The Pension Board of Greenwich Council met on Monday 20 July 2026 to discuss the Pension Fund's Business Plan for 2026/27, the Annual Report for 2025/26, and the Pension Fund Risk Register. The meeting also included training for new members on private markets and updates on fund manager performance and ESG activities.

Training on Private Markets

Members of the Pension Board were scheduled to receive training from Blackrock on Pension Fund investments, specifically focusing on private markets. This session was intended to equip new members with knowledge in this area, and attendees were also expected to complete a paper-based quiz.

Business Plan 2026/27

The Board was scheduled to consider and agree the Pension Board's Business Plan for the upcoming year, 2026/27. This plan outlines 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 aims to ensure the Fund operates effectively and efficiently for its members and employers, setting a clear strategy for strong governance. The report highlighted that the plan supports the Council's mission to work in the most efficient and effective ways possible and also aligns with the commitment to tackling the climate crisis, with the Pension Fund having established a net zero target date of 2040.

Annual Report of the Local Pension Board 2025/26

The Board was asked to agree the Annual Report for 2025/26 and recommend its presentation to the Pension Fund Investment and Administration Panel for consideration in September. The report details the work undertaken by the Board, its adherence to its Terms of Reference, and any areas for improvement. The Board's purpose is to assist the administering authority, the Royal Borough of Greenwich, in its role as scheme manager, ensuring efficient and effective governance and administration of the scheme. The report indicated that the Board met four times during 2025/26, reviewing various aspects of the Fund's operations, including its conflict of interest policy, annual reports, fund performance, and risk register.

Pension Fund Risk Register

A section of the Pension Fund Risk Register, focusing on Employer and Investment Risks, was scheduled for noting by the Board. The register is a key tool for managing risk, assessing the likelihood and impact of potential events, and outlining control measures. The report indicated that no risks within the discussed section currently required senior management monitoring and that all areas remained within acceptable parameters. The Board's role in reviewing the register is to ensure risks are identified, monitored, and assessed, with plans in place for mitigation.

Pension Panel Meeting Activity

The Board was scheduled to note the minutes from the Pension Investment and Administration Panel meetings held on Monday 30 March 2026. These minutes would provide an overview of the decisions made by the Panel on matters such as the Funding Strategy Statement, FRC Stewardship Code Compliance, Responsible Investment Policy, Investment Strategy Statement, Pension Fund Risk Register, and Fund Manager Performance.

London CIV Update

An update on London CIV (Collective Investment Vehicle) was scheduled to be noted by the Board. London CIV is the asset pooling vehicle for London Local Government Pension Scheme (LGPS) funds, managing approximately £60 billion of assets. The update was intended to provide an introduction to London CIV, its structure, services, investment approach, and its role in supporting responsible investment and delivering local and UK-focused investments.

Fund Manager Performance to 31 March 2026

The Board was scheduled to note a report detailing the performance of the Royal Borough of Greenwich Pension Fund's investment managers for the period ending 31 March 2026. This report, which included an exempt appendix, would provide details on the performance of various asset classes and individual managers against their respective benchmarks. The overall Fund assets had increased slightly in the first quarter of 2026, though performance was marginally below the composite benchmark.

Fund Manager Presentation on ESG - Blackrock

Blackrock was scheduled to deliver a presentation focusing on their environmental, social, and governance (ESG) activities. This presentation was intended to provide an update on Blackrock's approach to assessing climate-related risks and opportunities, as well as their engagement with investee companies to promote responsible business practices. This followed previous presentations on ESG work by Blackrock in December 2023 and March 2025.