The Pensions Committee of Barking and Dagenham Council is scheduled to meet on Wednesday 16 September 2026. The meeting's agenda includes discussions on the appointment of a Senior LGPS Officer, the quarterly performance of the Pension Fund, and the committee's work plan for the upcoming year. Several private and confidential items are also scheduled for discussion, including updates on pooling arrangements and investment strategies.

Appointment of the LGPS Senior Officer

A key item on the agenda is the proposed appointment of a Senior LGPS Officer. This role is a new statutory requirement stemming from the Government's Fit for the Future consultation and subsequent regulations. The report suggests assigning this responsibility to the current Head of Pensions, Treasury and Capital, Nemashe Sivayogan. This individual has extensive experience in public sector finance and Local Government Pension Scheme (LGPS) fund management, aligning with the requirements for overseeing pension administration, investment, and governance. The appointment is not expected to incur additional financial costs as the duties are already part of the existing role. The legal implications of this appointment are outlined, referencing the Local Government Pension Scheme (Amendment) (Governance) Regulations 2026¹.

Pension Fund Quarterly Monitoring Report

The committee will review the Pension Fund's performance for the period of April to June 2026 (Quarter 2). The report indicates that the Fund's valuation stood at £1,820.4 million at the end of June 2026, an increase of £110 million from the previous quarter. However, during this quarter, the Fund returned 7.28%, underperforming its benchmark of 8.64% by 1.36%. Over the preceding 12 months, the Fund also underperformed its benchmark, returning 14.48% against a benchmark of 16.60%. The report details market returns for the quarter, noting strong performance in global equities, particularly in technology companies benefiting from AI-related investments. It also provides a breakdown of investment manager returns and the Fund's asset allocation. The report is for information, and the committee is recommended to note the performance figures.

Committee Work Plan 2026/27

A proposed work plan for the Pensions Committee for the 2026/27 municipal year is scheduled for discussion. This flexible document outlines projected items for future meetings, including investment performance reviews, training sessions, Pension Board updates, and risk management reviews. The committee is asked to note this work plan.

Pension Board Independent Chair

The committee will be formally introduced to Mike Curtis, the newly appointed independent Chair of the Pension Board. Mr. Curtis will be presenting a report on the Board's work and activities at future committee meetings. The Pension Board plays a crucial role in providing independent oversight of the Pension Fund.

Pooling Update and Performance Reporting - London Collective Investment Vehicle (LCIV)

A private and confidential item concerns an update on pooling arrangements and performance reporting related to the London Collective Investment Vehicle (LCIV). The LCIV is a key initiative for pooling assets from various Local Government Pension Scheme (LGPS) funds across London, aiming to achieve greater efficiency and investment returns. The report on this matter will be circulated separately.

Draft Investment Strategy Statement and Investment Strategy Implementation Plan

Further private and confidential items include a review of the Draft Investment Strategy Statement and the Investment Strategy Implementation Plan. These documents are crucial for outlining the long-term approach to managing the Pension Fund's assets and ensuring alignment with regulatory requirements and the council's objectives.

Appointment of Independent Person

Another private and confidential item relates to the appointment of an Independent Person. This role is also a new governance requirement under the LGPS regulations.