Agenda, decisions and minutes

There was no announcement made by the Chair.

Members of the Committee will declare any interests they may have in any item to be considered at this meeting, prior to any discussion taking place on that item.

The registrable interests of Councillors of Devon County Council, arising from membership of City, Town or Parish Councils and other Local Authorities will automatically be recorded in the minutes. 

For details of District and or Town and Parish Twin Hatters – please see here:

County councillors who are also district, borough, city, parish or town councillors

The Chair reminded Members they should declare any interests they may

have in any item to be considered, prior to any discussion taking place on that

item. The details of District and or Town and Parish Twin Hatters was on the

attached list - A list of county councillors who are also district, borough, city,

parish or town councillors

Minutes of the meeting held on 2 December 2024, attached.

RESOLVED that the minutes of the meeting held 2 December 2024 be signed as a correct record.

RESOLVED that the minutes of the meeting held 2 December 2024 be signed as a correct record.

Minutes of the Devon Pension Board meeting held on 29 January 2025, attached.

Members noted the Devon Pension Board minutes of 29 January 2025. Comment was made on the minutes’ reference to Cyber Security and Pension Scams (minute *208) and the concern of Fund members in relation to this. An officer explained that this was on Peninsula Pensions’ radar, with trained staff working on these areas.

Minutes of the Brunel Oversight Board meetings held on 5 December 2024 and 23 January 2025, attached.

Members noted the Brunel Oversight Board minutes of 5 December 2024. Comment was made on previous discussions regarding Scheme Member Representatives having voting rights on the Board, which officers recalled was raised, but was not referenced in the minutes. In the context of the Government’s “Fit for the future” Local Government Pension Scheme (LGPS) consultation, voting arrangements would inevitably need to be looked at in the future.

Report of the Director of Finance and Public Value (DFP/25/26), attached.

RESOLVED that the Internal Audit plan for 2025/26 be approved.

The Committee considered the Report of the Director of Finance and Public Value (DFP/25/26) on the Internal Audit plan for 2025/26. The report outlined the statutory responsibilities of the Authority to ensure “proper administration of their financial affairs”, confirmed through reporting of Internal Audit. Two audit plans were attached to the report; one for the Devon Pension Fund and one for Peninsula Pensions, with up to 35 days of internal audit support being allowed for the former, and up to 50 for the latter.

The main Audit Risk Areas were outlined in the appendix, at page 31; however, members were advised that a flexible audit plan was operated, meaning that focus can change if different risks arise.

It was MOVED by R Franceschini, SECONDED by Councillor R Bloxham and

RESOLVED that the Internal Audit plan for 2025/26 be approved.

Report of the Director of Finance (DFP/25/27), attached.

The Committee considered the Report of the Director of Finance and Public

Value (DFP/25/27). The Report outlined the Fund value and asset allocation,

Fund performance, funding level, 2024/25 budget forecast, cash management

and voting and engagement activity, as at 31 December 2024.

Highlights from the report and officer presentation included:

• That the Fund value stood at £6.26 billion as at 31 December 2024, representing an increase of 2.6% over the quarter and 6.3% over the financial year-to-date;

• The total Fund return was in line with the Local Government Pension Scheme average over the year-to-date, and was ahead of the average over the three-year period;

• Allocation to Equities was overweight, but this was offset by allocation  to Private Markets being underweight;

• There was higher than budgeted employer contributions primarily due to the transfer of police staff from Dorset to the Devon and Cornwall Police;

• the estimated funding level as at 31 December 2024 was 101.3%, although the 2025 Triennial Valuation would provide a more thorough review of the Fund’s funding position, with a full review of the liability data; and

• the Fund had been reaccredited as signatories of the UK Stewardship Code for a further year due to its stewardship activities and reporting during 2023/24.

The Committee noted the report and compliance with the 2024-25 Treasury

Management Strategy.

Report of the Director of Finance (DF/25/28), attached.

RESOLVED that the Treasury Management Strategy for 2025/26 be adopted.

The Committee considered the Report of the Director of Finance and Public Value (DFP/25/28) on the proposed Treasury Management Strategy for 2025/26 (attached to the report, Appendix 1), in line with the Chartered Institute of Public Finance and Accountancy (CIPFA) Code of Practice for Treasury Management. The proposed 2025/26 strategy was consistent with that of 2024/25, and with the Council’s own treasury management strategy.

It was MOVED by Councillor Bloxham, SECONDED by Councillor Gent and

RESOLVED that the Treasury Management Strategy for 2025/26 be adopted.

Report of the Director of Finance and Public Value (DFP/25/29), attached.

The Committee considered the Report of the Director of Finance and Public Value (DFP/25/29) on the performance of Peninsula Pensions. Performance against the relevant regulations were 90% for the quarter ending 31 December, or 96% for High Priority procedures (such as retirement or survivor benefits).

Appendices 1 and 2 to the report provided a breakdown of administration

performance relating to the Devon Pension Fund only, for the quarter ending

31 December 2024 (Appendix 1) and longer-term (Appendix 2). Appendix 3

showed the amount of work received over a 12 month period compared to

previously and indicated a decrease in demand for this quarter.

Discussion points with members included:

• Around 850 outstanding enquiries across all employers that contributed to the Fund whereby Peninsula Pensions required further information, since which point a significant number had not engaged despite warnings. The next step would be moving towards the levying of fines for those that were not engaging; and

• That considerations need to be had, in relation to ensuring employer engagement, on the implications of Local Government Reorganisation in the proposed dissolution of district councils, where under the current system many town and parish councils use the district councils as a body to look after their payroll and pension data. Officers confirmed they were aware of this.

Members noted the report.

(a) New admitted bodies - The following applications for admitted body status have been approved since the last meeting of the Committee:

·         Devon & Cornwall Police transferred their IT Managed Services Call Off Agreement to British Telecom Plc. On 1^st October 2024

·         Connect Academy Trust transferred their Catering to ABM Catering Solutions with effect from 1 April 2024 (late notification).

(b) Cessations – The following employer has left the scheme:

·         Devon Wildlife Trust - 30^th September 2024

(c) New academy conversions and changes.

·         Clyst Heath Primary School, Marpool Primary School and Countess Wear Community School joined Cornerstone Multi Academy Trust - 1st September 2024.

·         Ladysmith Infant and Nursery School and Ladysmith Junior School joined St Christopher's C of E (Primary) MAT - 1st October 2024.    

The Committee noted the employer changes.

Items which in the opinion of the Chairman should be considered at the meeting as matters of urgency.

There was no item raised as a matter of urgency.

20 Jun 2025 10.30 am

19 Sep 2025 10.30 am

19 Sep 2025 2.00 pm - Staff / Retiree Consultation

28 Nov 2025 10.30 am

27 Feb 2026 10.30 am

The Committee noted the dates of future meetings.

Recommendation: that the press and public be excluded from the meeting for the following items of business under Section 100(A)(4) of the Local Government Act 1972 on the grounds that they involve the likely disclosure of exempt information as defined in Paragraph 3 of Schedule 12A of the Act, information relating to the financial and business affairs of the Council which would be likely to inhibit the free and frank provision of advice and exchange of views for the purpose of deliberation or the effective conduct of public affairs.

RESOLVED that the press and public be excluded from the meeting for the following items of business under Section 100(A)(4) of the Local Government Act 1972 on the grounds that they involve the likely disclosure of exempt information as defined in Paragraph 3 of Schedule 12A of the Act, information relating to the financial and business affairs of the Council which would be likely to inhibit the free and frank provision of advice and exchange of views for the purpose of deliberation or the effective conduct of public affairs.

RESOLVED that the press and public be excluded from the meeting for

the following items of business under Section 100(A)(4) of the Local Government Act 1972 on the grounds that they involve the likely disclosure of exempt information as defined in Paragraph 3 of Schedule 12A of the Act, information relating to the financial and business affairs of the Council which would be likely to inhibit the free and frank provision of advice and exchange of views for the purpose of deliberation or the effective conduct of public affairs.

Report of the Director of Finance (DF/25/30), attached, RESTRICTED.

RESOLVED that the Committee approve the changes to the Pension Fund’s Strategic Asset Allocation, as set out in section 6 of the report.

The Committee considered the Report of the Director of Finance (DF/25/30) which set out the changes to the investment strategy proposed as a result of the review of the Fund’s strategy, agreed to be undertaken by Redington investment consultants at the last meeting of the Investment and Pension Fund Committee.

Members received a presentation from a representative of Redington investment consultants. Two approaches had been proposed to the Committee as possibilities, with officer opinion provided on which was their preferred option.

At the meeting, there was significant discussion on the rationale behind the proposals themselves and the officer recommendation.

It was MOVED by Councillor Bloxham, SECONDED by Councillor Atkinson and

RESOLVED that the Committee approve the changes to the Pension Fund’s Strategic Asset Allocation, as set out in section 6 of the report.

Report of the Director of Finance (DF/25/31), attached, RESTRICTED.

The Committee considered the Report of the Director of Finance (DF/25/31) which set out: the position on the Brunel business plan and budget as it relates to 2025/26; and the work in progress in relation to the Government’s “Fit for the Future” consultation, and the provision of a business case setting out how Brunel intend to deliver on the proposals.

Although some of the consultation proposals were seen as a cause for concern by the Committee, they heard that it was important for Brunel to demonstrate its ability to deliver on the proposals.

It was noted for the Committee that the Pensions Bill was due to be published later in the year, which would confirm which proposals the Government would take forward and how they would be implemented.

Members noted the report.