The Local Pension Board of Oxfordshire Council met on Friday 24 April 2026 to discuss the annual business plan for 2026/27, review the fund's risk register, and consider proposed changes to the Board's constitution. The meeting also included updates on administration performance, governance, and socially responsible investment.

Annual Business Plan 2026/27

The Board was scheduled to review the Annual Business Plan for 2026/27, which includes the budget and training plan, as well as updates on the Fit for the Future initiative and Local Government Reorganisation. This plan had previously been considered by the Pension Fund Committee. Mark Smith, Head of Pensions, was expected to present the report, and the Board was invited to offer any comments to the Committee.

Risk Register

Mukhtar Master, Governance and Communications Manager, was due to present the latest risk register, which had also been reviewed by the Pension Fund Committee. The Board was invited to review this report and provide any further views back to the Committee. The risk register details current risk scores, target risk levels, and mitigation action plans.

Governance and Communications Report

The Board was scheduled to review the Governance and Communications Report, which had been presented to the Pension Fund Committee. This report includes a log of all regulatory and data breaches. Mukhtar Master was expected to provide the update.

Review of the Local Pension Board Constitution

A key item on the agenda was the review and potential approval of changes to the Local Pension Board's constitution. Mukhtar Master was to present the report, and the Board was recommended to approve the revised constitution. The existing constitution, adopted in March 2015, had undergone minor amendments following an internal audit recommendation.

Administration Report

Vicki Green, Pension Services Manager, was scheduled to present the latest Administration Report. This report was expected to cover performance statistics for the administration service, updates on staffing, and details of any debt recovery or write-offs from the last quarter.

Investment Strategy Statement Consultation

Greg Ley, Financial Manager – Pension Fund Investment, was due to provide a verbal update on the consultation regarding the Investment Strategy Statement.

Corporate Governance and Socially Responsible Investment

Josh Brewer, Responsible Investment Manager, was to present a report to the Board detailing the results of a member survey on investment priorities, including attitudes towards socially responsible investment, defence and aerospace investments, and local investment.

Items for 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 for the Next Board Meeting Agenda

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

Exempt Items

The agenda indicated that several items were to be discussed in private session due to the likely disclosure of exempt information. These included updates on Workforce Planning, 2025 Valuation Results, and a Taxation Update. The reports for these items were not made public.

• Workforce Planning update (Exempt) - Mark Smith, Head of Pensions, was to provide an update on the workforce planning project.
• 2025 Valuation Results (Exempt) - Mark Smith, Head of Pensions, was to provide an update on the progress of the 2025 valuation.
• Taxation Update Tax Implications Report (Exempt) - This report was to address the Fund's tax position as part of the transition from Brunel Pensions Partnership to LGPS Central. The Board was recommended to note the update.