Agenda

The Committee is RECOMMENDED to:

a.    To nominate LGPS Central Oversight Board representative

Members of the public who wish to speak on an item on the agenda at this meeting, or present a petition, can attend the meeting in person or ‘virtually’ through an online connection.

Requests to present a petition must be submitted no later than 9am ten working days before the meeting.

Requests to speak must be submitted no later than 9am three working days before the meeting.

Requests should be submitted 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 9am on the day of the meeting. Written submissions should be no longer than 1 A4 sheet.

To approve the minutes of the meeting held on 5 June 2026 (PF5) and to receive information arising from them.

A copy of the unconfirmed Minutes of the Local Pension Board, which met on 3 July 2026  is attached for information only.

The report sets out the items the Local Pension Board wishes to draw to the attention of this Committee following their last meeting on 3 July 2026.

The Committee is RECOMMENDED to:

a.    To note the comments of the Board.

This report will review progress against the key priorities set out in the Annual Business Plan for 2026/7. It also presents the Local Pension Board Report for 2025/26.

The Committee is RECOMMENDED to:

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

ii)    Note the Annual Report of Local Pension Board and training log for 2025-26; and

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

The report sets out the proposed changes to be made to the constitution to implement the Fit for The Future reforms introduced on 30 June 2026.

The Committee is RECOMMENDED to:

a.    To note the report and recommend to Council, via the Audit and Governance Committee, to make the appropriate changes to the Constitution to formalise the new governance arrangements.

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 Committee is RECOMMENDED to:

a.    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.

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 Committee is RECOMMENDED to:

a)    Note Hyman’s Oversight & Challenge report for the General Code of Practise Review for 2025/26.

b)    Note the Fund’s update on General Code of Practice Compliance 2026/27.

c)    Note the Pension Fund Committee training update.

d)    Note the regulatory breaches for the period April to June 2026.

e)    Note the communications update.

This report will present the following reviewed policies for Committee approval: Communications Policy and Regulatory Breaches Policy.

The Committee is RECOMMENDED to:

a)    Approve the revised Communications Policy.

b)    Approve the revised the Regulatory Breaches Policy. 

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 note the report.

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 Committee is RECOMMENDED to:

a.    Note the report.

This report presents the draft Annual Report and Accounts for the Pension Fund, including the latest TCFD report, and progress against the targets set in the Fund’s Climate Change Policy.

The Committee is RECOMMENDED to:

a.    Note the report.

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:

a)    Sign off the Fund’s 2026 Taskforce on Climate-related Financial Disclosure Report.

b)    Note the contents of the report.

This report covers updates on fund cashflow monitoring, pool transition costs and local investments.

The Committee is RECOMMENDED to:

a.    Note the contents of the report.

This report presents the Investment Strategy Statement to committee for approval.

The Committee is recommended to:

a.       Approve the Investment Strategy Statement.

b.       Approve the Local Investment Policy.

c.       Approve the Cash Management Policy.

The Committee is RECOMMENDED that the public be excluded for the duration of items 22,23,24,25 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.

NOTE: In the case of items N/A there are no reports circulated with the Agenda. Any exempt information will be reported orally.

An LGPS Central representative will present a transition progress report to the Committee.

The Committee is RECOMMENDED  to:

a.    Note the report.

This report covers key updates on Local Government Reform and the implications for the Fund.

The Committee is RECOMMENDED to:

i)      Review the independent options analysis prepared by Barnett Waddingham and note the details contained within report in annex 1; and

ii)    Note that the two options identified for further consideration are: designation of one of the new unitary councils as the administering authority; and creation of a new Single Purpose Pensions Authority.

iii)  Agree that Fund officers should continue to develop further analysis of these two options, including governance, legal, financial, operational and service continuity implications.

iv)  Agree that Fund officers should continue engagement with stakeholders and MHCLG ahead of any formal proposal to Government which would be in support of the best outcome for scheme members and employers.

This report sets our progress on the workforce strategy including the phase 2 independent structure and capacity review conducted by Aon.

The Committee is RECOMMENDED to:

a.    Note the progress on the workforce strategy.

This report will provide details on local investment opportunities that are currently in the due diligence stage ahead of potential investments by the Fund.

The Committee is RECOMMENDED to:

a)    Note the contents of the report