The Pension Fund Investment & Administration Panel of Greenwich Council met on Monday 20 July 2026 to discuss the Pension Fund's Audit Strategy Memorandum for 2025/26, the Business Plan for 2026/27, and the implications of the Pension Schemes Act 2026. The meeting also included updates on fund manager performance and training on financial markets and asset classes.

Pension Fund's Audit Strategy Memorandum 2025/26

The Panel was scheduled to note the Pension Fund Audit Strategy Memorandum (ASM) for the 2025/26 accounts. This memorandum, prepared by external auditor Forvis Mazars LLP, outlines the proposed scope and timing of the statutory audit of the Royal Borough of Greenwich Pension Fund. The report detailed projected fees, work completed to date, and proposals for future work, with a proposed audit scale fee decrease to £99,508 for 2025/26. The ASM aims to ensure strong corporate stewardship of the Fund and provide third-party governance.

Business Plan 2026/27

The Panel was asked to agree the Pension Fund Business Plan for 2026/27. This plan sets out the key workstreams for the Fund, including the publication of reports and policies, the annual accounts and audit cycle, legislative requirements, member communications, consultations, funding, and investment performance. The plan is designed to ensure the Fund operates effectively and efficiently for its members and employers, and to support strong governance. The business plan will be reviewed annually, with a potential mid-year review due to anticipated workload from the Pension Schemes Act 2026.

The Pension Schemes Act 2026 - Update

The meeting was scheduled to cover an update on the Pension Schemes Act 2026, which introduces significant reforms to the Local Government Pension Scheme (LGPS) concerning investment, governance, and oversight. The Act formalises the requirement for administering authorities to participate in approved asset pools, with investment implementation primarily through these pools, while authorities retain responsibility for strategic asset allocation and fiduciary oversight. Key implications for the Fund include the reinforcement of investment pooling through entities like London CIV, a greater emphasis on the Fund's strategic role in setting investment strategy and oversight, and governance enhancements such as the appointment of a Senior LGPS Officer and an Independent Person. The Act also places increased emphasis on aligning investment strategies with local and national economic priorities.

Early Retirements 1 April 2025 - 31 March 2026

A report was scheduled to be presented on early retirements covering the period from 1 April 2025 to 31 March 2026, with a review of the financial effect on the Pension Fund. During this period, there were 292 early retirements, with 27 resulting in a strain on the Fund. The total impact on the Fund was calculated to be £1,116,759.66. The closure of two schools accounted for 27% of this cost, with all individuals affected being council employees. The appendix detailing these retirements was to be considered in a closed session due to containing information that could reveal individual identities.

London CIV Update

The Panel was scheduled to receive an update on London CIV, the asset pooling vehicle for London LGPS funds. London CIV is authorised and regulated by the Financial Conduct Authority (FCA) and manages approximately £60 billion of assets for its Partner Funds. The update was intended to provide an introduction to London CIV's structure, services, and investment approach, including its role in supporting responsible investment and delivering local and UK-focused investments. This information was provided to give context for the Fund's continued participation in London CIV arrangements.

Fund Manager Performance to 31 March 2026

A report on the performance of the Royal Borough of Greenwich Pension Fund's investment managers for the period ending 31 March 2026 was scheduled for review. The report, produced by the Fund's investment consultant Hymans Robertson, detailed the performance of various mandates including Blackrock, LGIM, Fidelity, CBRE, London CIV, and Partners Group. The overall Fund assets increased by approximately £8.1 million in Q1 2026, representing a return of 0.4%, which was slightly below the composite benchmark of 0.6%. The report noted mixed performance across different asset classes and managers, influenced by global market conditions such as inflation, economic growth, and geopolitical tensions. An exempt appendix containing detailed performance data was to be considered in a closed session.

Training - Financial Markets and Asset Class

The Panel was scheduled to receive training from Blackrock on Pension Fund investment, covering financial markets and asset classes. The training agenda included an overview of BlackRock, a discussion of asset class and total portfolio overview, key market drivers, active versus passive investing, and an explanation of equities, bonds, and private markets. The training also touched upon stewardship, voting, and ESG engagement. A paper-based quiz was also to be completed by attendees.