The Local Pension Board of Oxfordshire Council met on Friday 24 April 2026 to discuss the annual business plan for 2026/27, including the budget and training plan, and to review the fund's risk register. The Board was also scheduled to consider updates on governance and communications, the review of its own constitution, and the administration report.

Annual Business Plan 2026/27

The Board was scheduled to review the Annual Business Plan for 2025/26 and the proposed plan for 2026/27, as considered by the Pension Fund Committee on 6 March 2026. This included a review of the budget and training plan, as well as updates on the Fit for the Future initiative and Local Government Reorganisation. Mark Smith, Head of Pensions, was due to present this report, and the Board was invited to offer any comments to the Pension Fund Committee. The proposed budget for 2026/27 was £31.193 million, representing a 16.6% increase, largely due to investment management expenses and staffing costs. The plan outlined four overarching priorities: improving governance, enhancing operational effectiveness, developing investment and funding capabilities, and delivering technology-driven service improvements. The training plan for 2026/27 was also detailed, reflecting feedback from committee and board members, and included various training sessions and online learning opportunities.

Risk Register

Mukhtar Master, Governance and Communications Manager, was scheduled to present the latest risk register, which had been considered by the Pension Fund Committee on 6 March 2026. The Board was invited to review this report and provide any further views back to the Committee. The register identified various risks across funding, investment, governance, operational, and regulatory categories. Key risks included underperformance of asset managers, insufficient skills and knowledge among committee members, and the failure of pooled vehicles to meet local objectives. Mitigation actions and target risk ratings were outlined for each identified risk.

Governance and Communications Report

The Board was scheduled to review the Governance and Communications Report, as presented to the Pension Fund Committee on 6 March 2026. This report, presented by Mukhtar Master, Governance and Communications Manager, included a log of all regulatory and data breaches. The report covered the annual review of cyber security, confirming no critical security issues had been identified. It also detailed the fund's progress on General Code of Practice compliance, with a plan to ensure full compliance by the end of March 2026. An update on Pension Fund Committee training was also included, noting that two members still needed to complete their mandatory training. The report also detailed regulatory breaches for the period October to December 2025, including contribution and data breaches, and provided a communications update on activities such as website review, member portal development, and employer forums.

Review of the Local Pension Board Constitution

Mukhtar Master, Governance and Communications Manager, was scheduled to present a report on the review of the Local Pension Board constitution. The Board was invited to review and approve proposed changes to its constitution, which sets out the terms of reference for the Board as defined under Section 4 of the Public Service Pensions Act 2013. The existing constitution, adopted in March 2015, had undergone minor amendments following a recommendation from internal audit in 2025. The proposed changes included the removal of the requirement to review the document every two years and the removal of the published date. The Local Pension Board was recommended to approve the revised constitution.

Administration Report

Vicki Green, Pension Services Manager, was scheduled to present the latest Administration Report, as presented to the Pension Fund Committee on 6 March 2026. This report included an update on staffing, performance statistics for the service, and details on debt recovery and write-offs. The report highlighted benefit administration statistics, showing an increase in completed cases attributed to agency staff, although a backlog of carried-forward cases remained a challenge. Telephone statistics and information on member self-service portal sign-ups were also provided. The report detailed financial implications, including outstanding invoices and employer contribution monitoring, and outlined the number of complaints received. Updates on the Pension Dashboard project, data quality, and the McCloud Project were also included, along with information on the Age Discrimination Remedy and On-call Second Options Exercise for the Fire Service.

Investment Strategy Statement Consultation

Greg Ley, Financial Manager – Pension Fund Investment, was scheduled to provide a verbal update on the Investment Strategy Statement (ISS) consultation.

Corporate Governance and Socially Responsible Investment

Josh Brewer, Responsible Investment Manager, was scheduled to present a report providing the Board with the results of a member survey on responsible investment, with a focus on Defence & Aerospace and local investment. The survey indicated a balanced view among members on these issues, aligning with the fund's current approach, with a strong emphasis on transparent decision-making. The report also noted that Brunel, on behalf of Oxfordshire, voted in support of two resolutions at the Microsoft AGM concerning human rights risks in conflict-affected areas.

Items to Include in Report to the Pension Fund Committee

The Board was invited to confirm the issues they wished to include in their latest report to the Pension Fund Committee.

Items to be Included in the Agenda for the next Board Meeting

Members were invited to identify any issues they wished to add to the agenda for the next Board meeting.

Exempt Items

The Board was recommended to exclude the public for the duration of items 16, 17, and 18, as these were likely to involve the disclosure of exempt information. These items included updates on Workforce Planning, 2025 Valuation Results, and Taxation Update/Tax Implications.