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 March 2026.

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. 4 March 2026. Written submissions should be no longer than 1 A4 sheet.

To approve the minutes of the meeting held on 12 December 2025 and to receive information arising from them.

10.05am

A copy of the unconfirmed minutes of the Local Pension Board, which met on 23 January 2026 is attached for information only.

10.10am

The report sets out the items the Local Pension Board wishes to draw to the attention of this Committee following their last meeting on 23 January 2026.

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

10.15am

This report proposes a Business Plan, Budget and Training Plan for the forthcoming financial year. The report also includes a review against the key priorities set out in the Annual Business Plan for 2025/26 and an update on the Fit for the Future consultation.

The Committee is RECOMMENDED to:

i)      Note the progress against the service priorities for 2025/26; and

ii)    Approve the Business Plan, Budget, Training Plan and Cash Management Strategy for 2026/27; and

iii)   To confirm the appointment of the LGPS Central Shareholder representative as the Head of the Pension Fund role.

10.45am

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.

10.55am

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 report also covers the recent Cyber Security review undertaken by the Fund.

The Pension Fund Committee is RECOMMENDED to

a)    Note the Fund’s annual review of Cyber Security.

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.

11.05am

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:

a)    note the report

b)       approve the changes made to the Key Performance Indicators in the Administration Strategy.

11.25am

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.

11:45am

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

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

The Committee is RECOMMENDED that the public be excluded for the duration of items 14, 15 and 16 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.

12.30pm

LGPS Central will provide Committee a verbal update and presentation on the transition of assets.

12.50pm

This report provides Committee with an update on and seeks approval of the:

-        2025 valuation and certification of employer results

-        Strategic Asset Allocation

-        Investment Strategy Statement

-        Funding Strategy Statement and supporting policies

The Committee is RECOMMENDED to:

i)      Note the progress on finalising the 2025 valuation; and

ii)    Review the responses to the consultation exercise and note the comments from employers; and

iii)   Approve the final version of the Funding Strategy Statement (and linked policies) to support the 2025 Valuation exercise

iv)   Note the Strategic Asset Allocation Review report and instruct officers to use the proposed detailed asset allocation for the basis of discussions with LGPS Central on portfolio construction and implementation.

v)    Approve the Investment Strategy Statement to be issued for consultation.

vi)   Approve the Local Investment Policy to be issued for consultation.

vii) Approve the Cash Management Policy to be issued for consultation.

13.40pm

This report provides Committee an update on progress made on the workforce planning project. Aon will also present their report, which is an annex to this report, to the Committee.

The Committee is RECOMMENDED to:

i)       Note the update; and

ii)     Note the benchmarking report and salary survey and instruct officers to use this data in support of discussions with Oxfordshire County Council as part of the organisational redesign; and

iii)    Approve the approach to addressing loss of experience staff and challenges due to increased requirements from Government on LGPS Funds.