The Pension Policy & Investment Committee of Enfield Council met on Tuesday 15 September 2026 to discuss the Fit for the Future reforms, the Fund's training strategy, and its quarterly investment management monitoring report. The meeting also included a review of the Fund's annual report.

Fit for the Future Final Guidance and Plan to Achieve

The committee was scheduled to receive a presentation on the final guidance and implementation plan for the Fit for the Future reforms. This initiative, driven by the Ministry of Housing, Communities and Local Government (MHCLG), aims to modernise the Local Government Pension Scheme (LGPS) governance and investment framework. The report outlined the implications for the Enfield Pension Fund, covering aspects of fund governance, the preparation and maintenance of an Investment Strategy Statement (ISS), and asset pooling. Key requirements include commissioning an Independent Governance Review (IGR) and preparing an action plan to address any findings. The report also noted that the advert for an Independent Person/adviser role had been published, with a deadline for appointment by 31 December 2026. The committee was asked to note the report and appendix, and to delegate authority to the Chair of the Pension Policy & Investment Committee (PPIC) and the Head of Pension Fund to shortlist, interview, and appoint the Independent Person/adviser. This delegation was proposed to ensure the appointment process could progress without unnecessary delay, while retaining member oversight. The Fit for the Future reforms represent a significant change to the LGPS, impacting governance, pooling, and investment strategies, with a deadline of 31 March 2027 for the revised ISS to be complete.

Training Strategy

Ravi Lakhani, Head of Pension Fund and Senior LGPS Officer, was scheduled to present the Fund's Training Strategy. This strategy aims to ensure that members of the PPIC and the Pension Board possess the necessary knowledge and skills to effectively fulfil their roles and responsibilities. The strategy includes a revised Training and Development Policy, which outlines the scope of application, legislative and guidance framework, and the required standards of knowledge and understanding for various roles within the Fund's governance. The training plan for 2026 and 2027 focuses on areas such as completing online training programmes provided by Hymans Robertson and the Public Service toolkit, as well as specific training on Investment Strategy, including Strategic Asset Allocation and Local Investment. The report sought agreement on the Training and Development Policy and the training plan for the PPIC for the upcoming year.

Quarterly Investment Management Monitoring Report, Including Risk Register

The committee was scheduled to review the Quarterly Investment Management Monitoring Report, which includes the Fund's risk register. Ravi Lakhani and representatives from London Collective Investment Vehicle (LCIV) were expected to present the report. This report provides a summary of the Fund's investment performance for the quarter ending 30 June 2026, detailing asset class and manager performance. It also highlights changes to the LCIV Global Alpha Growth Paris Aligned Fund, transitioning to a multi-manager model to reduce reliance on a single manager and enhance diversification. The report was expected to note the Fund's asset allocation against its targets, with an overweight position in Listed Equity, Credit, and Property, and an underweight position in Infrastructure and Private Credit. The report also addressed the Fund's cash position, which remained above the strategic target, and outlined a temporary implementation plan to deploy excess cash. Furthermore, the report was to include a section on Responsible Investment, detailing the Fund's approach to integrating environmental, social, and governance (ESG) considerations into investment decision-making and stewardship activities. The risk register, covering areas such as pooling and investment performance, was also to be presented.

Annual Report

Ravi Lakhani was scheduled to present the Enfield Pension Fund's Annual Report for 2025/26. This report, a statutory requirement for all Local Government Pension Schemes, provides an overview of the Fund's activities, governance, financial performance, investments, and administration. Key headlines from the draft report indicated a strong financial position with net assets increasing to approximately £1.71 billion at 31 March 2026. The 2025 actuarial valuation confirmed an improved funding position, allowing for a reduction in employer contribution rates. While investment performance was positive, it was noted as being below the Fund's benchmark and LGPS peer group averages. The report also highlighted the Fund's maturing profile, with pension benefit payments exceeding contribution income, underscoring the importance of effective cashflow and liquidity management. Progress on investment pooling and regulatory reform, including the implementation of new LGPS governance requirements, was also detailed. The committee was asked to approve the contents of the draft annual report and accounts.

The meeting also included standard agenda items such as welcoming attendees, declarations of interest, and the approval of minutes from the previous meeting. Part 2 of the agenda, which was to be held in private, included an update on pension board and administration issues, as well as a local investment workshop.