Here is a summary of the scheduled discussions for the Pension Board meeting on 16 June 2025. The agenda included a general update, a review of the draft business plan, and discussions on pooling and government reforms. Members were also expected to review the training log report and the rolling action log.

Pooling and LGPS Reform

The Pension Board was scheduled to discuss the government's response to the consultation on the Local Government Pension Scheme (LGPS) reforms, entitled 'Pensions Investment Review Final Report 2025'. The report, issued on 29 May 2025, outlines recommended actions to reform the UK pension system, aiming to improve outcomes for savers and boost investment in the UK economy.

Key points from the report that were scheduled to be discussed:

• Minimum Standards for Asset Pooling: All Administering Authorities (AAs) must delegate investment implementation to their asset pool, transfer all assets to the pool's management, and take principal investment advice from the pool, with a deadline of 31 March 2026. Pools must be FCA-authorised investment management companies and develop capabilities for due diligence and management of local investments.
• Transition Proposals: The government supports six pool transition plans and the remaining two pools must find new partnerships.
• Local and Regional Investment: AAs and pools must collaborate with local authorities, regional mayors, and strategic authorities, set target ranges for local investment in their Investment Strategy Statements, and report annually on local investment impact.
• Governance Reforms: AAs must undergo independent governance reviews every 3 years and include an independent adviser on pension committees. Pools must include shareholder AA representatives and consider how to represent scheme members' interests.

The report also clarifies that the government believes investment style is an implementation decision best made by pools, and that pools should facilitate discussions among their partner AAs to establish a common approach to Environmental, Social and Governance (ESG) and Responsible Investment (RI) requirements.

The Treasury and Investment Manager was scheduled to update the Board on the development of transition plans with the London LGPS CIV Limited (London CIV)^[1] to ensure the entire fund is under London CIV management by the 31 March 2026 deadline.

Lewisham Pension Fund Draft Business Plan 2025/26

The Pension Board was expected to review and note the Lewisham Pension Fund Draft Business Plan 2025/26. The plan outlines the goals and objectives for managing the pension fund over the coming year, including key documents, major milestones, knowledge development and training, fund manager performance monitoring, and administrative targets for committee members.

Key objectives of the fund, as summarised in the report, are:

• Optimise Fund returns consistent with a prudent level of risk
• Ensure that there are sufficient resources available to meet the investment Fund's liabilities
• Ensure the suitability of assets in relation to the needs of the Fund.

The report also details key policy and strategy documents required to be kept under regular review, including the Annual Report, Funding Strategy Statement, Investment Strategy Statement, Communications Policy, and Governance Compliance Statement.

General Update

The Pension Board was scheduled to receive a general update on several matters, including:

• Membership of the Board and Terms of Reference: The Board is required to have an independent chair, two employee representatives, and two employer representatives. There is currently a vacancy for one employee representative, and Sherene Russell-Alexander, an employer representative, will be leaving the council, so recruitment is underway.
• Lewisham Pension Fund Draft Accounts 2024/25: The draft accounts will be published in June 2025 and available on the Lewisham Pension Fund website. The audit will commence in July 2025, with the annual report expected to be published by 1 December 2025.
• Triennial Valuation: Preparatory work has commenced for the triennial valuation with actuary Hymans Robertson. The process will conclude with the final valuation report and Funding Strategy Statement in March 2026.
• Administration Team Update: The Pensions team has been working on several projects, including the TPR General Code of Practice (GCOP), Dashboard ISP, Pensions Increase, Data Improvement Plan, Data Cleansing, Auto Re-Enrolment, and McCloud.
• London CIV – Subscription: The London Borough of Lewisham has made a payment of £70,312 to increase its shares in London CIV.
• Manager Engagement Progress Update: The Pension Investment Committee (PIC) agreed to have more targeted engagement with fund managers, focusing on net zero carbon reduction and ethical investments.
• Risk Register: The risk register has been updated, with the transition risk (AI05) increased due to the government's pooling directive.

Training Log

The Pension Board was expected to note the training requirements for Pension Board Members, as required by the Pension Regulator's General Code of Practice. This includes knowledge and understanding of pension law, principles of funding pension schemes, and investment of scheme assets, as well as ongoing training and documentation of training undertaken.

The Pension Regulator's Toolkit covers areas such as conflicts of interest, managing risk and internal controls, maintaining accurate member data, and reporting breaches of the law.

Rolling Action Log

The Pension Board was scheduled to note the update of actions since the last report, including:

• Data improvement plan
• Officers to report on the General Code of Practice
• LGPS Consultation 'Fit for Purpose'
• Review a formal training plan for 2025/6
• Update on the McCloud actions of what has been done

Other items

The agenda also included:

• Confirmation of the minutes from the meeting held on 10 March 2025
• Declarations of interest
• Breaches log
• Work programme
• Exclusion of press and public notice
• Future meeting dates