The Camden Pension Board met on Wednesday 25 March 2026 to review updates from the Pension Committee and discuss proposed meeting dates for the upcoming municipal year. Key discussions included the implications of the fund's healthy financial status on employer contributions and the ethical considerations within the newly approved Responsible Investment Policy.

Pension Committee Update Report

The Board received an update on the Pension Committee's activities, which included the approval of several significant policies: the Investment Strategy Statement, the Funding Strategy Statement, and the Responsible Investment Policy. These policies were developed in conjunction with the fund's actuary and investment consultants.

The Board welcomed the report and noted the decisions made by the Pension Committee. Discussions highlighted the reduction in employer contributions, attributed to the fund's strong financial health, and the ethical considerations embedded within the new Responsible Investment Policy. A Unison representative raised concerns that a healthy fund should lead to increased employee benefits rather than reduced employer contributions. It was explained that the reduction in employer contributions was an actuarial recommendation based on the fund's overall financial standing, and that decisions regarding employee benefits or wages fall outside the direct remit of the pension fund, being a matter for the employing authority (the Council).

The Responsible Investment (RI) Policy was identified as a crucial policy influencing how the fund makes investments and addresses reputational challenges. It was clarified that, contrary to some external claims, the fund had no exposure to Israeli government bonds. The RI policy was described as pragmatic and responsive, having previously led to the termination of investments in Russia following sanctions after the invasion of Ukraine. The policy sets out the fund's values and guidelines for investment managers, prohibiting investment in entities involved in human rights violations, and was considered a vital framework for investment decisions. The approval of the RI policy had been delayed due to legal vetting, which included consultation with an external King's Counsel who reportedly praised it as one of the best responsible investment policies they had seen.

In response to questions, it was confirmed that the Responsible Investment Policy would be shared with the Pension Shared Service to ensure that third-party Added Voluntary Contribution providers had access to the information. It was also noted that the wishes or concerns expressed by beneficiaries about ethical investment decisions could be surveyed by the Pension Shared Service to gauge majority opinion. The Board was assured that the Pension Fund had no direct exposure to Amazon. Engagement with companies on ethical behaviour, rather than immediate divestment, was the primary approach, often conducted through investment managers and the Local Authority Pension Fund Forum (LAPFF). The fund reiterated its commitment to listening to its members and trade unions.

Chandni Patel, a newly appointed member of the Board, raised several questions and concerns regarding the wording of the Responsible Investment Policy. It was agreed that these questions would be forwarded to the Head of Finance Treasury and Pensions for a written response.

Proposed Meetings for the 2026/2027 Municipal Year

The Board resolved to note the following proposed meeting dates for the 2026/2027 municipal year:

• Wednesday 4th November 2026
• Wednesday 17th March 2027

These meetings are scheduled to commence at 3:00 pm.

The meeting concluded at 3:50 pm. The next meeting is scheduled for Wednesday, 4 November 2026.