The Pension Board of the Royal Borough of Greenwich met on Monday 21 September 2026 to discuss a range of topics concerning the management and performance of the Pension Fund. Key agenda items included training on pensions procurement, updates to the Board's terms of reference, and a review of fund manager performance and the pension fund's risk register.

Pensions Procurement Training

The Board was scheduled to receive training from the RBG Procurement Team on the subject of Pensions Procurement. This session, detailed in the Public reports pack 21st-Sep-2026 12.00 Pension Board.pdf, aimed to familiarise members with the Procurement Act 2023, focusing on principles such as value for money, fair treatment, transparency, and integrity throughout the commercial lifecycle. The training also covered the responsibilities of Board and Panel members in procurement processes, including the importance of declaring conflicts of interest and maintaining confidentiality. Social Value in procurement was also a topic, with an emphasis on ensuring it is relevant, proportionate, and measurable, and distinct from responsible investment or ESG considerations.

Updates to the Terms of Reference

The Board was asked to agree amended Terms of Reference for the Local Pension Board. These proposed changes, which had been previously presented on 8 December 2025, were intended to ensure the document remained current, reflected legislative requirements, and supported the effective operation of the Board. The existing Terms of Reference, established on 1 April 2015, outline the Board's purpose to assist the Royal Borough of Greenwich as the Administering Authority in securing compliance with Local Government Pension Scheme (LGPS) regulations and the requirements of The Pensions Regulator. The report highlighted that the previous presentation was inquorate, preventing formal approval.

Pension Panel Meeting Activity

The Board was scheduled to note the minutes of the Pension Investment and Administration Panel meetings held on Monday 20 July 2026. These minutes covered several key areas, including the Pension Fund Audit Strategy Memorandum 2025/26, the Pension Fund Business Plan 2026/27, and an update on the Pension Schemes Act 2026. The Panel had also noted reports on early retirements, an update from the London CIV, and fund manager performance to 31 March 2026.

Pension Fund Risk Register

A section of the Pension Fund risk register, specifically covering Liabilities and Other Risks, was presented for noting. The report, which included an explanation of the risk scoring mechanism, detailed various risk categories such as demographic and financial liabilities, regulatory changes, and other operational risks including cyber security and business continuity. The register aims to identify, analyse, control, and monitor risks to ensure the effective and efficient governance and administration of the Fund. The section presented was scheduled for further review by the Investment and Administration Panel in March 2027.

Fund Manager Performance

The Board was to receive a report on the performance of the Royal Borough of Greenwich Pension Fund's investment managers for the period ending 30 June 2026. This report, which included an exempt appendix detailing specific performance data, outlined the mandate of each investment manager and compared the Fund's strategic asset allocation against its benchmarks. The report noted an increase in the Fund's total assets over the quarter, driven by positive returns from listed equities, particularly in emerging markets, and credit investments. The presentation from London CIV was also scheduled to focus on Environmental, Social, and Governance (ESG) activities, including their approach to climate change risks and engagement with investee companies.