The Pension Policy & Investment Committee met on Monday 22 June 2026 to discuss the Fit for the Future plan and pooling updates, review the quarterly investment management report, and consider the committee's terms of reference. The meeting also included updates on training, pension board and administration issues, and future meeting dates.

Terms of Reference for the Pension Policy & Investment Committee

Ravi Lakhani, Head of Pension Fund & Senior LGPS Officer, was scheduled to present a report on the revised Terms of Reference for the Pension Policy & Investment Committee (PPIC). The report aimed to ensure the committee's role, responsibilities, and governance arrangements remain up-to-date and aligned with statutory and regulatory requirements for Local Government Pension Scheme (LGPS) administering authorities. The recommendations included approving the revised Terms of Reference, noting their alignment with the Council's role as Administering Authority and the developing statutory framework for LGPS governance and asset pooling, and delegating authority for minor drafting amendments to the Chief Financial Officer in consultation with the Chair. The revised terms were intended to provide greater clarity on the committee's responsibilities in relation to governance, funding, administration, and investment matters, particularly distinguishing between the Administering Authority's responsibilities and those now undertaken through the authorised asset pool, London CIV.

Fit for the Future Plan & Pooling Update

A significant portion of the meeting was dedicated to discussing the Fit for the Future plan and pooling update, presented by Ravi Lakhani. This agenda item covered the implications of the government's reforms for the Enfield Pension Fund and its pooling arrangements with London CIV. The report was intended to be noted by the committee and included an update from London CIV on pooling, as detailed in Appendix A of the report. The discussion was expected to cover key implementation issues, the proposed timeline, and matters requiring future decisions. The Fit for the Future reforms represent a significant change to LGPS pooling and governance, aiming to strengthen the scheme through a more formalised pooling model, improved governance capability, and a stronger framework for UK and local investment. The reforms have been embedded in legislation through the Pension Schemes Act 2026.

Quarterly Investment Management Monitoring Report

Ravi Lakhani was also scheduled to present the Quarterly Investment Management Monitoring Report, including the risk register. This report was intended to provide an update on the Fund's investments and their performance as at Q1, 31 March 2026. The report detailed the fund's overall value, annual performance over recent periods, and economic and market performance. It also provided a breakdown of asset class and manager performance, including equities, bonds/fixed income, inflation protection illiquids, private equity, infrastructure, and property. The report highlighted significant points such as the underperformance of the LCIV Longview Global Equity (Focus) fund and noted that London CIV is now acting as the Fund's investment adviser, with more comprehensive reporting expected in future meetings. The risk register for the Fund's investments, covering pooling and investment performance, was also to be presented.

Training Report and Responsible Investment (RI) Update

A verbal update was scheduled to be received regarding the Training Report and Responsible Investment (RI) update. This would likely cover any developments in training for committee members and updates on the Fund's approach to responsible investment.

Pension Board and Administration Issues Update

A verbal update was also expected on Pension Board and Administration issues.

Dates of Future Meetings

The committee was scheduled to note the dates of future meetings, with the next meetings planned for 15 September 2026, 27 January 2027, and 24 March 2027.

Exclusion of the Press and Public

A resolution was to be considered under Section 100(A) of the Local Government Act 1972 to exclude the press and public from the meeting for Part 2 of the agenda. This was on the grounds that these items involved the likely disclosure of exempt information.

Investment Strategy Training Session

Committee members were invited to attend an Investment Strategy training session, scheduled for two hours as part of Part 2 of the agenda.