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 3 June 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. 03 June 2025. Written submissions should be no longer than 1 A4 sheet.

To approve the minutes of the meetings held on 7 March 2025 and 20 May 2025 and to receive information arising from them.

10:20

A copy of the unconfirmed Minutes of the Local Pension Board, which met on 25 April 2025 is attached for information only.

10:25

The report sets out the items the Local Pension Board wishes to draw to the attention of this Committee following their last meeting on 25 April 2025.

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

10.45

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 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. 

10.55

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:

i)      Note the Fund’s update on the Pension Regulator’s General Code of Practice. 

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

iii)   Note the communications update.

11.05

This report will present the following reviewed policies for Committee approval:

- Communications Policy

- Governance Policy

- Governance Compliance Statement

- Regulatory Breaches Policy

The Committee is RECOMMENDED to:

i)      Approve the revised Communications Policy. 

ii)    Approve the revised Governance Policy.

iii)   Approve the revised Governance Compliance Statement.

iv)   Approve the revised Breaches Policy.

11.10

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 amendments made to the quarterly performance statistics and member self-service statistics to provide comparison against the previous quarters throughout the last year.

11.20

This report will present the following reviewed policies for Committee approval:

- Data Retention Policy and Privacy Notice

11:25

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. 

11:35

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.

11.40

This report will present a review of the Terms of Reference of the Fire Appeals Committee.

The Committee is RECOMMENDED to approve the following:

i)      Firefighters’ Pension Scheme Appeal Committee Terms of Reference.

FOLLOWING THIS ITEM, THE COMMITTEE WILL BREAK FOR 10 MINUTES

The Committee is RECOMMENDED that the public be excluded for the duration of items 18, 19, 20 and 21 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.

11.55

A Brunel representative will present an investment update report to the Committee.

12.10

This report will cover the recently proposed reforms to pooling proposed by central government.

The Committee is RECOMMENDED to:

i)      Note the receipt of the invitation received jointly from the Minister of State for Housing, Communities and Local Government and the Minister for Pensions on 9 April 2025 see Appendix 1; and

ii)     Endorse the approach taken by Fund officers in developing the options available, to enable a decision to be reached in September 2025 Pension Fund Committee.

12.25

This report updates the Committee on the Affordable Housing project.

The Committee is RECOMMENDED to agree the recommendations as presented within the report.

12.40

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

The Committee is RECOMMENDED to:

i)      Review the progress as set out in the report; and

ii)    Note the assumptions adopted by the Fund for the 2025 Valuation.