the forward plan, risk monitoring, updated policies, training, and regulatory updates. The updated Forward Plan was to be presented, separated into policy review schedules and strategic environment, special projects, and contract letting. The report was to provide an update on the risks named in the Risk Register and the management actions necessary to address them, with residual risk scores presented. New risk drivers, such as employer risk data and the inability to meet demand for administration activity, were to be discussed. A new entry for Artificial Intelligence (AI) as a standalone risk was to be added to the Risk Register. Two policies, the Responsible Investment (RI) Policy and the Voting Policy, were to be discussed, having been reviewed and approved by the Pension Fund Investment Sub Committee. Updates on regulatory changes were to be provided, including the MHCLG response to the Access and Fairness consultation and the LGPS access for elected members consultation. Information on the LGPS Governance Conference 2027 and the Scheme Advisory Board's annual review for 2025/26 was also to be shared. The confirmation of the annual revaluation and pensions increase of 3.8% was to be noted. Finally, the training plan for members of the Local Pension Board was to be outlined, supporting the requirement for members' knowledge and skills standards to be maintained.