The Pension Fund Investment & Administration Panel met on Monday 09 February 2026 to discuss the audit completion report for the 2024/2025 financial year, review the fund's Knowledge and Skills Policy and Framework, and consider the implications of Buckinghamshire Pension Fund joining the London Collective Investment Vehicle (LCIV). The meeting also included discussions on the transition of assets to the LCIV and the agreement of a Governance Compliance Statement.

Audit Completion Report 2024/2025

The Panel was scheduled to note the Pension Fund Audit Completion Report (ACR) for the 2024/2025 financial year. This report, prepared by external auditors Forvis Mazars, provides an overview of the audit findings and any amendments required to the statement of accounts. The ACR is a key governance document, offering assurance that the financial statements for the Pension Fund are fit for purpose. The report indicated that an unqualified audit opinion was anticipated, subject to the satisfactory resolution of outstanding matters. It also highlighted a control deficiency regarding user account reviews for the Altair pension administration system, with a recommendation to implement annual reviews.

Knowledge and Skills Policy and Framework

The Panel was scheduled to agree the Fund's Knowledge and Skills Policy and Framework. This policy is designed to ensure that individuals involved in the management and decision-making of the Pension Fund possess the necessary knowledge and skills to fulfil their fiduciary and governance duties. The framework aligns with the 2021 CIPFA Code of Practice on LGPS Knowledge and Skills and supports the Fund's objective of efficient and effective governance. The report recommended that new and existing members be informed about and encouraged to utilise the online training platform provided by The Pensions Regulator (TPR).

Governance Compliance Statement

A key item on the agenda was the agreement of the Governance Compliance Statement for the Royal Borough of Greenwich Fund. This statement is a regulatory requirement under Regulation 55 of the administration regulations and details the extent of compliance with best practice governance principles. The statement outlines the structure, representation, selection, voting, training, meeting frequency, access, scope, and publicity arrangements for the Fund's governance. It aims to ensure transparency and accountability to stakeholders and demonstrates adherence to set governance processes for financial sustainability.

Buckinghamshire Pension Fund to join the London CIV Pool

The Panel was scheduled to note the proposal for Buckinghamshire Pension Fund (BPF) to join the London Collective Investment Vehicle (LCIV) as an equal shareholder. This move is in line with Government's LGPS pooling requirements, which mandate that all Local Government Pension Scheme (LGPS) funds transfer their assets into an FCA-regulated pool by 31 March 2026. The admission of BPF is presented as financially neutral to existing shareholders, with BPF contributing share capital equivalent to other partner funds. The Panel was also asked to agree delegated authority to the Director of Resources to review and agree the necessary legal documents for BPF's admission.

Transitions of Assets to London CIV

The meeting was also set to address the transition of assets to the London Collective Investment Vehicle (LCIV). From 1 April 2026, the LCIV will assume full responsibility for implementing the Fund's investment strategy, including tactical asset allocation and manager selection. The Panel was asked to consider specific decisions regarding the transition of existing mandates, including those managed by Fidelity for Emerging Market Equities, Multi-Asset Credit, and UK Gilts/Corporate Bonds. The report indicated that the LCIV offers equivalent funds for the first two, with engagement required on plans for the latter. The CBRE Mandate was noted to be moving to the LCIV Indirect Real Estate Pooling (IREP) solution. The Panel was asked to agree delegated authority to the Director of Resources to oversee the finalisation of the Investment Management Agreement (IMA) with LCIV and associated asset transition plans.