The Joint Pensions Committee is scheduled to convene on Wednesday 16 September 2026 to review the Pension Fund's external audit report for the 2025/26 financial year, discuss updates on responsible investment strategies, and consider the Pension Fund's Annual Report for 2025/26. The meeting will also cover general pension matters, including the appointment of an independent person and updates on training and local investment targets, before concluding with a review of quarterly investment performance.

Pension Fund External Audit Report 2025/26

The committee is scheduled to receive a presentation from EY, the Fund's external auditors, regarding their draft Audit Results Report for the 2025/26 accounts. This report will detail the findings of the audit work undertaken on the annual accounts, including conclusions on the financial statement conclusions, areas of audit focus, and any outstanding matters. The auditors anticipate issuing an unqualified audit opinion on the Pension Fund Accounts, subject to the satisfactory resolution of any outstanding issues. The report will also cover audit fees and confirm the independence of EY.

Update to Responsible Investment

A report is scheduled to be presented to the committee concerning the Responsible Investment Member Survey. This update will detail revisions made to the survey following feedback from committee members and trade unions. The report will outline the work undertaken by the Member Working Group to finalise the revised questionnaire and will include correspondence received from UK Lawyers for Israel (UKLFI) regarding the proposed survey and Mercer's analysis of potential investment exclusions. Representatives from Mercer are expected to attend the meeting to address any questions regarding the issues raised in the correspondence. The survey aims to gather views from fund members and participating employers on responsible investment matters to inform the review of the Fund's Responsible Investment Policy.

Pension Fund Annual Report 2025/26

The committee is scheduled to review the Pension Fund Annual Report for the year ended 31 March 2026. This report, which is subject to audit, is required by the Local Government Pension Scheme Regulations 2013 and must be published before 1 December. The report will include information on overall fund management, governance and training, financial performance, the audited Pension Fund Accounts, investments and funding, administration, the actuarial report on the Fund, and the external audit opinion. The report is expected to be approved by the committee for publication.

General Pension Matters

This agenda item is scheduled to provide updates on several key areas. These include the progress of the committee's training plan, with a focus on ensuring members are conversant with LGPS rules and relevant legislation. The committee will also receive the Local Pension Board Chair's Report for 2025/26, which will summarise the Board's activities and compliance with scheme regulations. A significant part of this item will focus on the appointment of an independent person, a role mandated by recent LGPS regulations to provide independent scrutiny and challenge to the Senior Responsible Officer and the committee. The report will outline the proposed approach to appointing this individual, including the person specification. Additionally, an update on the local investment target will be provided.

Local Investment Strategy

A report is scheduled to outline the Wandsworth Pension Fund's proposed approach to local investment, in line with amendments to the Local Government Pension Scheme Investment Regulations and statutory guidance. The report will define local investment, detail the requirement to cooperate with the Greater London Authority and London CIV, and outline factors for determining target areas and ranges. It will also cover principal investment and governance considerations. The committee is asked to approve a strategic objective of up to 5% of Fund assets over the long term for local investment, with a secondary target of 2% for the immediate pool area, contingent on suitable opportunities, fiduciary duty, risk-adjusted returns, and value for money. The proposed wording for the Fund's Investment Strategy Statement is included as an appendix.

Quarterly Investment Performance

The committee is scheduled to receive a report summarising the performance of the Pension Fund investments for the quarter ending 30 June 2026. This report, now provided by the London CIV, will include comparisons of whole Fund performance against the LGPS peer group and the Fund benchmark. It will also detail investment performance against respective benchmarks and provide an analysis of the whole Fund value by asset class. The report will compare current holdings against targets and ranges defined in the Fund's Investment Strategy Statement, with recommendations for any required actions. Representatives from the London CIV are expected to attend to present their report.