The Pensions Committee meeting scheduled for Tuesday, 24 March 2026, was set to review the ongoing administration of the pension scheme, consider the latest actuarial valuation results, and discuss the external audit plans for the City Fund and Pension Fund. The committee was also scheduled to receive updates on the pension scheme administrator's activities and the work programme.

Pension Scheme Administrator's Update

The committee was scheduled to receive an update on the administration of the City of London Local Government Pension Scheme (the Scheme). This update, detailed in the report LGPS Committee Administrators Report March 2026 , was to cover general information regarding the Scheme's administration since the last committee meeting on 11 February 2026. It was expected to include details on the annual schedule of events for pension scheme administration, the importance of maintaining accurate scheme records, and any complaints or disputes received under the Scheme's Internal Disputes Resolution Process (IDRP). The report was also to address any audit reports relating to the administration of the Scheme and provide an update on the Pension Administration System, including the online member portal. Furthermore, the update was to cover the implementation of the McCloud Remedy ¹, which addresses age discrimination in public sector pension reforms, and provide information on Guaranteed Minimum Pension (GMP) reconciliation and the Pensions Dashboard Programme².

Actuarial Valuation as at 31 March 2025

A key item on the agenda was the final draft results of the Pension Fund's Actuarial Valuation as at 31 March 2025, undertaken by the Fund's Actuary, Barnett Waddingham LLP. This report, Actuarial Valuation as at 31 March 2025 , was presented for decision. The valuation is a statutory requirement under Regulation 62 of the Local Government Pension Scheme Regulations 2013, aimed at reviewing the financial position of the Fund and establishing appropriate employer contribution rates for the period from 1 April 2026 to 31 March 2029. The report indicated a decrease in the overall funding level from 98% at the 31 March 2022 valuation to 96% at 31 March 2025, with an increase in the deficit from £35 million to £58 million. This was attributed to volatile investment returns and increased inflation. The report recommended setting the employer contribution rate to fund the deficit over 10 years, resulting in an average employer contribution rate of 19.6%, with the City of London Corporation and most admitted bodies paying 20.0% per annum.

2025-26 External Audit Plans for City Fund and Pension Fund

The committee was scheduled to receive information on the external audit plans for the City Fund and Pension Fund for the 2025-26 financial year. The report, 2025-26 External Audit Plans , outlines Grant Thornton's work plan for auditing the accounts. It details the work to be undertaken to reach a Value for Money conclusion on the Authority's arrangements for economy, efficiency, and effectiveness in resource use. The report includes specific risks identified by the auditors and a statement of their fees. The committee was asked to note the indicative Pension Fund Audit Plan for 2025-26, as set out in Appendix 2 of the report, and the responses from Management regarding the Pension Fund, as per Appendix 4.

Work Programme

The committee was scheduled to review its work programme for the upcoming period. The report, Work Programme , provides a forward-looking overview of items scheduled for discussion. This includes standing items such as investment monitoring and administration updates, as well as planned discussions on the triennial valuation results, funding strategy statements, external audit plans, and data protection impact assessments.

Minutes

The committee was also scheduled to agree the public minutes and non-public summary of the Pensions Committee meeting held on 11 February 2026, and to note the public minutes and non-public summary of the Local Government Pensions Board meeting held on 12 January 2026.