The Local Government Pensions Board meeting scheduled for 12 January 2026 was set to cover a range of important topics concerning the management and administration of the Local Government Pension Scheme. Key discussions were expected to include an annual review of the Board's terms of reference, updates from the Pensions Committee and the scheme administrator, and a review of the risk register.

Annual Review of the Board's Terms of Reference

The Board was scheduled to consider an annual review of its Terms of Reference, as reported by the Town Clerk. This item was marked For Decision and aimed to ensure the Board's operational framework remained current and effective. The report provided the Board with the proposed Terms of Reference for their consideration, with recommendations to agree these for submission to the Court of Common Council in April 2026. Members were also asked to consider whether any changes to the frequency of the Board's meetings were required. The Terms of Reference outline the Board's responsibilities in assisting the Scheme Manager in securing compliance with scheme regulations and legislation, and in ensuring the effective and efficient governance and administration of the LGPS for the City of London Pension Fund.

Pensions Committee Update Report (Public)

A report from the Chamberlain was scheduled to provide an update on the activities of the Pensions Committee. This item was for information only and aimed to keep the Pensions Board informed of the decisions made by the Pensions Committee on its public agenda. The report summarised the reports and decisions made at the Pensions Committee meetings on 22 September and 3 December 2025.

Pension Scheme - Administrator's Update

The Board was to receive an update from the Chamberlain regarding the administration of the pension scheme. This report, also for information, provided a summary of general information on various administrative topics since the last Board meeting. It included details on the annual schedule of events for scheme administration, information on scheme record keeping, updates on complaints and disputes under the Internal Disputes Resolution Process (IDRP), and any audit reports relating to administration. The report also covered the Pension Administration System, including the roll-out of the Online Member Portal, and provided an update on the Public Sector Pensions Legal Challenge, specifically the McCloud Remedy. Key Performance Indicators (KPIs) for pension administration were also to be presented.

Risk Register for the Pensions Committee

A report from the Chamberlain was scheduled to present the Risk Register for the Pensions Committee. This item was for information and aimed to provide the Board with an overview of the key risks identified, their associated risk scores, and the mitigation measures in place. The report noted that similar or generic risks were also included in other City of London Corporation risk registers, such as those for the Investment Committee and the Police Pensions Board. The register detailed risks such as the McCloud Remedy, Cyber Security, and Governance/Legislative Compliance, along with their current risk scores and ongoing actions.

Local Government Pension Scheme – Transfers-Out of the Scheme: Processes and Precautions

The Board was scheduled to receive a report from the Chamberlain concerning the processes and precautions related to transfers out of the Local Government Pension Scheme. This item was for information and followed up on recommendations from a compliance review by Barnett Waddingham concerning the Pension Regulator's General Code of Practice. The report detailed the procedures and precautions taken by the Pensions Administration team to safeguard against potential scams during transfers. It outlined a traffic light framework for identifying risks (Red and Amber flags) and detailed escalation procedures. The document also covered financial advice requirements and communication strategies for scheme members.

City Fund and Pension Fund - Statement of Accounts, Audit Findings and External Auditors Annual Report 2024/25

A comprehensive report from the Chamberlain was scheduled to cover the City Fund and Pension Fund's Statement of Accounts, including audit findings and the external auditor's annual report for the 2024/25 financial year. This item was for information for the Local Government Pensions Board, although it was marked For Decision for other committees. The report provided an update on the publication and audit of the draft 2024/25 Statement of Accounts, detailing any changes and the auditor's findings. It also included the auditor's Annual Audit Report, which summarises the work undertaken by Grant Thornton and provides commentary on the City Fund's Value for Money arrangements.

Local Government Pension Scheme 'Fair Access' Consultation

The Board was scheduled to receive a report from the Chamberlain regarding the 'Local Government Pension Scheme in England and Wales: Scheme Improvements (Access and Protections)' consultation, commonly known as the LGPS Fair Access Consultation. This item was for information. The report summarised the key proposals within the consultation, which aimed to enhance fairness, accessibility, and consistency within the LGPS. These included changes to the Normal Minimum Pension Age, proposals for LGPS access for elected mayors and councillors, changes to employer consolidation rules for academies, and the implementation of New Fair Deal for outsourced staff. The City of London did not intend to respond to this consultation.

LGPS Communications Issued to Scheme Members

A report from the Chamberlain was scheduled to provide information on the communications issued to scheme members. This item was for information and included copies of documents created or amended since the Board's last review of communications. Specifically, it featured the 2025 Annual Benefit Statement accompanying notes and the 2025 Annual Benefit Statement itself, which is produced via the Pensions Online Member Portal. The report highlighted that all letters issued by the Pensions Office are written with reference to legislative details and, where possible, use templates provided by the Local Government Association.

The meeting also included agenda items for the exclusion of the public for non-public business, covering minutes, committee update reports, draft funding strategy statements, investment performance monitoring, investment strategy reviews, asset transitions to the London CIV, London CIV updates, admittance to the London CIV, and pension fund cashflow forecasts.