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:
Friday, 12th December 2025
10:00 AM
Friday, 12th December 2025
10:00 AM
End:
Friday, 12th December 2025
2:00 PM
Friday, 12th December 2025
2:00 PM
Meeting Status
Status:
Confirmed
Confirmed
Date:
12 Dec 2025
12 Dec 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 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 Deputy
Councillor Judith Smyth
Employer Representative - Portsmouth City Council
Present, as substitute
Co-opted Member
Councillor Simon Letts
Employer Representative - Southampton City Council
Apologies, sent representative
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
0
Exclusion of the Press and Public
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.
1
Apologies for Absence
To receive any apologies for absence.
Minutes
Apologies were noted from Councillor Simon Letts, with Councillor Judith Smyth in attendance as the deputy employer representative.
The Chairman welcomed Councillor David Drew, who had attended as an observer to the meeting.
The Chairman welcomed Councillor David Drew, who had attended as an observer to the meeting.
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 September 2025.
Attachments:
- Document Minutes , 30/09/2025 Hampshire Pension Fund Panel and Board 04 Dec 2025
Minutes
The minutes of the previous meeting, held on 30 September 2025, were agreed as a true record.
4
Deputations
To receive any deputations notified under Standing Order 12.
Minutes
The Panel and Board received a deputation from resident, Florence Williams, on responsible investment, under item 6 of the agenda, Business Plan and Statutory Stataments.
5
Chairman's Announcements
To receive any announcements the Chairman may wish to make
Minutes
The Chairman reported two consultations issued to the Fund: a technical consultation on new LGPS regulations (response by 2 January 2026) and guidance on those regulations (response by 12 January 2026). It was heard that officers would co ordinate responses. Members noted recent training/conference attendance, including Baillie Gifford’s triennial LGPS conference which included the subjects of long term investing, risk and portfolio construction, and discussion of the evolving role of ESG.
6
Governance: Business Plan and Statutory Statements
To consider a report of the Director of Corporate Operations recommending the Pension Fund’s Business Plan for 2025/26 to 2028/29 and other statutory statements for the Panel and Board’s approval.
Attachments:
- Document Business plan and Statutory statements 04 Dec 2025
- Document Annex 1 Business Plan December 2025 04 Dec 2025
- Document Annex 2 Draft 2025 Funding Strategy Statement 04 Dec 2025
- Document Annex 3 Investment Strategy Statement December 2025 04 Dec 2025
- Document Annex 4 Representation Policy December 2025 04 Dec 2025
- Document Annex 5 Governance Policy and Compliance Statement December 2025 04 Dec 2025
- Document Annex 6 Conflicts of Interest Policy December 2025 04 Dec 2025
- Document Annex 7 Draft 2025 Administration Strategy 04 Dec 2025
- Document Annex 8 Draft 2025 Employer Policy 04 Dec 2025
- Document Annex 9 Communication Policy Statement December 2025 04 Dec 2025
- Document Item 7 - Annex 1 Business Plan - Updated 04 Dec 2025
Minutes
The Deputy Director of Corporate Operations presented the Fund’s Business Plan for 2025/26–2028/29 alongside a suite of statutory statements and governance policies. These included the Funding Strategy Statement, Investment Strategy Statement, Representation Policy, Governance Policy and Compliance Statement, Conflicts of Interest Policy, Administration Strategy, Employer Policy, and Communication Policy.
Members were advised that the Business Plan reflected the Fund’s strategic decision to transition from ACCESS to LGPS Central, with associated implications for governance, risk management, and budgeting. Officers highlighted updates to the risk register, particularly around local government reorganisation, pooling arrangements, and regulatory changes under the Government’s “Fit for the Future” agenda. It was noted that the Business Plan also incorporated estimated transition costs, including ACCESS wind up expenses and LGPS Central’s shared operating costs.
The Investment Strategy Statement was noted as having minimal changes, primarily updates to the wording to reflect LGPS Central membership and the Responsible Investment priorities for the year. Officers confirmed that a full review of the Investment Strategy Statement would return to the Panel in March 2026 following advice from Hymans Robertson.
The Funding Strategy Statement was discussed in detail. The actuary explained the rationale for maintaining a prudent approach, given the volatility of future investment return assumptions and the aim to avoid contribution rate increases in the event of possible future funding reductions.
Following the consideration of the exempt appendix to this item, the meeting returned back to public session. The Chairman invited the Pension Fund’s Actuary to provide an overview of the position. It was explained that following the responses to the Consultation, the level of prudence and the valuation had been considered again. The Actuary reflected upon considerations for meeting the requirement for solvency over the period by considering how likely it was that the Fund's long term investment strategy would reach the levels needed. The Actuary also considered long term cost efficiency and the likelihood that contribution rates would need to increase if funding levels decreased, which was considered not to be a desirable outcome. The Actuary had revisited the funding as a whole and had concluded that they were content with the level of prudence overall in the valuation and the funding strategy.
RESOLVED:
1. That the Pension Fund Panel and Board note the feedback from the consultation about proposed updates to the Funding Strategy Statement as set out in the report.
2. That the Pension Fund Panel and Board approve the Business Plan for 2025/26 to 2028/29 (Annex 1) and the following documents that form the Fund’s Governance Framework:
· Funding Strategy Statement (Annex 2)
· Investment Strategy Statement (Annex 3)
· Representation Policy (Annex 4)
· Governance Policy and Compliance Statement (Annex 5)
· Conflicts of Interest Policy (Annex 6)
· Administration Strategy (Annex 7)
· Employer Policy (Annex 8)
· Communication Strategy (Annex 9)
Members were advised that the Business Plan reflected the Fund’s strategic decision to transition from ACCESS to LGPS Central, with associated implications for governance, risk management, and budgeting. Officers highlighted updates to the risk register, particularly around local government reorganisation, pooling arrangements, and regulatory changes under the Government’s “Fit for the Future” agenda. It was noted that the Business Plan also incorporated estimated transition costs, including ACCESS wind up expenses and LGPS Central’s shared operating costs.
The Investment Strategy Statement was noted as having minimal changes, primarily updates to the wording to reflect LGPS Central membership and the Responsible Investment priorities for the year. Officers confirmed that a full review of the Investment Strategy Statement would return to the Panel in March 2026 following advice from Hymans Robertson.
The Funding Strategy Statement was discussed in detail. The actuary explained the rationale for maintaining a prudent approach, given the volatility of future investment return assumptions and the aim to avoid contribution rate increases in the event of possible future funding reductions.
Following the consideration of the exempt appendix to this item, the meeting returned back to public session. The Chairman invited the Pension Fund’s Actuary to provide an overview of the position. It was explained that following the responses to the Consultation, the level of prudence and the valuation had been considered again. The Actuary reflected upon considerations for meeting the requirement for solvency over the period by considering how likely it was that the Fund's long term investment strategy would reach the levels needed. The Actuary also considered long term cost efficiency and the likelihood that contribution rates would need to increase if funding levels decreased, which was considered not to be a desirable outcome. The Actuary had revisited the funding as a whole and had concluded that they were content with the level of prudence overall in the valuation and the funding strategy.
RESOLVED:
1. That the Pension Fund Panel and Board note the feedback from the consultation about proposed updates to the Funding Strategy Statement as set out in the report.
2. That the Pension Fund Panel and Board approve the Business Plan for 2025/26 to 2028/29 (Annex 1) and the following documents that form the Fund’s Governance Framework:
· Funding Strategy Statement (Annex 2)
· Investment Strategy Statement (Annex 3)
· Representation Policy (Annex 4)
· Governance Policy and Compliance Statement (Annex 5)
· Conflicts of Interest Policy (Annex 6)
· Administration Strategy (Annex 7)
· Employer Policy (Annex 8)
· Communication Strategy (Annex 9)
7
Investment: Cash strategy
To consider a report of the Director of Corporate Operations outlining the investment performance of the cash balances held by the Pension Fund in 2025/26 to 31 October 2025 and recommending the Annual Cash Investment Strategy for 2026/27.
Attachments:
- Document Cash report & strategy 2026-27 04 Dec 2025
Minutes
The Panel and Board received the annual Cash Monitoring and Investment Strategy report. Officers confirmed that internally managed cash balances remained comfortably above the £60 million minimum threshold recommended by the Actuary, despite a forecast monthly cashflow deficit of approximately £2.5 million from the Fund’s dealings with members. This deficit continued to be managed through established processes, including maximising the use of income returns and as a final resort the sale of liquid equity holdings if required.
Members noted that returns on cash holdings had matched or exceeded the Bank of England Base Rate, reflecting effective treasury management during a period of elevated interest rates. The report confirmed that changes in pooling arrangements would not affect the need to retain a local cash reserve for operational liquidity.
No amendments were proposed to the existing strategy with the £60 million minimum balance, duration limits, and counterparty restrictions remaining unchanged. Members welcomed the clarity of the report and confirmed their support for maintaining a conservative approach to cash management.
RESOLVED:
· That the Annual Cash Investment Strategy for 2026/27, as detailed in paragraphs 30 to 45 of the report, are approved.
· That, the Annual Cash Investment Strategy be implemented from the date of this meeting for the remainder of 2025/26.
· That the Director of Corporate Operations be authorised to manage the Fund’s cash balance in accordance with the policy set out in this report.
Members noted that returns on cash holdings had matched or exceeded the Bank of England Base Rate, reflecting effective treasury management during a period of elevated interest rates. The report confirmed that changes in pooling arrangements would not affect the need to retain a local cash reserve for operational liquidity.
No amendments were proposed to the existing strategy with the £60 million minimum balance, duration limits, and counterparty restrictions remaining unchanged. Members welcomed the clarity of the report and confirmed their support for maintaining a conservative approach to cash management.
RESOLVED:
· That the Annual Cash Investment Strategy for 2026/27, as detailed in paragraphs 30 to 45 of the report, are approved.
· That, the Annual Cash Investment Strategy be implemented from the date of this meeting for the remainder of 2025/26.
· That the Director of Corporate Operations be authorised to manage the Fund’s cash balance in accordance with the policy set out in this report.
8
Governance: Administration update
To consider a report of the Director of Corporate Operations requesting the Panel and Board to approve draft statutory statements for 2025 and to receive an update on administration performance in the first six months of 2025/26.
Attachments:
- Document PFPB Administration update 04 Dec 2025
- Document Annex 1 Pensions Dashboards Programme report November 2025 04 Dec 2025
- Document Annex 2 Summary of Access and Protections consultation proposals 04 Dec 2025
Minutes
Officers provided a comprehensive update on performance for the first six months of 2025/26, confirming continued delivery against service standards and successful completion of key annual projects, including Annual Benefit Statements and employer data returns. Benchmarking results reaffirmed the service’s position as “high service, low cost”, and improvements were reported in common and conditional data scores for the Pensions Regulator’s annual return.
Progress on the McCloud remedy was highlighted with underpin information incorporated into active and deferred member statements. Pensioner records were being reviewed for adjustments and it was noted that, of 815 records examined to date, only nine required a McCloud remedy adjustment.
Members heard that the Fund had successfully connected to the Pensions Dashboard, an important milestone ahead of the public go live likely to be in 2027. Members expressed appreciation for the team’s efforts and formally recorded their thanks, noting the additional workload created by regulatory changes and pooling transition.
Discussion focused on employer engagement during the valuation cycle. Members raised concerns about timing of the annual employer meeting and the need for clearer communication on when contribution rates would be available for budgeting purposes. Officers agreed to review the process and consider options such as indicative rates, improved explanatory materials, and webinars to support employer understanding of valuation principles.
RESOLVED:
That the Panel and Board note the information contained in the report.
Progress on the McCloud remedy was highlighted with underpin information incorporated into active and deferred member statements. Pensioner records were being reviewed for adjustments and it was noted that, of 815 records examined to date, only nine required a McCloud remedy adjustment.
Members heard that the Fund had successfully connected to the Pensions Dashboard, an important milestone ahead of the public go live likely to be in 2027. Members expressed appreciation for the team’s efforts and formally recorded their thanks, noting the additional workload created by regulatory changes and pooling transition.
Discussion focused on employer engagement during the valuation cycle. Members raised concerns about timing of the annual employer meeting and the need for clearer communication on when contribution rates would be available for budgeting purposes. Officers agreed to review the process and consider options such as indicative rates, improved explanatory materials, and webinars to support employer understanding of valuation principles.
RESOLVED:
That the Panel and Board note the information contained in the report.
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 and 5 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 and 5 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 30 September 2025.
Attachments:
- Document 2025.09.30 PFPB - Minutes - Exempt 307, 30/09/2025 Hampshire Pension Fund Panel and Board 04 Dec 2025
- Document 2025.09.30 PFPB - Minutes - Exempt 308, 30/09/2025 Hampshire Pension Fund Panel and Board 04 Dec 2025
- Document 2025.09.30 PFPB - Minutes - Exempt 309, 30/09/2025 Hampshire Pension Fund Panel and Board 04 Dec 2025
11
Governance: Business Plan and Statutory Statements - Exempt Appendices
To consider a number of exempt appendices to item 6, Business Plan and Statutory Statements.
Attachments:
- Document EXEMPT Appendix FSS consultation legal advice 04 Dec 2025
- Document EXEMPT Appendix FSS consultation responses 04 Dec 2025
- Document EXEMPT Annex 1 FSS consultation responses 04 Dec 2025
- Document Minutes - Exempt 320 22 Dec 2025
12
Governance: Administration update - Exempt Appendix
To consider an exempt appendix to item 8, Administration update
Attachments:
- Document Appendix - Cyber Security 04 Dec 2025
- Document Annex 1 - Cyber Compliance Statement 04 Dec 2025
13
Investments: Investment update
To receive a report from the Director of Corporate Operations providing an update on the progress of the Pension Fund’s investments.
Attachments:
- Document PFPandB investment performance 04 Dec 2025
- Document Minutes - Exempt 323 22 Dec 2025
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