The Pensions Committee reviewed the Norfolk Pension Fund's annual report and accounts for 2025-26 at its meeting on 15 September, agreeing to recommend the financial statements to the Audit and Governance Committee for approval.

The committee delegated authority to the Chair of the Pensions Committee and the Director of Strategic Finance to sign off the formal management letter, subject to the outcome of the auditor's ISA 260 report — a standard document in which external auditors flag any significant issues found during the audit.

Officers told the committee that new guidance from the Scheme Advisory Board, introduced in 2024, had significantly improved how comparable and transparent annual reports are across different Local Government Pension Scheme funds in England and Wales.

However, members heard that climate reporting for private market assets — such as infrastructure and property investments — remains incomplete due to inconsistent data from investment managers. Officers said the pooling of investments through LGPS Central, the Fund's regional investment pool, was expected to improve the quality of this data over time.

The committee also heard that academy trusts create a particularly heavy administrative workload each August, because their financial reporting deadlines differ from other employers in the scheme. Officers said digital reporting tools and online portals had allowed this to be managed without extra resources.

The Norfolk Pension Fund covers around 80,000 members, including current and former employees of Norfolk County Council, district councils, schools, and other public bodies across the county.