Agenda

Members of the public who wish to speak at this meeting can attend the meeting in person or ‘virtually’ through an online connection. To facilitate ‘hybrid’ meetings we ask that requests to speak are submitted by no later than 9.00 a.m. three working days before the meeting: 9.00 a.m. on Tuesday 9 December 2025.

Requests to speak should be sent to Committeesdemocraticservices@Oxfordshire.gov.uk If you are speaking ‘virtually’, you may submit a written statement of your presentation to ensure that if the technology fails, then your views can still be taken into account. A written copy of your statement can be provided no later than 9.00 a.m. 2 working days before the meeting: 9.00 a.m. 10 December 2025. Written submissions should be no longer than 1 A4 sheet.

To approve the minutes of the meeting held on 06 June 2025 and 05 September 2025 and to receive information arising from them.

10.05am

A copy of the unconfirmed minutes of the Local Pension Board, which met on 17 October 2025 is attached for information only.

10:10

The report sets out the items the Local Pension Board wishes to draw to the attention of this Committee following their last meeting on 17 October 2025.

The Committee is RECOMMENDED to note the comments of the Board as set out below.

10.15am

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.

10.25am

This report will present the latest position on the Fund’s risk register, including any new risks identified since the report to the last meeting. 

The Pension Fund Committee is RECOMMENDED to note the latest risk register and accept that the risk register covers all key risks to the achievement of their statutory responsibilities, and that the mitigation plans, where required, are appropriate.

10.35am

This report covers the key governance and communication issues for the Fund, including a report on any breaches of regulation in the last quarter.

The Pension Fund Committee is RECOMMENDED to

a)    Agree the renewed terms of office for two Member Representatives and Independent Chair of the Local Pension Board.

b)    Note the Fund’s update on General Code of Practice Compliance 2025/26.

c)    Note the Pension Fund Committee training update. 

d)    Note the latest quarter’s breaches for the fund.

e)    Note the communications update.

10.45am

This report updates the Committee on the key administration issues including service performance measurement, the debt recovery process and any write offs agreed in the last quarter. 

The Committee is RECOMMENDED to acknowledge the challenges encountered by the administration team due to increased workload and persistent resource constraints and the actions being taken to address these.

11.00am

This report will cover an overview of the financial markets, the overall performance of the Fund’s investments against the Investment Strategy Statement and commentary on any issues related to the specific investment portfolios.  The report includes the quarterly investment performance monitoring report from Brunel.

The Committee is asked to note the report.

Report to follow.

11.30am

This item provides the opportunity to raise any issues concerning Corporate Governance and Responsible Investment which need to be brought to the attention of the Committee.

The Committee is RECOMMENDED to note the contents of the report.

11.40am

This report updates committee on the Funding Strategy and Investment Strategy statements

The Committee is RECOMMENDED to note the progress with the reviews of the Funding Strategy Statement and Investment Strategy Statement.

FOLLOWING THIS ITEM, THE COMMITTEE WILL BREAK FOR 10 MINUTES

The Committee is RECOMMENDED that the public be excluded for the duration of items 15, 16 and 17 in the Agenda since it is likely that if they were present during those items there would be disclosure of exempt information as defined in Part I of Schedule 12A to the Local Government Act 1972 (as amended) and specified in relation to the respective items in the Agenda and since it is considered that, in all the circumstances of each case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

THE REPORTS RELATING TO THE EXEMPT ITEMS HAVE NOT BEEN MADE PUBLIC AND SHOULD BE REGARDED AS STRICTLY PRIVATE TO MEMBERS AND OFFICERS ENTITLED TO RECEIVE THEM.

12.00pm

This report provides Committee with an update on the progress of the 2025 valuation.

The Committee is RECOMMENDED to note the progress on the 2025 valuation.

12.10PM

This report updates the Committee on the Transitional Housing Fund recommendation.

The Committee is RECOMMENDED to agree the recommendations as outlined in the report.

12.20pm

This report provides Committee an update on progress made on pooling reform ahead of the Government deadline on 31 March 2026.

The Committee is RECOMMENDED to:

i)      Note the update on pooling reform and progress made; and

ii)     Delegate authority to the Deputy Chief Executive and Executive Director of Resources (Section 151 Officer) to:  

(a)  Approve and authorise the entering into of the Shareholder Agreement to join LGPS Central; and

(b)  Approve and authorise the entering into of any fiduciary management agreements, investment agreements, Inter Authority Agreements, subscription agreements, cost sharing agreements and any other legal documents required to become a shareholder, client and receive services from LGPS Central; and

(c)  To make any necessary appointments required such as Shareholder Representative to LGPS Central; and

(d)  To sign, or authorise the sealing of, any other agreements as required to support the transition of pooled and non-pooled assets to LGPS Central; and

(e)    Approve and authorise the entering into of any legal documents required to enable the wind up and eventual closure of the Brunel Pensions Partnership.