The Pensions Committee of Barking and Dagenham Council met on Tuesday 30 June 2026 to review the fund's quarterly performance, discuss governance matters, and approve investment agreements. Key decisions included the approval of the London CIV Investment Management Agreement and several new admissions to the pension fund.

Pension Fund Quarterly Monitoring Report

Nick Vickers, Head of Pension Fund, Treasury and Capital, presented the quarterly monitoring report for January to March 2026. He noted that March saw significant declines in financial markets due to the Middle East conflict, impacting equity and bond markets. Despite this, the fund's overall performance for the quarter was -0.67%, slightly underperforming its benchmark of -0.56%. Over the 12 months to 31 March 2026, the fund returned +11.88%, underperforming its benchmark of +11.98% by 0.10%. The report also detailed the performance of individual investment managers, with Kempen showing strong performance in the 12-month period, while Baillie Gifford's performance was disappointing. The committee noted the report, acknowledging the collective and individual fund manager performances.

Fund Governance Report

The committee discussed several governance issues, including the London CIV Investment Management Agreement (IMA). This agreement is a crucial legal contract between LGPS Funds and the London CIV, facilitating mandatory asset pooling. A change to paragraph 16.5 of the IMA, requested by another partner fund, was discussed. This amendment explicitly limits liability to the assets managed by the London CIV on behalf of the fund, which was considered favourable. The committee agreed to delegate the final agreement of the IMA to the Strategic Director of Resources, in consultation with the Chair and Deputy Chair.

Several new admissions to the fund were approved. These included Birkins Cleaning Services Limited, Purgo Supply Services Ltd, Creative Barking and Dagenham Limited, Olive Dining Limited, Atlantic Cleaning Services Ltd, KGB Cleaning South West Ltd, and Stir Foods Ltd. These admissions were for a small number of staff transferring from various schools and organisations. The report noted that under LGPS pass-through regulations, the liability for risks remains with the letting body, and a bond was not required.

The committee also noted the Grant Thornton Pension Fund Audit Plan for 2025/26 and the MHCLG response to the Scheme Advisory Board regarding investments in conflict zones. Changes to the Pension Board's operational structure, including the appointment of an independent chairman and an increase in meeting frequency, were also noted.

Other Matters

The meeting concluded with the Chair thanking Nick Vickers for his service as he was leaving his interim role. A permanent appointment for his successor, Nemashe Sivayogan, was announced. The Chair also paid tribute to Councillor Tony Ramsay, who would not be seeking re-election after many years of service to the committee.

The meeting was declared closed at 7:51 pm.