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, 20th March 2026
10:00 AM
Friday, 20th March 2026
10:00 AM
End:
Friday, 20th March 2026
2:00 PM
Friday, 20th March 2026
2:00 PM
Meeting Status
Status:
Confirmed
Confirmed
Date:
20 Mar 2026
20 Mar 2026
Location:
Ashburton Hall, Elizabeth II Court, The Castle, Winchester
Ashburton Hall, Elizabeth II Court, The Castle, Winchester
Meeting Attendees
Co-opted Member
Phillip Reynolds
Scheme Member Representative - Pensioner Representative
Present, as expected
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
Simon Walker
Scheme Member Representative - Deferred
Present, as expected
Monitor
Carolan Dobson
Independent Adviser
Copy docmts only
Co-opted Member
Councillor Simon Letts
Employer Representative - Southampton City Council
Apologies, sent representative
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
Labour Deputy
Labour Group - Vacancy
Not required
Agenda
1
Apologies for Absence
To receive any apologies for absence.
Minutes
Apologies were noted from Councillors Tim Davies, Jonathan Glen, David Harrison and Simon Letts.
The Chairman welcomed Councillor David Drew, as the Conservative substitute, Councillor Judith Smyth as the substitute Employer Representative and David Walker, who was in attendance at the Fund’s Investment Consultant from Hymans-Robertson.
The Chairman welcomed Councillor David Drew, as the Conservative substitute, Councillor Judith Smyth as the substitute Employer Representative and David Walker, who was in attendance at the Fund’s Investment Consultant from Hymans-Robertson.
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 public Minutes of the previous meeting held on 12 December 2025.
Attachments:
- Document Minutes , 12/12/2025 Hampshire Pension Fund Panel and Board 12 Mar 2026
Minutes
The minutes of the previous meeting, held on 12 December 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
This being the last meeting of the Panel and Board ahead of the County Council Elections in July, the Chairman thanked Members for their contribution to the work of the Panel and Board over the previous five years.
6
Governance: Internal Audit Progress Report
To receive a report from the Director of Corporate Operations providing the Internal Audit Progress Report, in accordance with the requirements of the Global Internal Audit Standards.
Attachments:
- Document Internal Audit Progress Report 2025-26 12 Mar 2026
- Document Internal Audit Progress Report 2025-26 (Appendix A) 12 Mar 2026
Minutes
The Panel and Board received a report from the Director of Corporate Operations providing the Internal Audit Progress Report, in accordance with the requirements of the Global Internal Audit Standards.
Officers outlined recent audit activity, including transition to the new Global Internal Audit Standards which came into force on 1 April 2025. Members were informed that the Southern Internal Audit Partnership had been externally assessed as “generally conforming”, meeting 36 of 42 principles. It was noted that this was considered a very good rating; full conformance was structurally difficult for a multi?organisation public sector provider. Questions were raised concerning the rationale for non?conforming areas, and Members requested that future reporting clearly explain these points for transparency.
The Panel and Board discussed the terminology of “value added” within audit reports and agreed that, alongside compliance assurance, opportunities for efficiencies should continue to be sought and reported, even where none were ultimately identified. Officers emphasised continuous improvement remained an embedded expectation of the service.
RESOLVED:
That the Pension Fund Panel and Board note the Internal Audit Progress Report for the period ending 20 February 2026.
Officers outlined recent audit activity, including transition to the new Global Internal Audit Standards which came into force on 1 April 2025. Members were informed that the Southern Internal Audit Partnership had been externally assessed as “generally conforming”, meeting 36 of 42 principles. It was noted that this was considered a very good rating; full conformance was structurally difficult for a multi?organisation public sector provider. Questions were raised concerning the rationale for non?conforming areas, and Members requested that future reporting clearly explain these points for transparency.
The Panel and Board discussed the terminology of “value added” within audit reports and agreed that, alongside compliance assurance, opportunities for efficiencies should continue to be sought and reported, even where none were ultimately identified. Officers emphasised continuous improvement remained an embedded expectation of the service.
RESOLVED:
That the Pension Fund Panel and Board note the Internal Audit Progress Report for the period ending 20 February 2026.
7
Governance: Internal Audit Plan 2026/27
To consider a report of the Director of Corporate Operations presenting the Internal Audit Risk-based Plan for 2026-27.
Attachments:
- Document Internal Audit Plan 2026-27 Report 12 Mar 2026
- Document Internal Audit Plan 2026-27 (Appendix A) 12 Mar 2026
Minutes
The Panel and Board considered the proposed Internal Audit Risk?Based Plan for 2026/27. Officers highlighted coverage across annual scheme calculations, pension refunds, investment and asset accounting, and UPM system controls. Members queried the practical meaning of “value adding” activities and reiterated the importance of clearly demonstrating where efficiencies had been identified or ruled out once audit work is completed. Officers confirmed that the plan remained flexible to accommodate changing risks and developments.
RESOLVED:
That the Panel and Board approve the Internal Audit Risk-based plan for 2026-27.
RESOLVED:
That the Panel and Board approve the Internal Audit Risk-based plan for 2026-27.
8
Governance: Draft minutes and recommendations from the Responsible Investment Sub-Committee
To receive a report of the Director of Corporate Operations presenting the draft minutes from the meeting of the Hampshire Pension Fund Responsible Investment Sub Committee, including a number of recommendations to the Pension Fund Panel and Board, which took place on 6 March 2026.
Attachments:
- Document PFPB Recommendations from PFRIS 12 Mar 2026
- Document Minutes Public Pack, 06/03/2026 Hampshire Pension Fund Responsible Investment Sub-Committee 12 Mar 2026
Minutes
The Panel and Board considered three principal recommendations from the Responsible Investment Sub?Committee.
Members reviewed the proposal for the Fund to join the Local Authority Pension Fund Forum (LAPFF), noting the modest cost and the alignment with other partner funds within LGPS Central. Members raised concern regarding the cumulative effect of multiple bodies charging annual membership fees and asked that this be reviewed periodically.
Members also considered the Fund’s submission to the 2026 PRI Assessment Report, agreeing the proposed timetable for approval and submission. In addition, Members endorsed the PRI’s Advance Project addressing modern slavery and child labour risks, noting its alignment with scheme member priorities expressed in the 2025 survey.
Mr Simon Walker proposed a minor amendment to the wording of the recommendations, to make clear that the PRI Assessment would be reported on 17 July 2026, which was seconded by Councillor Thacker and agreed by all present.
RESOLVED:
1. That the Pension Fund Panel and Board receive and note the draft minutes.
2. That the Pension Fund Panel and Board approve the following recommendations made by the Responsible Investment (RI) Sub-Committee
Hampshire Pension Fund joins the Local Authority Pension Fund Forum (LAPFF). The Fund’s proposed 2026 PRI assessment will be reported on 17 July 2026, prior to submission by 31 July 2026. The Fund become an endorser of the PRI’s ADVANCE project where institutional investors work together to drive positive outcomes on human rights and social issues from companies through collective influence.
Carolan Dobson left the meeting at this point.
Members reviewed the proposal for the Fund to join the Local Authority Pension Fund Forum (LAPFF), noting the modest cost and the alignment with other partner funds within LGPS Central. Members raised concern regarding the cumulative effect of multiple bodies charging annual membership fees and asked that this be reviewed periodically.
Members also considered the Fund’s submission to the 2026 PRI Assessment Report, agreeing the proposed timetable for approval and submission. In addition, Members endorsed the PRI’s Advance Project addressing modern slavery and child labour risks, noting its alignment with scheme member priorities expressed in the 2025 survey.
Mr Simon Walker proposed a minor amendment to the wording of the recommendations, to make clear that the PRI Assessment would be reported on 17 July 2026, which was seconded by Councillor Thacker and agreed by all present.
RESOLVED:
1. That the Pension Fund Panel and Board receive and note the draft minutes.
2. That the Pension Fund Panel and Board approve the following recommendations made by the Responsible Investment (RI) Sub-Committee
Hampshire Pension Fund joins the Local Authority Pension Fund Forum (LAPFF). The Fund’s proposed 2026 PRI assessment will be reported on 17 July 2026, prior to submission by 31 July 2026. The Fund become an endorser of the PRI’s ADVANCE project where institutional investors work together to drive positive outcomes on human rights and social issues from companies through collective influence.
Carolan Dobson left the meeting at this point.
9
Governance: Independent Adviser to the Panel and Board
To receive a report from the Director of Corporate Operations outlining the requirements of new draft regulations, requiring the appointment of a independent person to advise the Pension Fund.
Attachments:
- Document Governance - independent advisor 12 Mar 2026
Minutes
The Panel and Board received a report from the Director of Corporate Operations outlining the requirements of new draft regulations, requiring the appointment of a independent person as a non?voting member of the Panel and Board.
Officers clarified that the new role would be distinct from the existing “independent adviser” model, though the terminology used in the draft regulations had used wording “independent adviser” the appointment would be for an Independent Person, and that a Member of a committee could not be an adviser to the Committee.
Members debated the recommended nine?year term limit derived from the UK Governance Code. While recognising the importance of independence, Members were mindful of the scarcity of suitable candidates nationally and the advantages of preserving experience through the period of organisational transition.
A suggestion was raised, for a structured review of the independent person role, particularly the definition of independence, expected responsibilities within the pooled environment, and alignment with peer funds, prior to the recommended 2028 re-tender process.
Cllr Smyth proposed a new recommendation be added, which was seconded by Councillor Mocatta:
To agree that between now and July 2028 (prior to October 2028) the Hampshire Pension Fund Panel and Board examine the independent person role, particularly to define the word “Independent” and “adviser” very clearly, taking into account what arrangements other pool members are operating, what the new forms of governance are within the pool and the views of the emerging Panel and clarification of the role by the new and other changes in the panel’s operating environment.
A vote was held, and the inclusion of the new recommendation was agreed unanimously.
Members acknowledged the need for continuity during the significant transition to new pooling arrangements and agreed that the current contract with the existing adviser, Carolann Dobson, be retained until December 2028.
RESOLVED:
1. To note the report and new regulatory requirement to ‘appoint an independent person as a non-voting member’ to the Pension Fund Panel and Board and to agree that the Fund’s current contract for an independent advisor is retained through to its end date of December 2028, at which time a new independent person will be appointed.
2. To recommend to County Council that the Panel and Board’s terms of
reference (contained in the Constitution) and Representation Policy are
amended, as per the appendices to this report, to include a non-voting
independent person and that County Council appoint Carolan Dobson as a non-voting member of the Panel and Board to fulfil this role.
3. To agree that between now and July 2028 (prior to October 2028) the Hampshire Pension Fund Panel and Board examine the independent person role, particularly to define the word “Independent” and “adviser” very clearly, taking into account what arrangements other pool members are operating, what the new forms of governance are within the pool and the views of the emerging Panel and clarification of the role by the new and other changes in the panel’s operating environment.
Officers clarified that the new role would be distinct from the existing “independent adviser” model, though the terminology used in the draft regulations had used wording “independent adviser” the appointment would be for an Independent Person, and that a Member of a committee could not be an adviser to the Committee.
Members debated the recommended nine?year term limit derived from the UK Governance Code. While recognising the importance of independence, Members were mindful of the scarcity of suitable candidates nationally and the advantages of preserving experience through the period of organisational transition.
A suggestion was raised, for a structured review of the independent person role, particularly the definition of independence, expected responsibilities within the pooled environment, and alignment with peer funds, prior to the recommended 2028 re-tender process.
Cllr Smyth proposed a new recommendation be added, which was seconded by Councillor Mocatta:
To agree that between now and July 2028 (prior to October 2028) the Hampshire Pension Fund Panel and Board examine the independent person role, particularly to define the word “Independent” and “adviser” very clearly, taking into account what arrangements other pool members are operating, what the new forms of governance are within the pool and the views of the emerging Panel and clarification of the role by the new and other changes in the panel’s operating environment.
A vote was held, and the inclusion of the new recommendation was agreed unanimously.
Members acknowledged the need for continuity during the significant transition to new pooling arrangements and agreed that the current contract with the existing adviser, Carolann Dobson, be retained until December 2028.
RESOLVED:
1. To note the report and new regulatory requirement to ‘appoint an independent person as a non-voting member’ to the Pension Fund Panel and Board and to agree that the Fund’s current contract for an independent advisor is retained through to its end date of December 2028, at which time a new independent person will be appointed.
2. To recommend to County Council that the Panel and Board’s terms of
reference (contained in the Constitution) and Representation Policy are
amended, as per the appendices to this report, to include a non-voting
independent person and that County Council appoint Carolan Dobson as a non-voting member of the Panel and Board to fulfil this role.
3. To agree that between now and July 2028 (prior to October 2028) the Hampshire Pension Fund Panel and Board examine the independent person role, particularly to define the word “Independent” and “adviser” very clearly, taking into account what arrangements other pool members are operating, what the new forms of governance are within the pool and the views of the emerging Panel and clarification of the role by the new and other changes in the panel’s operating environment.
10
Governance: Investment Pooling Update
To receive a report of the Director of Corporate Operations providing an update on the activity and actions required to manage the transition of the Pension Fund’s pooling arrangements from ACCESS to LGPS Central (LGPSC).
Attachments:
- Document Governance - pooling update 12 Mar 2026
Minutes
Carolan Dobson returned to the meeting at this point.
The Panel received an update on the transition from the ACCESS pool to LGPS Central. Members were informed that the Inter?Authority Agreement for ACCESS required revision to facilitate the wind?down process, and that a narrow?focused joint committee would remain in place to oversee the closure.
Officers confirmed that Hampshire would become a shareholder in LGPS Central, noting the specific responsibilities this entailed. Concerns were raised about the increased workload for the Section 151 Officer, and officers reassured Members that it wasn’t expected to create a materially different workload in the long-term, and while voting responsibilities could not be delegated, appropriate support arrangements would be put in place.
Members recorded their thanks to Councillor Kemp Gee for his effective representation of Hampshire within ACCESS including his chairmanship of the ACCESS joint committee.
RESOLVED:
That the Pension Fund Panel and Board:
1. Approves the proposed changes to the ACCESS Joint Committee’s (JC’s) functions set out in paragraph 11 and in particular the function of agreeing to the termination of the Operator agreement on behalf of all eleven ACCESS authorities.
2. Delegates authority to the Director of Corporate Operations to finalise, agree and execute the amended Inter-Authority Agreement (IAA), including finalising and approving the revised functions of the JC and Project Connect Programme Board (PCPB), and the amended cost sharing arrangements.
3. Delegates authority to the Director of Corporate Operations to exercise all functions associated with the PCPB, including the ability to authorise other Officers to exercise these functions on behalf of the Director of Corporate Operations.
4. Agrees that from 1 April 2026 Hampshire’s representative appointed to the ACCESS JC reverts to the Chairman of the Pension Fund Panel and Board, with the Vice Chairman acting as their deputy.
5. Agrees that Hampshire’s representative appointed to the LGPS Central (LGPSC) Overview Committee is the Chairman of the Pension Fund Panel and Board, with the Vice Chairman acting as their deputy.
6. Appoints the Director of Corporate Operations as Hampshire’s Shareholder Representative for LGPSC, with the Deputy Director acting as their deputy as necessary, and delegates authority to the Director of Corporate Operations or Deputy Director as appropriate to make the necessary decisions as Shareholder Representative on the Pension Fund’s behalf.
7. Approves the updates to the Pension Fund’s discretions and delegations contained in Appendix 1.
The Panel received an update on the transition from the ACCESS pool to LGPS Central. Members were informed that the Inter?Authority Agreement for ACCESS required revision to facilitate the wind?down process, and that a narrow?focused joint committee would remain in place to oversee the closure.
Officers confirmed that Hampshire would become a shareholder in LGPS Central, noting the specific responsibilities this entailed. Concerns were raised about the increased workload for the Section 151 Officer, and officers reassured Members that it wasn’t expected to create a materially different workload in the long-term, and while voting responsibilities could not be delegated, appropriate support arrangements would be put in place.
Members recorded their thanks to Councillor Kemp Gee for his effective representation of Hampshire within ACCESS including his chairmanship of the ACCESS joint committee.
RESOLVED:
That the Pension Fund Panel and Board:
1. Approves the proposed changes to the ACCESS Joint Committee’s (JC’s) functions set out in paragraph 11 and in particular the function of agreeing to the termination of the Operator agreement on behalf of all eleven ACCESS authorities.
2. Delegates authority to the Director of Corporate Operations to finalise, agree and execute the amended Inter-Authority Agreement (IAA), including finalising and approving the revised functions of the JC and Project Connect Programme Board (PCPB), and the amended cost sharing arrangements.
3. Delegates authority to the Director of Corporate Operations to exercise all functions associated with the PCPB, including the ability to authorise other Officers to exercise these functions on behalf of the Director of Corporate Operations.
4. Agrees that from 1 April 2026 Hampshire’s representative appointed to the ACCESS JC reverts to the Chairman of the Pension Fund Panel and Board, with the Vice Chairman acting as their deputy.
5. Agrees that Hampshire’s representative appointed to the LGPS Central (LGPSC) Overview Committee is the Chairman of the Pension Fund Panel and Board, with the Vice Chairman acting as their deputy.
6. Appoints the Director of Corporate Operations as Hampshire’s Shareholder Representative for LGPSC, with the Deputy Director acting as their deputy as necessary, and delegates authority to the Director of Corporate Operations or Deputy Director as appropriate to make the necessary decisions as Shareholder Representative on the Pension Fund’s behalf.
7. Approves the updates to the Pension Fund’s discretions and delegations contained in Appendix 1.
11
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 11:25 to 11:35
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 11:25 to 11:35
12
Confirmation of the Minutes of the Previous Meeting (Exempt)
To confirm the exempt minutes of the previous meeting held on 12 December 2025.
Attachments:
- Document Minutes - Exempt 320, 12/12/2025 Hampshire Pension Fund Panel and Board 12 Mar 2026
- Document Minutes - Exempt 323, 12/12/2025 Hampshire Pension Fund Panel and Board 12 Mar 2026
13
Investments: Pension Fund’s Custodian performance report
To receive a report from the Director of Corporate Operations providing a review of custody services since the last previous report in March 2025 and an update on the Pension Fund’s tax claims and class actions.
Attachments:
- Document PFPB Custodian report 12 Mar 2026
- Document Minutes - Exempt 336 13 Apr 2026
14
Investment: Investment Strategy Review
To receive a report of the Directors of Corporate Operations providing an update on the progress of the Pension Fund’s investments.
Attachments:
- Document Investment Strategy Review 12 Mar 2026
- Document Annex 1 Investment Strategy Hymans report 12 Mar 2026
- Document Annex 2 Investment beliefs 12 Mar 2026
- Document Annex 3 Local Investment report 12 Mar 2026
- Document Annex 4 Investment Strategy Statement 12 Mar 2026
- Document Minutes - Exempt 337 13 Apr 2026
15
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 Investment update 12 Mar 2026
- Document Minutes - Exempt 338 13 Apr 2026
16
Investments: Alternative investments update
To receive a report from the Director of Corporate Operations providing an update on the progress of the alternative investments portfolio.
Attachments:
- Document PFPB Alternative Investments Portfolio Update report 12 Mar 2026
- Document Minutes - Exempt 339 13 Apr 2026
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