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:
Tuesday, 30th September 2025
2:00 PM
Tuesday, 30th September 2025
2:00 PM
End:
Tuesday, 30th September 2025
6:00 PM
Tuesday, 30th September 2025
6:00 PM
Meeting Status
Status:
Moved
Moved
Date:
30 Sep 2025
30 Sep 2025
Location:
Mitchell Room - HCC
Mitchell Room - HCC
Meeting Attendees
Monitor
Carolan Dobson
Independent Adviser
Copy docmts only
Co-opted Deputy
Councillor Judith Smyth
Employer Representative - Portsmouth City Council
Not required
Co-opted Deputy
Paul Barber
Scheme Member Representative - Substitute
Not required
Co-opted Member
Arron Hedges
Scheme Member Representative - Active
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
Co-opted Member
Councillor Simon Letts
Employer Representative - Southampton City Council
Present, as expected
Co-opted Member
Phillip Reynolds
Scheme Member Representative - Pensioner Representative
Present, as expected
Co-opted Member
Simon Walker
Scheme Member Representative - Deferred
Present, as expected
Labour Deputy
Labour Group - Vacancy
Not required
Agenda
1
Apologies for Absence
To receive any apologies for absence.
Minutes
Apologies were noted from Councillors Andrew Joy and Mark Kemp-Gee
The Chairman welcomed Councillor David Drew, as the Conservative substitute.
The Chairman welcomed Councillor David Drew, as the Conservative substitute.
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 5 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 5 September 2025.
Attachments:
- Document Minutes , 05/09/2025 Hampshire Pension Fund Panel and Board 22 Sep 2025
Minutes
The public minutes of the meeting held on 5 September 2025 were confirmed as a correct 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 Members and commented upon the potential reinstatement of councillor membership within the Local Government Pension Scheme (LGPS), noting recent announcement at the Labour party conference. The Chairman noted that this matter had also been raised by Councillor Glen at Full Council.
Members were also updated on attendance at the LGC Pensions Conference in Birmingham, where topics included infrastructure investment, private debt markets, and the future of pooling arrangements. The Chairman and officers met representatives from LGPS Central and discussed strategic developments. Members shared reflections on the conference, including insights into AI in fund management and a keynote address by Jo Hamilton.
Members were also updated on attendance at the LGC Pensions Conference in Birmingham, where topics included infrastructure investment, private debt markets, and the future of pooling arrangements. The Chairman and officers met representatives from LGPS Central and discussed strategic developments. Members shared reflections on the conference, including insights into AI in fund management and a keynote address by Jo Hamilton.
6
ACCESS Joint Committee minutes (Public)
To receive the public minutes of the ACCESS Joint Committee held on 16 June 2025.
Attachments:
- Document ACCESS - PUBLIC minutes 22 Sep 2025
- Document ACCESS 16.6.25 Open Minutes Final 22 Sep 2025
Minutes
The Panel and Board received and noted the public minutes of the ACCESS Joint Committee held on 16 June 2025.
Members discussed pooled performance metrics and clarified that the figures presented reflected the average performance of the ACCESS pool rather than Hampshire-specific results.
Members discussed pooled performance metrics and clarified that the figures presented reflected the average performance of the ACCESS pool rather than Hampshire-specific results.
7
Governance: Training Policy
To receive a report from the Director of Corporate Operations setting out proposals for the training arrangements for members of the Pension Fund Panel and Board in 2025/26.
Attachments:
- Document PFPB training forward plan 2025-26 report 22 Sep 2025
Minutes
The Panel and Board received a report from the Director of Corporate Operations outlining the training policy for 2025/26. Members agreed to recommit completing the minimum training requirements, aligned to the election cycle. It was heard that New Members will continue to complete the full suite of Aspire modules and the LGPS Fundamentals course within 12 months of appointment. It was agreed that the Aspire licences would not be renewed beyond October 2025 for existing committee members that have completed the modules.
Members heard that the internal training programme was updated following feedback from Members, and the knowledge assessment was deferred until after the 2026 elections.
Members discussed the increasing emphasis on governance training in light of pooling transitions and strategic oversight responsibilities.
Councillor Crawford joined the meeting at this point.
RESOLVED
That the Panel and Board:
· Note its obligation in regulation for knowledge and understanding as an LGPS Panel Board and the increasing scrutiny of this area.
· Agree to re-commit to completing the Minimum Training requirements set out in the report.
· Approve the remainder of the Training Policy and Plan for 2025/26
Members heard that the internal training programme was updated following feedback from Members, and the knowledge assessment was deferred until after the 2026 elections.
Members discussed the increasing emphasis on governance training in light of pooling transitions and strategic oversight responsibilities.
Councillor Crawford joined the meeting at this point.
RESOLVED
That the Panel and Board:
· Note its obligation in regulation for knowledge and understanding as an LGPS Panel Board and the increasing scrutiny of this area.
· Agree to re-commit to completing the Minimum Training requirements set out in the report.
· Approve the remainder of the Training Policy and Plan for 2025/26
8
Governance: 2025 Actuarial Valuation
To receive a report of the Director of Corporate Operations, providing the Panel and Board with information about the valuation process in the LGPS, and to give an update on progress for the 2025 Valuation.
Attachments:
- Document 2025-09-30 Item 8 2025 Actuarial Valuation 22 Sep 2025
Minutes
The Panel and Board received a report of the Director of Corporate Operations, providing the Panel and Board with information about the valuation process in the LGPS, and to give an update on progress for the 2025 Valuation.
RESOLVED:
That the Panel and Board note the contents of the report including the 2025
draft actuarial valuation results reported by the Fund’s Actuary – Hymans
Robertson.
RESOLVED:
That the Panel and Board note the contents of the report including the 2025
draft actuarial valuation results reported by the Fund’s Actuary – Hymans
Robertson.
9
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.
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.
10
Confirmation of the Minutes of the Previous Meeting (Exempt)
To confirm the exempt minutes of the meeting held on 5 September 2025.
Attachments:
- Document 2025.09.05 PFPB - Minutes - Exempt 294 22 Sep 2025
11
ACCESS Joint Committee minutes (Exempt)
To receive the exempt minutes of the ACCESS Joint Committee held on 16 June 2025.
Attachments:
- Document ACCESS - EXEMPT minutes 22 Sep 2025
- Document ACCESS 16.6.25 EXEMPT Minutes 22 Sep 2025
12
Actuary's Presentation
To receive an exempt presentation to the 2025 Actuarial Valuation (Item 8 of the Agenda).
Attachments:
- Document 2025 Actuarial Valuation 22 Sep 2025
- Document Initial 2025 Valuation Results and Funding Considerations (Committee Slides) 22 Sep 2025
- Document 2025.09.30 PFPB - Minutes - Exempt 307 20 Oct 2025
13
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 22 Sep 2025
- Document 2025.09.30 PFPB - Minutes - Exempt 308 20 Oct 2025
14
Investment: Alternative Investments
To consider a report of the Director of Corporate Operations provides an update on the progress of the alternative investments portfolio.
Attachments:
- Document PFPB Alternative Investments Portfolio Update report 22 Sep 2025
- Document 2025.09.30 PFPB - Minutes - Exempt 309 20 Oct 2025
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