The Pensions Committee of Barking and Dagenham Council met on Wednesday 16 September 2026, where they appointed a new Senior LGPS Officer and reviewed the fund's quarterly performance. The committee also discussed the upcoming work plan and welcomed the new Chair of the Pension Board.

Appointment of the Senior LGPS Officer

The committee formally agreed to assign the role of Senior LGPS Officer to Nemashe Sivayogan, the Head of Pension Fund, Treasury and Capital. This appointment is a new statutory requirement stemming from the Fit for the Future proposals and associated regulations, which mandate that each authority appoints a senior officer with overarching responsibility for all pension functions. The regulations stipulate that this role cannot be held by individuals who also serve as the Section 151 Officer (responsible for financial affairs) or the Monitoring Officer. Nemashe Sivayogan's extensive experience in public sector finance, including over 20 years managing LGPS funds, treasury management, and financial accounting, was highlighted as making her an ideal candidate for the position. The report noted that this role does not incur additional costs as it is integrated into her existing responsibilities.

Pension Fund Quarterly Monitoring Report

The committee reviewed the Pension Fund's performance for the quarter ending 30 June 2026. The fund's value increased by £110 million, reaching £1.820 million. However, the fund's actual return of 7.28% underperformed its benchmark of 8.64% by 1.36% for the quarter. Over the 12 months to 30 June 2026, the fund returned 14.48%, also underperforming its benchmark of 16.60%. Despite this underperformance against the benchmark, the overall return was considered strong, particularly in the context of the expected annual return of 4.7%.

Discussions also touched upon market conditions, with investment advisor Nick Yellema from Hymans Robertson providing an overview. He noted that the quarter was positive for growth assets, including listed equities, which benefited the fund. However, he also highlighted key risks facing the fund over the next 6 to 12 months, including the potential impact of artificial intelligence-driven companies and technology sector valuations, geopolitical instability, and inflation and interest rate fluctuations.

Councillor Caleb van Ryneveld raised concerns about the consistent underperformance of two active investment managers, Kempen Capital Management and LCIV Baillie Gifford Global Alpha Growth, against their respective benchmarks. It was explained that these underperformances, coupled with higher management fees, contributed to the fund's overall underperformance against its benchmark. The committee was assured that future discussions would address how these managers are overseen.

Committee Work Plan

The committee was presented with the proposed work plan for the remainder of the 2026-27 municipal year. Key items include ongoing investment performance reviews, training sessions for committee members, updates from the Pension Board, and the pension fund audit and annual report sign-off. Training is planned to be delivered through a mix of online modules and in-person sessions, with a focus on ensuring it is relevant and cost-effective, to be charged to the pension fund. The schedule for Pension Board meetings was also confirmed, with meetings to be held at 4 pm on the same days as the Pensions Committee meetings, followed by the committee meeting a couple of weeks later.

Pension Board Independent Chair

Mike Curtis formally introduced himself as the newly appointed independent Chair of the Pension Board. He shared his extensive background in local government finance, having served as Finance Director for pension funds at Islington and the Royal Borough of Kensington and Chelsea. Mr. Curtis outlined the Pension Board's role in scrutinising the governance of the fund and assisting the committee. He indicated a commitment to increasing the board's activity, with plans for four meetings per year, and stated that he would present a report on the board's work at future committee meetings.