Agenda item

A report of the Corporate Director of Finance was presented to provide Members with updated versions of a number of governance policies for comment / noting, as appropriate.

Most of the Pension Fund’s governance policies were required to be formally updated every three years. At the last review, in December 2024, an overarching review of Local Government Pension Scheme (LGPS) governance had been expected for over a year, as a follow-on from work carried out on behalf of the Scheme Advisory Board. This review is in the process of being consulted upon with governance issues at a fund and pool level as a key element of the Government’s LGPS (England and Wales) ‘Fit for the Future’ reforms.

The latest consultation legislating to introduce amended governance arrangements was expected to mean further guidance on LGPS governance would be published in early 2026.

The Fund had a different pensions administrator since June 2025 and the policies needed to be updated to reflect this and align the Pensions Administration Strategy to their approach. Consequently, this was a ‘light touch’ review of the Fund’s governance policies, as further changes were likely to be required for some of them during 2026.

The following documents had been reviewed and updated (where necessary) based on the existing regulations and guidance:

• Governance Policy & Compliance Statement

• Training Policy

• Conflict of Interest Policy

• Risk Management Policy

• Procedures for Reporting Breaches of Law

• Communication Policy

• Pension Administration Strategy and Charging Policy

• Fund Officers’ Scheme of Delegation

A Member queried what effect the Pension Schemes Bill would have on Pension Funds in the future. 

The Head of Pensions Governance and Investment advised that two important aspects of the Bill included an asset pooling mandate and local investment focus. Reforms also emphasised improved knowledge and understanding for Board and Committee members so there would be more training and members would be expected to demonstrate their knowledge and commitment to pensions.

It was suggested by a Member that in future reports, any changes in policy are highlighted via tracked changes.

ORDERED that the information provided was received and noted.