Issue - meetings

Report by: Mark Smith, Head of Pensions

The Board are invited to review the position against the Annual Business Plan for 2025/26 as considered by the Pension Fund Committee at their meeting on 6 June 2025 and to offer any comments to the Committee. 

Mark Smith, Head of Pensions presented the report which reviewed the position against the Annual Business Plan for 2025/26 as considered by the Pension Fund Committee at their meeting on 6 June 2025 and invited comments from the Board.

He outlined the key objectives for the Oxfordshire Pension Fund which remained consistent with those agreed for previous years, with one slight update to reflect the Fund’s improved funding position.  He also provided further context to the latest position on each area of delivery and any outstanding actions required.

Following a question from the Board regarding the terminology of ‘Plain English’ for the outstanding action on ‘Implement McCloud (data and IT requirements) and issuing all Annual Business Statements containing McCloud information with Plain English explanation by 31 August 2025, explanations were provided by both Anna Lloyd, Governance and Communications Officer and Vicki Green, Pension Fund Administration Manager, and Janet Wheeler volunteered to check any documents prior to submission to ensure that they would be easily understood by users.

The Board noted the report.

10.30

This report will review progress against the key priorities set out in the Annual Business Plan for 2025/6.

The Committee is RECOMMENDED to:

i)      Review the progress against each of the key service priorities as set out in the report; and

ii)       Agree any further actions to be taken to address those areas not currently on target to deliver the required objectives.

Mark Smith, Head of Pension Fund presented the report of the Executive Director of Resources and Section 151 Officer which reviewed progress against the key priorities set out in the Annual Business Plan for the Pension Fund for 2025/26.  He advised that the key objectives for the Oxfordshire Pension Fund as set out in the Business Plan for 2025/26 remained consistent with those agreed for previous years, with one slight update to reflect the Fund’s improved funding position.

In response to a query raised by the Committee regarding the minimum amount of employee contributions paid to the Fund, Mark Smith advised that there is no minimum amount payable and is calculated by the Actuary over three years and is also dependent on the age profile and demographics of their workforce.

In response to a question regarding the terminology of ‘written in plain English’ within the information provided through McCloud, Mark Smith advised that he would recheck this terminology and respond at a later date to the Committee.

The Committee RESOLVED to:

i)                Review the progress against each of the key service priorities as set out in the report; and

ii)              Agree any further actions to be taken to address those areas not currently on target to deliver the required objectives.