The Royal Borough of Greenwich Pension Board met on Monday 8 December 2025 to discuss several items, including the fund's valuation results, fund manager performance, and funding strategy. The board also considered revisions to its terms of reference and conflict of interest policy, and reviewed the pension fund risk register. Members were also scheduled to receive training on climate analytics and a presentation on environmental, social, and governance (ESG) factors from the London Collective Investment Vehicle (LCIV).

Funding Strategy Statement

The board was scheduled to note changes to the Funding Strategy Statement (FSS) following the 2025 valuation and updated guidance. The Funding Strategy Statement Report 2025 noted that the draft FSS would be issued for consultation with employers and other bodies, in line with Local Government Pension Scheme (LGPS) Regulations, before returning to the Pension Fund Investment and Administration Panel in March 2026 for formal approval.

The Appendix A - Draft Funding Strategy Statement stated that the funding strategy objectives are to:

• take a prudent long-term view to secure the regulatory requirement for long-term solvency, with sufficient funds to pay benefits to members and their dependants
• use a balanced investment strategy to minimise long-term cash contributions from employers and meet the regulatory requirement for long-term cost efficiency
• where appropriate, ensure stable employer contribution rates
• reflect different employers' characteristics to set their contribution rates, using a transparent funding strategy
• use reasonable measures to reduce the risk of an employer defaulting on its pension obligations.

The document also noted that the FSS is reviewed in detail at least every three years ahead of the triennial actuarial valuation, with an annual check carried out in the intervening years.

Valuation Results

The board was scheduled to note the outcome of the Royal Borough of Greenwich Pension Fund valuation, as set out in Valuation- Whole Fund Report. The report stated that the funding level had increased to 118%, up from 103% in 2022, with a reported surplus of £272 million. According to the report, this improvement was primarily driven by changes in financial assumptions, particularly expectations of higher future investment returns, which have reduced the value of liabilities. The report also noted that the fund is now well placed to meet its long-term obligations, though it remains important to monitor economic and demographic risks that could impact future valuations.

The report stated that the Royal Borough of Greenwich, as the Administering Authority, is required to undertake a formal actuarial valuation of the Pension Fund every three years, in accordance with Regulation 62 of the Local Government Pension Scheme Regulations 2013¹.

Fund Manager Performance

The board was scheduled to note a report on the performance of the Royal Borough of Greenwich Pension Fund's investment managers for the period ending 30 September 2025. The Fund Manager Performance to 30 September 2025 report included a report from the fund's investment consultant, Hymans Robertson, and noted that the Fund's assets increased by circa £67.4m over the quarter, taking total assets to £1,870.1m. It also stated that the Fund achieved a return of 4.8% over the quarter, which outperformed the composite benchmark by 0.4%.

The report detailed the mandate of each investment manager as at 30 September 2025:

• Blackrock - Global/UK Equities and Cash
• LGIM - Global Low Carbon Equities
• Fidelity - Bonds, Multi Asset Credit and Global Emerging Markets
• CBRE - Property
• London CIV - Multi Asset (Absolute Return Fund)
• London CIV - Renewable Infrastructure
• London CIV - Private Debt
• London CIV - Nature Based Solutions
• Partners Group - Diversified Alternatives
• Wilshire - Private Equity

Terms of Reference & Conflict of Interest Policy

The board was scheduled to agree the revised wording of the Local Pension Board Terms of Reference and note that it would be submitted to Full Council for approval, and to note the Conflict-of-Interest Policy for the Local Pension Board, which is to be reviewed annually.

The Conflict of Interest and Terms of Reference Policies 2025 Report noted that the suggested changes to the Terms of Reference were to remove Point 19 Nominations shall be sought from the employer(s) representing the majority of the Fund membership and replace with points 19 and 20 as follows:

1. If a vacancy arises, applications shall be invited from all employers. Formal interviews shall be conducted with self-nominated candidates to determine and appoint the most suitable applicant. This will ensure that at least one representative is appointed through an open invitation extended to all employers.

2. In appointing the other representative, the Fund may select from selfnominated candidates representing the employer with the majority of the Fund membership.

The report also noted that the Board's Conflict of Interest Policy was adopted on 19 June 2023 and approved by the Pension and Investment Administration Panel on 18 March 2024, and that it is best practice to review the Conflict-Of-Interest Policy annually.

Pension Fund Risk Register

The board was scheduled to note the section of the Pension Fund risk register that covers reputational and skills related risks. The Risk Management Report stated that the full risk register was agreed by the Investment and Administration Panel at its March 2025 meeting, and that at this meeting, it was agreed that Panel would formally review the register on an annual basis.

The report also stated that the risk management process involves:

• Risk identification
• Risk analysis
• Risk control
• Risk monitoring

Pension Panel Meeting Activity

The board was scheduled to note the minutes of the Pension Investment and Administration Panel meetings held on Monday 15 September 2025. The Pension Panel Meeting Activity September 2025 Report summarised the items that were presented and the decisions made at the meeting:

• Draft Responsible Investment Policy – Members noted and commented on the draft changes to the Responsible Investment Policy and consultation.
• Annual Report of the Pension Board 2025/25 – Panel noted the annual report of the Board for 2024/25.
• Draft Pension Fund Annual Report and Draft Statement of Accounts as at 31 March 2025 – Members reviewed, commented on and noted the Pension Fund Annual Report 2024/25.
• Actuarial Valuation Assumptions – The Panel noted the progress of the valuation and the assumptions for the Royal Borough of Greenwich Pension Fund.
• Fund Manager Performance to 30 June 2025 – Panel noted the report.
• Fidelity Presentation on GEM Performance – Members receive a presentation on the performance of the Funds Global Emerging Markets Fund.
• Training on Valuation Assumptions – Members received training in the assumptions used for the valuation.

Training and Presentation

The agenda included time for Climate Analytics training from the LCIV, including a carbon footprint update as at 31 March 2025, and a presentation from the LCIV on its engagement activities, with a focus on environmental, social and governance work.

Declarations of Interest

The board was also scheduled to note the list of Councillors' memberships on outside bodies, joint committees and school governing bodies, and to request that Members orally declare any personal and financial interests in specific items listed on the agenda as they relate to matters under discussion. Councillor Leo Fletcher, Chair of Housing and Neighbourhoods Scrutiny Panel, is a member of the Blackheath Joint Working Party, the John Roan Foundation, and the Greenwich Bluecoat Foundation.