Policies and reports
Decision-making and transparency
The Fund aims to always be transparent in the way it operates and to follow good governance principles. As such, we produce an array of strategies and policies setting out how we make decisions and the way that operates, along with regular reports.
Strategies and policies are produced by officers and approved by the Pension Committee, whilst the format of reports are agreed by Committee and are then published here.
You can read the publications by clicking the relevant box below:
Rates and adjustment certificate
The rates and adjustment certificate sets out the employer contribution rates due by each employer participating in the Fund:
Rates and adjustment certificate
Actuarial valuation reports
As part of each triennial valuation of the Fund, the Fund's actuary produces a report. The report from the last five valuations can be found below:
Rates and adjustment certificate
The rates and adjustment certificate sets out the employer contribution rates due by each employer participating in the Fund:
Rates and adjustment certificate
Actuarial valuation reports
As part of each triennial valuation of the Fund, the Fund's actuary produces a report. The report from the last five valuations can be found below:
Equity holding analysis
2025:
2024:
2023:
Holding reports (equity and lookthrough)
Equity holding analysis
2025:
2024:
2023:
Holding reports (equity and lookthrough)
Responsible investment
The Gloucestershire Pension Fund Responsible Investment Policy outlines the Fund’s commitment to integrating environmental, social, and governance (ESG) considerations into its investment strategy. The policy reflects the Fund’s belief that responsible investment supports long-term financial performance and aligns with the interests of its members and stakeholders. Originally approved in June 2024, and Updated in February 2025, the policy emphasises transparency, climate risk management and reporting, and a commitment to achieving net zero emissions. It also highlights the Fund’s collaborative approach through partnerships with the Brunel Pension Partnership and other external fund managers its focus on active stewardship, engagement, and sustainable asset allocation:
Climate reporting
We are pleased to announce that the Fund has published its second report based on the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) framework.
The Fund is fully supportive of this initiative, in recognition of the need for transparent disclosures to all our stakeholders, especially our employers and individual members. This provides a framework which will demonstrate how the Fund considers these risks and opportunities when formulating investment strategies and asset allocations.
The Fund believes that this will also enhance decision making and strategic policy implementation going forwards, so have therefore now decided to produce a report based on the principles of the TCFD guidance in advance of legislation being introduced.
Our intention is to produce a TCFD report on an annual basis.
The reports we have undertaken so far, for 2024/25 and 2023/24, can be viewed below:
Carbon metric reports
Responsible investment
The Gloucestershire Pension Fund Responsible Investment Policy outlines the Fund’s commitment to integrating environmental, social, and governance (ESG) considerations into its investment strategy. The policy reflects the Fund’s belief that responsible investment supports long-term financial performance and aligns with the interests of its members and stakeholders. Originally approved in June 2024, and Updated in February 2025, the policy emphasises transparency, climate risk management and reporting, and a commitment to achieving net zero emissions. It also highlights the Fund’s collaborative approach through partnerships with the Brunel Pension Partnership and other external fund managers its focus on active stewardship, engagement, and sustainable asset allocation:
Climate reporting
We are pleased to announce that the Fund has published its second report based on the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) framework.
The Fund is fully supportive of this initiative, in recognition of the need for transparent disclosures to all our stakeholders, especially our employers and individual members. This provides a framework which will demonstrate how the Fund considers these risks and opportunities when formulating investment strategies and asset allocations.
The Fund believes that this will also enhance decision making and strategic policy implementation going forwards, so have therefore now decided to produce a report based on the principles of the TCFD guidance in advance of legislation being introduced.
Our intention is to produce a TCFD report on an annual basis.
The reports we have undertaken so far, for 2024/25 and 2023/24, can be viewed below:
Carbon metric reports
We’re proud to be accepted as a signatory to the UK Stewardship Code, a key milestone in our commitment to responsible investment and strong governance.
Overseen by the Financial Reporting Council, the UK Stewardship Code sets high standards for institutional investors to promote long-term value, transparency, and sustainability. Our signatory status reflects our dedication to effective stewardship and accountability.
(* This report has been submitted to the Financial Reporting Council as part of our application for renewal as a signatory to the UK Stewardship Code 2026. It is subject to FRC assessment, and our signatory status has not yet been confirmed.)
We’re proud to be accepted as a signatory to the UK Stewardship Code, a key milestone in our commitment to responsible investment and strong governance.
Overseen by the Financial Reporting Council, the UK Stewardship Code sets high standards for institutional investors to promote long-term value, transparency, and sustainability. Our signatory status reflects our dedication to effective stewardship and accountability.
(* This report has been submitted to the Financial Reporting Council as part of our application for renewal as a signatory to the UK Stewardship Code 2026. It is subject to FRC assessment, and our signatory status has not yet been confirmed.)