North Yorkshire Council
15 January 2026
Pension Fund Risk Register
1. Purpose of the Report
1.1. To provide Pension Board members with the opportunity to comment on the Pension Fund risk register.
2. Background
2.1. The risk register for the Pension Fund is updated every six months and is formally approved annually by the Pension Fund Committee (PFC). It is also reviewed by the Pension Board after each six monthly update. The risk register was last approved by the PFC in July 2025 as part of the annual governance review of the Fund.
2.2. The summary report of the risk register is included at Appendix 1 with the detail included as Appendix 2.
3. In year changes
The Solvency risk ranking has improved at the latest review following the prudent approach adopted at the 2025 triennial valuation. This has resulted in an increased likelihood of achieving funding objectives and maintaining stability in employer contribution levels, with surplus distributions only occurring when funding exceeds 110%.
The investment risk has reduced due to the continued allocation of assets to Border to Coast Partnership (BCPP) funds, which deliver a diversified and cost-effective investment approach designed to support long-term stability in returns and funding outcome. The North Yorkshire Pension Fund has also adopted the BCPP’s Responsible Investment Policy and Climate Change Policy.
The remaining risk rankings have remained the same following the latest review undertaken in November 2025.
4. Recommendation
4.1. Pension Board Members to provide feedback on the latest risk register.
Phillippa Cockerill
Head of Pensions Administration
County Hall
Northallerton
07 January 2026
Background Papers - Nil