The Warwickshire Local Pension Board met on Tuesday 28 April 2026 to discuss a range of topics concerning the administration and investment of the Warwickshire Pension Fund. Key areas of focus included updates on pension administration activity and performance, investment performance, the fund's business plans for the upcoming years, and the ongoing LGPS Governance Action Plan.

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 online portal membership, with figures showing the number of active, deferred, and pensioner members who had registered for the Engage platform. The report detailed Key Performance Indicators (KPIs) for the period of April 2025 to February 2026, noting that 13 out of 16 KPIs were meeting their targets, an improvement from the previous year. 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 B9 (communication issued to scheme members with completion of transfer in), with explanations for the performance and planned actions for improvement.

The report also covered workloads, noting an increase in cases created and completed compared to the previous year, driven by the Engage system and increased member interaction. Details on incoming calls and emails were to be presented to provide further insight into team workflow. Breaches of the fund's policy were to be discussed, with a distinction made between breaches caused by the Fund and those by employers. There were no red breaches recorded for employers, but one amber breach was noted. For internal breaches, a red breach was reported in January relating to overpayments of pensions, which had been reported to the Pensions Regulator. The report also highlighted the number of compliments received and outstanding Internal Dispute Resolution Procedure (IDRP) cases.

Updates were scheduled on the implementation of the national pension dashboards, with a focus on process, policy, and data quality. The procurement of a data cleansing tool had been completed to ensure accurate member information. Finally, benchmarking results from the Chartered Institute of Public Sector Financial Accountants (CIPFA) were to be presented, indicating that the Warwickshire Pension Administration Service was performing well and providing value for money.

Investment Update

The Board was set to receive an update on investment-related activities for the quarter ending December 2025. The report was to include a summary of the pension portfolio's value, which had increased to £3.39bn, and its asset allocation compared to the target. A significant focus was on the management of alternative investments, such as Private Equity, Infrastructure, and Private Debt, with details on capital calls and distributions. The report was expected to outline the Fund's cashflow, forecasting potential shortfalls in the coming quarters due to benefit payments exceeding contributions, a normal feature for pension funds.

The update was also to cover the Fund's voting activity, with a request for a more detailed analysis of voting breakdowns. The report was to confirm that the Fund was close to being fully pooled, with assets managed through Border to Coast or commissioned managers. The revised responsible investment policy, aligned with Border to Coast's approach, was to be considered. The report was to address the government's fit for the future consultation and the obligation for funds to find new investment pools, with Border to Coast taking on seven new funds.

The Board was to be informed about commitments to alternatives, with a decision to commit £75m to Private Credit in 2026/27. An update on the transition to the BCPP UK Real Estate (Main) Fund was also scheduled, detailing the exit plans from current indirect property holdings and the commitment to the new fund.

Business Plan Updates

The Board was scheduled to review the Warwickshire Pension Fund's Business Plan for 2025/26, with an update on progress made up to the end of Quarter 4. The plan, which aligns with the Administration Strategy, Investment Strategy, and Funding Strategy, categorises activities as completed, green, amber, or red. The report indicated that 13 items were completed, 17 were green, 4 were amber, and 6 were not started, out of a total of 40 items. Specific amber items included the development of a medium-term financial plan and work with Border to Coast to meet local UK investment requirements. The completion of the 2025 valuation and associated employer contribution rates were noted as completed.

Additionally, the Board was to consider the Business Plan for 2026/27. This plan aims to guide the Fund's operations and establish key initiatives for the next three financial years, with a focus on longer-term strategic planning. New additions to this year's plan included a long-term map of policy reviews and strategic developments, and new performance measures for governance. The development of a medium-term financial plan was also a key objective for the upcoming year.

LGPS Governance Action Plan Update

An update on the delivery of actions identified in the review of the Fund's governance arrangements was to be presented. This included actions from an AON review and additional activities related to the pending Pension Schemes Bill. The report indicated that 93 original actions and a further 18 new actions had been added to the plan, bringing the total to 115. The RAG status summary showed that a significant number of original actions were closed or completed, with fewer remaining amber. Actions to address key amber items included approving Terms of Reference for a single LGPS pension fund committee, reviewing the AVC policy, and creating a Senior LGPS Officer position.

The report also detailed new actions related to the Pension Schemes Bill, focusing on fund governance and pooling. While there was some duplication between new and existing actions, efforts were to be made to simplify and consolidate the plan. The financial implications of the plan were noted, with most work delivered within existing resources, though some external advice on cybersecurity had been commissioned.

Governance, Regulatory and Policy Update

The Board was scheduled to receive an update on key governance issues affecting the Warwickshire Pension Fund, including the forward plan, risk monitoring, updated policies, training, and regulatory updates. The updated Forward Plan, now mirroring the 2026/27 Business Plan, was to be presented, separating policy review schedules from strategic environment, special projects, and contract letting.

The report was to provide an update on the Fund's Risk Register, detailing residual risk scores after mitigation measures. New risk drivers were to be added, including potential long-term challenges from employers to the Funding Strategy Statement and the inability to meet demand for backdated calculations due to recent scheme improvement consultations. A new standalone risk for Artificial Intelligence (AI) was also to be introduced.

Updates on policy reviews were to include the approval of the Responsible Investment (RI) Policy and the Voting Policy, both updated in line with changes made by Border to Coast. The RI Policy now includes new sections on human rights and nature stewardship, while the Voting Policy focuses on voting approaches for nature priority companies.

Regulatory updates were to cover the MHCLG response to the Access and Fairness consultation, detailing changes to death grants, survivor benefits, and Qualifying Additional Pension Arrangements (QAPAs). The MHCLG's response to the Access for elected members consultation, confirming plans to extend LGPS access to councillors, was also to be discussed. Information on the LGPS Governance Conference 2027 and the Scheme Advisory Board's annual review for 2025/26 were also on the agenda. Confirmation of the annual revaluation and pensions increase of 3.8% was to be noted.

Finally, the training plan for Local Pension Board members was to be highlighted, emphasizing the importance of maintaining knowledge and skills in line with CIPFA guidance and the Pensions Schemes Bill.