The Pension Board is scheduled to meet on Tuesday 16 June 2026 to review a number of key reports concerning the fund's performance, future plans, and ongoing governance. The meeting will also cover updates on investment pooling arrangements and the annual business plan.

Pooling Update Report

A significant item on the agenda is the Pooling Update Report, which confirms the Lewisham Pension Fund's successful transition to full investment pooling with London CIV (LCIV). This move aligns with government policy and regulatory requirements stemming from the Fit for the Future reforms. The report details the timeline of these changes, including the Pension Schemes Act 2026 and the LGPS (Amendment) (Governance) Regulations 2026, which aim to consolidate LGPS assets into larger pools with strengthened governance and oversight. The report will also provide an update on LCIV's business, including the admission of Buckinghamshire Council Pension Fund as a partner, and details on fund manager updates, such as the transfer of the commercial property portfolio to LCIV's Indirect Real Estate Pooling fund managed by CBRE Investment Management.

General Update - Part One

This report will provide the Board with updates on several general matters. It includes a review of the Pension Board's Terms of Reference, which are recommended for annual review. The draft Pension Fund accounts for the year 2025/26 will be presented, highlighting a strong financial performance with net assets increasing by £155m, primarily driven by investment returns. The report also details the administration team's progress on projects such as the Dashboard Integrated Service Provider (ISP) and the new Members Self-Service (MSS) portal, alongside updates on McCloud remedy calculations and end-of-year accounting. Furthermore, changes to the Risk Register will be reviewed, with a focus on key risks such as investment pooling, liquidity, cyber security, and ESG and climate-related risks.

Annual Business Plan 2026-27

The Annual Business Plan for 2026-27 will be presented, outlining the key objectives and work planned for the Pension Investment Committee and the Pension Board. This includes details of key documents to be considered, major milestones, and plans for knowledge, development, and training for committee members. The plan also covers the monitoring of fund manager performance and administrative targets for committee members, with a timetable for committee meetings. The report references the CIPFA Code of Practice on Public Sector Pensions Finance Knowledge and Skills, which Lewisham Council adopts.

Work Programme

An update on the Work Programme will be provided, detailing both operational and strategic items scheduled for the coming quarters. This includes updates on the Pension Fund Accounts, the Pension Fund Annual Report, monitoring of investment performance, and ongoing updates regarding LCIV pooling. The work programme also includes the review of the Pension Board's Terms of Reference and Membership, the Annual Business Plan, and updates on The Pensions Regulator's General Code of Practice.

Minutes

The Board will be asked to confirm and sign the minutes of previous Pension Board meetings held on 9 December 2025 and 16 March 2026.

Declarations of Interest

Members will be asked to declare any personal interests they may have in any items on the agenda, in line with the Council's Member Code of Conduct.

Breaches Log

An update on the breaches log will be presented, with the recommendation to note that there were no breaches to report since the last meeting.

Rolling Action Log

The Board will receive an update on the rolling actions since the last report, noting the progress on various actions, including the Data Improvement Plan and LGPS Reforms and Pooling.

Future Meeting Dates

The dates for future Pension Board meetings will be noted, with the next meetings scheduled for 21 September 2026 and 7 December 2026.

A portion of the meeting, specifically Item 11, General Report - Part Two, is scheduled to be held in private, with the exclusion of the press and public, due to the likely disclosure of exempt information.