Hampshire County Council
Councillors:
78
Wards:
76
Committees:
49
Meetings (2026):
57
Meetings (2025):
155
Meeting
Hampshire Pension Fund Panel and Board - Hampshire
Meeting Times
Scheduled Time
Start:
Monday, 21st July 2025
10:00 AM
Monday, 21st July 2025
10:00 AM
End:
Monday, 21st July 2025
2:00 PM
Monday, 21st July 2025
2:00 PM
Meeting Status
Status:
Moved
Moved
Date:
21 Jul 2025
21 Jul 2025
Location:
Ashburton Hall, Elizabeth II Court, The Castle, Winchester
Ashburton Hall, Elizabeth II Court, The Castle, Winchester
Meeting Attendees
Monitor
Carolan Dobson
Independent Adviser
Copy docmts only
Co-opted Member
Phillip Reynolds
Scheme Member Representative - Pensioner Representative
Present, as expected
Co-opted Deputy
Councillor Judith Smyth
Employer Representative - Portsmouth City Council
Not required
Co-opted Member
Councillor Simon Letts
Employer Representative - Southampton City Council
Present, as expected
Co-opted Deputy
Paul Barber
Scheme Member Representative - Substitute
Present, as substitute
Co-opted Member
Arron Hedges
Scheme Member Representative - Active
Apologies
Co-opted Member
Simon Walker
Scheme Member Representative - Deferred
Present, as expected
Co-opted Member
Councillor Ritchie Latham
Employer Representative - HIOWLGA
Present, as expected
Co-opted Member
Amelia Nirmal
Employer Representative - Other Employer
Present, as expected
Labour Deputy
Labour Group - Vacancy
Not required
Officer
Catherine Edgecombe
Expected
Agenda
1
Apologies for Absence
To receive any apologies for absence.
Minutes
Apologies were noted from Councillors Stuart Bailey and Rob Mocatta and Mr Aaron Hedges.
The Chairman welcomed Councillor David Drew, as the Conservative substitute and Mr Paul Barber, who was in attendance as the substitute Scheme Member Representative.
The Chairman welcomed Councillor David Drew, as the Conservative substitute and Mr Paul Barber, who was in attendance as the substitute Scheme Member Representative.
2
Declarations of Interest
All Members who believe they have a Disclosable Pecuniary Interest in any matter to be considered at the meeting must declare that interest and, having regard to Part 3 Paragraph 1.5 of the County Council's Members’ Code of Conduct, leave the meeting while the matter is discussed, save for exercising any right to speak in accordance with Paragraph 1.6 of the Code. Furthermore all Members with a Personal Interest in a matter being considered at the meeting should consider, having regard to Part 5, Paragraph 4 of the Code, whether such interest should be declared, and having regard to Part 5, Paragraph 5 of the Code, consider whether it is appropriate to leave the meeting while the matter is discussed, save for exercising any right to speak in accordance with the Code.
Minutes
Members were mindful that where they believed they had a Disclosable Pecuniary Interest in any matter considered at the meeting they must declare that interest at the time of the relevant debate and, having regard to the circumstances described in Part 3 Paragraph 1.5 of the County Council's Members' Code of Conduct, leave the meeting while the matter was discussed, save for exercising any right to speak in accordance with Paragraph 1.6 of the Code. Furthermore Members were mindful that where they believed they had a Personal interest in a matter being considered at the meeting they considered whether such interest should be declared, and having regard to Part 5, Paragraph 4 of the Code, considered whether it was appropriate to leave the meeting whilst the matter was discussed, save for exercising any right to speak in accordance with the Code.
No declarations were made.
No declarations were made.
3
Confirmation of Minutes of the Previous Meeting (Public)
To confirm the Minutes of the meeting held on 21 March 2025
Attachments:
- Document Minutes , 21/03/2025 Hampshire Pension Fund Panel and Board 11 Jul 2025
Minutes
The minutes of the previous meeting, held on 21 March 2025 were agreed as a true record.
4
Deputations
To receive any deputations notified under Standing Order 12.
Minutes
The Panel and Board received no deputations on this occasion.
5
Chairman's Announcements
To receive any announcements the Chairman may wish to make
Minutes
The Chairman welcomed newly joined Members, Cllr Stuart Bailey, on behalf of the Liberal Democrat Group, and Cllr Ritchie Latham, as the Employer representative for HIOWLGA.
6
Appointments to the Responsible Investment Sub-Committee
To consider a report from the Director of Corporate Operations asking the Panel and Board to agree appointments of members and deputies to the Responsible Investment sub-committee.
Attachments:
- Document Responsible Investment sub-committee appointments 11 Jul 2025
Minutes
The Panel and Board noted the report from the Director of Corporate Operations and agreed appointments of members and deputies to the Responsible Investment Sub-Committee.
RESOLVED
That Cllrs Thacker, Kemp-Gee, Mocatta, Harrison and Letts and Mr Reynolds were appointed to the Responsible Investment Sub-Committee, with Cllrs Davies, Bailey, Smyth and Mr Walker appointed as substitute members.
RESOLVED
That Cllrs Thacker, Kemp-Gee, Mocatta, Harrison and Letts and Mr Reynolds were appointed to the Responsible Investment Sub-Committee, with Cllrs Davies, Bailey, Smyth and Mr Walker appointed as substitute members.
7
ACCESS Joint Committee minutes 24 March 2025 (Public)
To receive the public minutes of the ACCESS Joint Committee held on 24 March 2025.
Attachments:
- Document ACCESS - PUBLIC minutes 11 Jul 2025
- Document ACCESS minutes OPEN 11 Jul 2025
Minutes
The Panel and Board received and noted the public minutes of the ACCESS Joint Committee on 24 March 2024.
8
Governance: Internal Audit Annual Report
To receive a report from the Director of Corporate Operations providing the Panel and Board with the Internal Audit Annual Conclusion on the adequacy and effectiveness of Hampshire Pension Services’ / Hampshire Pension Fund’s frameworks of governance, risk management and control for 2024-25.
Attachments:
- Document Internal Audit Annual Conclusion Report 2024-25 11 Jul 2025
- Document Internal Audit Annual Conclusion 2024 -25 (Appendix A) 11 Jul 2025
Minutes
The Panel and Board received a report from the Director of Corporate Operations providing the Internal Audit Annual Conclusion on the adequacy and effectiveness of Hampshire Pension Services’ / Hampshire Pension Fund’s frameworks of governance, risk management and control for 2024-25.
Members heard that the report provided positive confirmation of the delivery of the audits and noted that there had been no impairment to the work of the auditors during the year. It was observed that the audit framework had provided a substantial level of assurance overall and that controls were working in practice as expected, with no limited assurance reviews.
In response to members questions it was heard that:
· The assurance level for cyber security was rated as reasonable, in recognition of the overall risk presented by Cyber Security and that the identified high-risk action had already been addressed, with no other substantial concerns identified.
· The audit plan was risk based, but agile to meet client needs and responsive to emerging concerns or risk areas.
RESOLVED
That the Pension Fund Panel and Board note the Internal Audit Annual
Conclusion Report for 2024-25.
Members heard that the report provided positive confirmation of the delivery of the audits and noted that there had been no impairment to the work of the auditors during the year. It was observed that the audit framework had provided a substantial level of assurance overall and that controls were working in practice as expected, with no limited assurance reviews.
In response to members questions it was heard that:
· The assurance level for cyber security was rated as reasonable, in recognition of the overall risk presented by Cyber Security and that the identified high-risk action had already been addressed, with no other substantial concerns identified.
· The audit plan was risk based, but agile to meet client needs and responsive to emerging concerns or risk areas.
RESOLVED
That the Pension Fund Panel and Board note the Internal Audit Annual
Conclusion Report for 2024-25.
9
Governance: Annual Report and Accounts
To receive a report from the Director of Corporate Operations introducing the 2024/25 draft Pension Fund annual report and annual highlights document.
Attachments:
- Document PFPB Annual Report 11 Jul 2025
- Document 9a Hampshire Pension Fund Annual Report 24-25 11 Jul 2025
- Document 9b Risk Management Policy 11 Jul 2025
- Document 9c Hampshire Pension Fund Highlights 24-25 11 Jul 2025
Minutes
The Panel and Board received a report from the Director of Corporate Operations introducing the 2024/25 draft Pension Fund annual report and annual highlights document.
It was noted some minor changes would be made before publication, along with any changes recommended by the Panel and Board through the meeting.
As in the previous year, a highlights report had been prepared to help readers access the most important messages from the document, which was significant in volume.
Although admin and governance costs per member were extremely low, the large strategic allocation to alternative investments meant that investment costs were above the average other funds declared in their accounts, with mitigating measures in place to keep these as low as possible. Due to an increase in private market investments during 2024/25 it was anticipated that investment costs for the year would be higher than in previous years.
In response to Members questions it was heard that:
· There was only one Additional Voluntary Contribution (AVC) provider available through the fund and this approach was in line with other schemes. It was heard that information on AVC’s was included in annual statements and employers were encouraged to promote this with their employees, however take up to date had been low. Officers were mindful of pension adequacy and how this messaging could be promoted to scheme members, with appreciation that individual circumstances would determine whether this was the most prudent investment for each employee.
· Climate change was the joint highest rated risk for the Pension Fund. It was noted that this was the best reflection of the current position and that risks change and were subject to regular review and appropriate mitigations as part of the risk management approach.
· Members requested that the table noting member attendance make clearer which Members were substitutes and therefore not required to attend all meetings.
RESOLVED
1. That the Panel and Board reviews the contents of the draft annual report for 2024/25 and approves its publication.
2. That the Panel and Board reviews the contents of the draft annual highlights document for 2024/25 and approves its publication.
3. That the Director of Corporate Operations is authorised to make any necessary minor amendments to the annual report and annual highlights document prior to publication as detailed in paragraph 15.
4. That the Panel and Board approve the draft Risk Management Policy.
5. That the Panel and Board notes the remainder of this report, including the statement of compliance with the annual report guidance.
It was noted some minor changes would be made before publication, along with any changes recommended by the Panel and Board through the meeting.
As in the previous year, a highlights report had been prepared to help readers access the most important messages from the document, which was significant in volume.
Although admin and governance costs per member were extremely low, the large strategic allocation to alternative investments meant that investment costs were above the average other funds declared in their accounts, with mitigating measures in place to keep these as low as possible. Due to an increase in private market investments during 2024/25 it was anticipated that investment costs for the year would be higher than in previous years.
In response to Members questions it was heard that:
· There was only one Additional Voluntary Contribution (AVC) provider available through the fund and this approach was in line with other schemes. It was heard that information on AVC’s was included in annual statements and employers were encouraged to promote this with their employees, however take up to date had been low. Officers were mindful of pension adequacy and how this messaging could be promoted to scheme members, with appreciation that individual circumstances would determine whether this was the most prudent investment for each employee.
· Climate change was the joint highest rated risk for the Pension Fund. It was noted that this was the best reflection of the current position and that risks change and were subject to regular review and appropriate mitigations as part of the risk management approach.
· Members requested that the table noting member attendance make clearer which Members were substitutes and therefore not required to attend all meetings.
RESOLVED
1. That the Panel and Board reviews the contents of the draft annual report for 2024/25 and approves its publication.
2. That the Panel and Board reviews the contents of the draft annual highlights document for 2024/25 and approves its publication.
3. That the Director of Corporate Operations is authorised to make any necessary minor amendments to the annual report and annual highlights document prior to publication as detailed in paragraph 15.
4. That the Panel and Board approve the draft Risk Management Policy.
5. That the Panel and Board notes the remainder of this report, including the statement of compliance with the annual report guidance.
10
Investment: Cash Outturn Report
To receive a report from the Director of Corporate Operations, updating the Panel and Board on the policy for managing the Hampshire Pension Fund’s cash balance.
Attachments:
- Document Cash 202425 Outturn 11 Jul 2025
Minutes
To receive a report from the Director of Corporate Operations, updating the Panel and Board on the policy for managing the Hampshire Pension Fund’s cash balance.
In response to Members questions it was heard that:
· The cash investment position as at 31 March 2025 was at £197.55m of treasury investment.
· There had been an increase in loans (from zero to £21.5m) to other UK local authorities, as the fund was holding greater levels of cash than the previous year. Credit quality was carefully considered before any monies were loaned, over a maximum period of three months, and assurance sought from Arlingclose, that those lent to were in a sound position to repay any loaned monies.
· Cash levels were reviewed daily, with opportunities sought to place any access cash amounts to secure an additional return. Overnight lending was considered, however not made available to other local authorities.
RESOLVED
That the outturn report on the Pension Fund’s cash management in 2024/25 be approved.
In response to Members questions it was heard that:
· The cash investment position as at 31 March 2025 was at £197.55m of treasury investment.
· There had been an increase in loans (from zero to £21.5m) to other UK local authorities, as the fund was holding greater levels of cash than the previous year. Credit quality was carefully considered before any monies were loaned, over a maximum period of three months, and assurance sought from Arlingclose, that those lent to were in a sound position to repay any loaned monies.
· Cash levels were reviewed daily, with opportunities sought to place any access cash amounts to secure an additional return. Overnight lending was considered, however not made available to other local authorities.
RESOLVED
That the outturn report on the Pension Fund’s cash management in 2024/25 be approved.
11
Governance: Administration Update
To receive a report from the Director of Corporate Operations updating the Panel and Board on administration performance for 2024/25 and developments affecting the pension scheme in the first part of 2025/26.
Attachments:
- Document PFPB Administration update 11 Jul 2025
- Document Annex 1 McCloud remedy milestone progress 11 Jul 2025
- Document Annex 2 McCloud remedy determination table 11 Jul 2025
- Document Annex 3 Consultation proposals summary 11 Jul 2025
Minutes
The Panel and Board received a report from the Director of Corporate Operations providing an update on administration performance for 2024/25 and developments affecting the pension scheme in the first part of 2025/26.
Members heard that the annual returns process was completed and returns data submitted to the actuary two weeks ahead of schedule.
In response to Members questions it was heard that:
· A small high risk group had been identified, for whom it would not be possible to complete the McCloud remedy action by the end of August, with a request to extend the deadline as allowed by the regulations and statutory guidance.
· The McCloud remedy was applied across all public sector pension schemes, including police and fire, but for local authority schemes had only made a small change to a small number of pension members, but had required a significant amount of work, with the Funds contribution upwards of an additional £100k per year since 2021.
· There were currently 402 active employers, with 212,203 members, in the scheme.
· Service level agreements were monitored on a daily basis, with a standard approach to work two days ahead to mitigate for any unforeseen circumstances.
· Once available, information on the introduction of pension dashboards will be included on the website for member awareness.
· Costs per member were recognised to be significantly lower than average, and Members thanked officers and recognised the efforts of the pension administration team in delivering an exceptional performance year on year and agreed to amend the wording of recommendation three to reflect this.
RESOLVED
1. That the Panel and Board extend the deadline to apply the McCloud remedy to 31 August 2026 for the groups shown in the determination table.
2. That the Panel and Board delegate the authority to the Director of Corporate Operations to extend the deadline for any other groups where the annual benefit statement or retrospective remedy cannot be completed by 31 August 2025.
3. It is recommended that the Panel and Board note the continuing excellent performance of the administration team and the information contained in this report.
Members heard that the annual returns process was completed and returns data submitted to the actuary two weeks ahead of schedule.
In response to Members questions it was heard that:
· A small high risk group had been identified, for whom it would not be possible to complete the McCloud remedy action by the end of August, with a request to extend the deadline as allowed by the regulations and statutory guidance.
· The McCloud remedy was applied across all public sector pension schemes, including police and fire, but for local authority schemes had only made a small change to a small number of pension members, but had required a significant amount of work, with the Funds contribution upwards of an additional £100k per year since 2021.
· There were currently 402 active employers, with 212,203 members, in the scheme.
· Service level agreements were monitored on a daily basis, with a standard approach to work two days ahead to mitigate for any unforeseen circumstances.
· Once available, information on the introduction of pension dashboards will be included on the website for member awareness.
· Costs per member were recognised to be significantly lower than average, and Members thanked officers and recognised the efforts of the pension administration team in delivering an exceptional performance year on year and agreed to amend the wording of recommendation three to reflect this.
RESOLVED
1. That the Panel and Board extend the deadline to apply the McCloud remedy to 31 August 2026 for the groups shown in the determination table.
2. That the Panel and Board delegate the authority to the Director of Corporate Operations to extend the deadline for any other groups where the annual benefit statement or retrospective remedy cannot be completed by 31 August 2025.
3. It is recommended that the Panel and Board note the continuing excellent performance of the administration team and the information contained in this report.
12
Exclusion of the Press and Public
That in relation to the following items the press and public be excluded from the meeting, as it is likely, in view of the nature of the business to be transacted or the nature of proceedings, that if a member of the public were present during the items there would be disclosure to them of exempt information within Paragraph 3 and 5 of Part 1 of Schedule 12A of the Local Government Act 1972, and further that in all circumstances of the case, the public interest in maintaining the exempt information outweighs the public interest in disclosing the information, for the reasons set out in the report.
Minutes
RESOLVED:
That the public be excluded from the meeting during the following items of business, as it is likely, in view of the nature of the business to be transacted or the nature of the proceedings, that if members of the public were present during these items there would be disclosure to them of exempt information within Paragraphs 3 of Part 1 of Schedule 12A to the Local Government Act 1972, and further that in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, for the reasons set out in the reports.
The Chairman called a short break from 11:09 to 11:15.
That the public be excluded from the meeting during the following items of business, as it is likely, in view of the nature of the business to be transacted or the nature of the proceedings, that if members of the public were present during these items there would be disclosure to them of exempt information within Paragraphs 3 of Part 1 of Schedule 12A to the Local Government Act 1972, and further that in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, for the reasons set out in the reports.
The Chairman called a short break from 11:09 to 11:15.
13
Governance: Administration Update (Confidential Appendix)
To receive an exempt appendix to item 11 of the agenda, Governance: Administration Update.
Attachments:
- Document Appendix 1 Cyber Security 11 Jul 2025
14
Confirmation of the Minutes of the Previous Meeting (Exempt)
To confirm the exempt minutes of the meeting held on 21 March 2025.
Attachments:
- Document 2025.03.21 PFPB - Minutes - Exempt 267, 21/03/2025 Hampshire Pension Fund Panel and Board 11 Jul 2025
- Document 2025.03.21 PFPB - Minutes - Exempt 268, 21/03/2025 Hampshire Pension Fund Panel and Board 11 Jul 2025
- Document 2025.03.21 PFPB - Minutes - Exempt 269, 21/03/2025 Hampshire Pension Fund Panel and Board 11 Jul 2025
15
ACCESS Joint Committee minutes 24 March 2025 (Exempt)
To receive the exempt minutes of the ACCESS Joint Committee held on 24 March 2025.
Attachments:
- Document ACCESS - EXEMPT minutes - cover sheet 11 Jul 2025
- Document ACCESS minutes EXEMPT (24.03.25) 11 Jul 2025
16
Governance: Investment Pooling
To receive a report from the Director of Corporate Operations providing an overview of the ACCESS pool’s work in response to the Government’s Local Government Pension Scheme (LGPS) ‘Fit for the Future’ consultation.
Attachments:
- Document Investment pooling 11 Jul 2025
- Document 16a Letter from Minister McMahon re LGPS AA 11 Jul 2025
- Document 16bi Letter from ACCESS CEOs to Ministers 05062025 11 Jul 2025
- Document 16bii Letter from ACCESS s151 Officers to Ministers 05062025 11 Jul 2025
- Document 16c MfLG MfP - Response to ACCESS CEOs and S151s 11 Jul 2025
- Document 16d LGPS Pooling update 11 Jul 2025
- Document Minutes - Exempt 285 26 Aug 2025
17
Investment - Investment Update
To consider the exempt report of the Director of Corporate Operations updating the Panel and Board on the Pension Fund’s investments since the last meeting.
Attachments:
- Document PFPandB investment performance 11 Jul 2025
- Document Minutes - Exempt 286 26 Aug 2025
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