The Pension Fund Panel were scheduled to meet to discuss pension administration, governance, risk, and investment strategy. They were also scheduled to review the fund's budget and work programme.

Investment Strategy Review

The panel were scheduled to discuss the outcome of the Investment Strategy Review following the 2025 Triennial Valuation for the Royal Borough of Kingston upon Thames Pension Fund (RBK PF), including the revised Investment Strategy Statement (ISS).

Pension Fund Investment Performance

The Royal Borough of Kingston upon Thames Pension Fund's investment performance for the period ending 30 September 2025 was scheduled to be reported.

The report pack stated that the market value of the Fund's assets at 30 September 2025 was £1,395m, an increase of £61m over the previous quarter. The fund had produced a positive return of 4.8% over the quarter, outperforming its benchmark, which returned 4.4%.

The key drivers of the Fund's performance over the quarter were noted as:

• An overweight position to equities at the start of the quarter.
• Outperformance from some of the Fund's active managers.
• LCIV Multi-Asset Credit outperforming its benchmark by 1.6%.
• Janus Henderson Absolute Return Bonds outperforming its benchmark by 0.7%.
• LCIV Diversified Growth outperforming its benchmark by 1.9%.
• Global equities rising 9.3% in unhedged sterling terms and 7.6% in local currency terms, as the sterling depreciated against the US dollar.
• Spreads on UK investment-grade credit tightening across the credit quality spectrum through the quarter, falling to multi-year lows.

The report also included details of the Fund's asset allocation as at 30 September 2025, compared to the strategic asset allocation (SAA) agreed by the Panel and included within the Fund's Investment Strategy Statement (ISS).

The report noted that the Fund's actual allocation as at 30 September 2025 was marginally outside of the strategic asset allocation (SAA) ranges in Infrastructure and Private Debt and more substantially outside the ranges in Global Equity, Property and Impact.

The report also provided an update on the London CIV ¹ , including details of fund development and investment manager monitoring, progress towards Fit for the Future ², and environmental, social and governance (ESG) matters.

Governance and Risk Update

The Pension Fund Panel were scheduled to receive an update on key governance activities and review the Fund's risk register.

The risk register in Annex A - Governance Risk Update - Pension Panel was formally reviewed every quarter to ensure that the correct risks were identified, evaluated and managed. The report pack noted that since the last report, no additional risks had been added to the risk register, but that one red risk remained:

Risk 27 (Administration) - Failure by software provider (Civica) to provide software compliant with LGPS Regulations.

The report stated that officers had reviewed this risk and, despite some recent progress, recommended its RED rating remained unchanged.

The report pack also included an update on the 2025 Triennial Valuation, noting that the formal consultation with all scheme employers had commenced, and that employers had been issued with their individual valuation results alongside the draft Funding Strategy Statement (FSS).

The panel were also scheduled to discuss the Ministry of Housing, Communities & Local Government (MHCLG) consultation on Scheme improvements (access and protections). The consultation outlines proposals on four key areas:

• Normal Minimum Pension Age (NMPA)
• New Fair Deal
• Academies
• Access for Councillors and Mayors

The panel were asked to approve a revised draft Conflict of Interest Policy. According to the report pack, the key changes from the previous policy were:

• Clearer Definitions
• Elevated Responsibility
• Expanded Gifts & Hospitality Section
• New 3-Step Operational Procedure
• New Declaration Form
• Updated Review Cycle

The Panel were also asked to delegate authority to the s.151 Officer ³ to appoint a new tracing supplier after the previous supplier, Accurate Data Services Limited (ADS), went into voluntary liquidation on 7 October 2025.

Pension Administration Performance Update

The Pension Fund Panel were scheduled to receive an update on the key administration activities of the Shared Pensions Administration Service.

According to the report pack, the number of outstanding processes had continued to fall, from 718 at the last report to 688. The historic backlog (defined as cases overdue by more than 3 months) remained cleared at 0 cases.

The report pack also included benefits processing performance statistics up to October 2025, and an update on breaches of law, internal dispute resolution procedure (IDRP ) and complaints.

Pension Administration Projects Update

The Pension Fund Panel were scheduled to receive an update on the key projects of the Shared Pensions Administration Service.

The report pack stated that the Fund's Pensions Dashboard project was successfully completed, connecting to the dashboard by the 31 October 2025 deadline, and that the McCloud Remedy project was progressing against its revised plan, with communications to all 3,483 in-scope members having been issued.

The report pack also included updates on pension savings statements (PSS), overseas life certificates, digital payslips & P60s, and pensions increase.

Work Programme

The Pension Fund Panel were scheduled to set out a proposed programme of work for Pension Panel meetings for the year ahead. The proposed work programme included indicative agenda items for the Pension Panel meetings due to take place in March, June, September and December 2026.

Budget Monitoring

The Pension Fund Panel were scheduled to discuss the final outturn position against budget for 2024-25, and a mid-year update of the 2025-26 budget of the Royal Borough of Kingston Pension Fund.

The report pack stated that the final net outturn position for 2024-25 was £2,147k against an approved budget of £869k, which represents a variance of £1,277k. The mid-year update of the 2025-26 budget shows the income and expenditure for the Fund is forecasted to produce a net outturn of £9,189k, as compared to the original approved net outturn of £8,759k.