The Norfolk Pension Fund's draft accounts for 2025-26 were laid before the Pensions Committee on 23 June, giving members their first detailed look at the fund's financial position for the year ending 31 March 2026.

Committee members questioned a contraction in investment income shown in the accounts. The Head of Funding and Investment, Alex Younger, clarified that the reduction reflected changes in the mix and structure of assets held by the fund, rather than an outright fall in returns.

The accounts also shed light on how the fund classifies its investments. Level one assets are straightforward quoted equities with publicly observable prices, level two are more complex instruments with a mix of observable and unobservable inputs, and level three covers arrangements such as private equity and private debt.

One operational pressure flagged during the meeting was the workload spike each August, when schools applying for academy status trigger a surge in employer financial reporting requirements. The fund told councillors it has worked with its actuary, Hymans Robertson, to streamline the reporting process, and noted that the pace of academy conversions has slowed in recent years, easing some of that pressure.

The committee noted both the draft accounts and the external auditor's provisional audit planning report. The accounts remain in draft form and are subject to external audit before being finalised.