Agenda and minutes

To confirm and sign the minutes of the meetings held on 2 December 2025.

The minutes of the meeting held on 2 December 2025 were confirmed and signed.

To disclose any pecuniary, other registrable or personal interest as set out in the adopted Code of Conduct.  In making their decision councillors are asked to state the agenda item, the nature of the interest and any action they propose to take as part of their declaration.

If required, further advice should be sought from the Monitoring Officer in advance of the meeting.

No declarations of disclosable pecuniary interests were made at the meeting.

Representatives of town or parish councils and members of the public who live, work, or represent an organisation within the Dorset Council area are welcome to submit either 1 question or 1 statement for each meeting.  You are welcome to attend the meeting in person or via MS Teams to read out your question and to receive the response.   If you submit a statement for the committee this will be circulated to all members of the committee in advance of the meeting as a supplement to the agenda and appended to the minutes for the formal record but will not be read out at the meeting. The first 8 questions and the first 8 statements received from members of the public or organisations for each meeting will be accepted on a first come first served basis in accordance with the deadline set out below.  Further information read Public Participation - Dorset Council

All submissions must be emailed in full to [email protected] by 08:00am 12 March 2026.

When submitting your question(s) and/or statement(s) please note that:

·       You can submit 1 question or 1 statement.

·       A question may include a short pre-amble to set the context.

·       It must be a single question and any sub-divided questions will not be permitted.

·       Each question will consist of no more than 450 words, and you will be given up to 3 minutes to present your question.

·       When submitting a question please indicate who the question is for (e.g., the name of the committee or Portfolio Holder). 

·       Include your name, address, and contact details.  Only your name will be published but we may need your other details to contact you about your question or statement in advance of the meeting.

·       Questions and statements received in line with the council’s rules for public participation will be published as a supplement to the agenda. 

·       All questions, statements and responses will be published in full within the minutes of the meeting.   

There were no questions from members of the public.

To receive questions submitted by councillors.

Councillors can submit up to two valid questions at each meeting and sub divided questions count towards this total. Questions and statements received will be published as a supplement to the agenda and all questions, statements and responses will be published in full within the minutes of the meeting.

The submissions must be emailed in full to [email protected] by 08:00am on Thursday 12 March 2026.

Dorset Council Constitution – Procedure Rule 13

There were no questions from councillors.

To receive a deputation from the Dorset Palestine Solidarity Campaign.

A deputation was received from the Dorset Palestine Solidarity Campaign calling for the pension fund to be divested from “companies complicit in Israel’s genocide in Gaza and violations of international law and human rights against Palestinians”.

The response from the Chair of the Pension Fund Committee, is set out in the appendix to these minutes.

To consider any items of business which the Chairman has had prior notification and considers to be urgent pursuant to section 100B (4) b) of the Local Government Act 1972. The reason for the urgency shall be recorded in the minutes.

There were no urgent items.

To consider the quarterly report on pension fund administration.

Performance against Key Performance Indicators (KPIs) remained strong. 98% of priority cases had been completed on time.

Testing for the Pensions Dashboard was underway, and full launch was expected in early 2027.

Work to implement the McCloud remedy had continued and was scheduled for completion by the end of June 2026.

The Department for Ministry for Housing, Communities and Local Government (MHCLG) had confirmed that changes to the Local Government Pension Scheme (LGPS) would be implemented in two phases. The first set of amendments would take effect from 1 April 2026. The key changes were around death grant and survivor pensions, qualifying additional pension arrangements, gender pensions gap measures and removal of the lifetime allowance. Significant changes to payroll and pensions software were required.

Elected members would be eligible to join the LGPS on an opt-in basis from 11 May 2026.

To approve the Funding Strategy Statement.

The Committee considered a report setting out the Funding Strategy Statement (FSS).

The FSS had been updated to reflect the draft results of the latest triennial valuation as at 31 March 2025 and the most recent guidance issued by the LGPS Scheme Advisory Board (SAB) January 2025.

In December 2025 the Committee approved the updated draft FSS for consultation with scheme employers and other key stakeholders. The consultation had now ended and the FSS had been amended as appropriate.

Decision

That the final revised Funding Strategy Statement is approved.

To approve the pension fund’s Treasury Management Strategy for 2026-27. 

The Committee considered a report setting out the Pension Fund Treasury Management Strategy (TMS) for 2026/27.

Pension fund cashflows needed to be managed to ensure there was sufficient liquidity to meet liabilities as they fall due and to invest any surplus balances appropriately. The TMS provided the framework within which officers must manage these cashflows and cash investments.

The TMS for 2026-27 was largely unchanged from 2025-26 and broadly followed the TMS for Dorset Council, the administering authority for the pension fund, where applicable.

Decision

That the pension fund’s Treasury Management Strategy for 2026/27 is approved.

To approve the Pension Fund Annual Report 2024/25 for publication.

The draft annual report for 2024/25 was approved by the Committee for publication at its last meeting on 2 December 2025. At that time the report of the independent auditors regarding the pension fund annual financial statements had not been finalised. The audit report had now been finalised and was included in the final annual report.

Decision

That the final Pension Fund Annual Report for 2024/25 is approved for publication.

To consider the quarterly report on the value and performance of the pension fund’s investments.

The value of the pension fund’s assets at 31 December 2025 was just over £4.5 billion, an increase of £448m since the start of the financial year. The total return from the pension fund’s investments over the quarter to 31 December 2025 was 2.6%, compared to the combined benchmark return of 3.3%. The total return for the year to 31 December 2025 was 11.0% compared to the benchmark return of 13.5%.

To receive a verbal update from Cllr John Beesley in his capacity as a member of the Scheme Advisory Board (SAB) for the Local Government Pension Scheme (LGPS).

The Committee received a verbal update from Cllr John Beesley in his capacity as a member of the SAB.  The last meeting of the SAB was in November 2025, and the next meeting was scheduled to take place on 23 March 2026.  Cllr Beesley welcomed feedback for topics to be discussed at SAB meetings, particularly around LGPS pooling.

To confirm the dates for the meetings of the Committee in 2026/27:

1.30 pm Tuesday 2 June 2026 - County Hall, Dorchester.

1.30 pm Tuesday 8 September 2026 - County Hall, Dorchester.

1.30 pm Tuesday 1 December 2026 - County Hall, Dorchester.

1.30 pm Tuesday 2 March 2027 - County Hall, Dorchester.

All meetings to be preceded by training for committee members 10am to 12.45pm.

1.30 pm Tuesday 2 June 2026 - County Hall, Dorchester.

1.30 pm Tuesday 8 September 2026 - County Hall, Dorchester.

1.30 pm Tuesday 1 December 2026 - County Hall, Dorchester.

1.30 pm Tuesday 2 March 2027 - County Hall, Dorchester

All meetings to be preceded by training for committee members 10am to 12.30pm.

To move the exclusion of the press and the public for the following item in view of the likely disclosure of exempt information within the meaning of paragraph 3 of schedule 12 A to the Local Government Act 1972 (as amended).

The public and the press will be asked to leave the meeting whilst the item of business is considered.

There is no exempt business scheduled for this meeting.

Decision

That the press and the public be excluded for the following item(s) in view of the likely disclosure of exempt information within the meaning of paragraph 3 of schedule 12 A to the Local Government Act 1972 (as amended).

To consider progress to date and actions required to implement the changes required in response to the government’s plans for the future of Local Government Pension Scheme (LGPS) investment pooling.

The 86 administering authorities in England and Wales manage their Local Government Pension Scheme (LGPS) fund assets through eight asset pools.  Dorset County Pension Fund assets are currently managed by the Brunel Pension Partnership (Brunel) together with the assets of nine other administering authorities based largely in the southwest of England.

The administering authorities of two pools (Brunel and ACCESS) have been instructed by government to join one of the six other pools and in September 2025 the Committee resolved that Local Pension Partnership Investments (LPPI) was the preferred pool Dorset wishes to work with, alongside five of the other Brunel partner funds plus three existing LPPI partner funds.

Dorset Council needs to be both a shareholder and a client of LPPI before 31 March 2026 in order to allow the transition of asset management from Brunel to LPPI to take place from 1 April 2026.

Decision

That:

i.         Dorset Council, in its capacity as administering authority of the Dorset County Pension Fund, becomes a shareholder and client of LPPI Holdings Ltd.

ii.        Dorset County Pension Fund provides the required regulatory capital to LPPI Holdings Ltd.

iii.       the Corporate Director Finance and Commercial is appointed as a non-executive director of LPPI Holdings Ltd.

iv.       officers are authorised to undertake such tasks as are deemed necessary to progress the safe, effective and efficient transition of investment pooling arrangements to LPPI.

v.        progress in the transition of assets to the management of LPPI is noted.

vi.       officers are authorised to undertake such tasks as deemed necessary to progress the safe, effective and efficient wind-down of Brunel Pension Partnership Ltd.

To consider any potential changes to investment management arrangements.

Following the conclusion of the current triennial valuation of the pension fund’s assets and liabilities by the actuary there will be a full review of the pension fund’s investment strategy.  In accordance with the government’s ‘Fit for Future’ reforms the primary source of advice for this review will be the pension fund’s new investment pooling manager, Local Pension Partnership Investments (LPPI) and the review will be undertaken in compliance with the final revised regulations and guidance expected shortly from government.

It was however necessary, due to changes in investment management arrangements and/or market outlook, to consider some changes to the pension fund’s investment strategy before this full review is undertaken.

Decision

That the proposed changes to investment management arrangements were approved and the revised Investment Strategy Statement (ISS) is published on the pension fund’s website with effect 1 April 2026.