The Pension Policy & Investment Committee is scheduled to meet on Tuesday 15 September 2026 to discuss the final guidance and plan for the Fit for the Future reforms, alongside the fund's training strategy and quarterly investment monitoring report. The committee will also receive the annual report and consider future meeting dates.

Fit for the Future Final Guidance and Plan

The committee is scheduled to consider the final guidance and plan for the Fit for the Future reforms. This discussion is expected to include the requirements of the Independent Governance Review (IGR) and a rag rating system. The report pack indicates that authority may be delegated to the Chair of the Pension Policy & Investment Committee (PPIC) and the Head of Pension Fund to appoint an advisor. The committee is expected to note the report and appendix, and delegate authority to the Chair of PPIC and the Head of Pension Fund.

The Fit for the Future reforms represent a significant overhaul of the Local Government Pension Scheme (LGPS) investment, pooling, and governance framework. These reforms, stemming from guidance published by the Ministry of Housing, Communities and Local Government (MHCLG) in June 2026, aim to ensure compliance with new governance and pooling requirements across England and Wales. Key areas covered include fund governance, the preparation and maintenance of an Investment Strategy Statement (ISS), and asset pooling.

The report highlights that each LGPS administering authority must appoint an LGPS senior officer responsible for overall leadership and accountability for the pension fund. For Enfield, Ravi Lakhani, the Head of Pension Fund & Senior LGPS Officer, is already in place and leading the implementation of these reforms. Additionally, an Independent Person must be appointed to provide an independent perspective on fund matters. The advert for this role has been published, with the appointment deadline set for 31 December 2026. The report proposes delegating authority to the Chair of PPIC and the Head of Pension Fund to manage the appointment process efficiently.

Furthermore, the reforms mandate Independent Governance Reviews (IGRs) to assess the effectiveness of fund governance arrangements. Enfield is required to commission and complete its first IGR by 31 March 2028, followed by the publication of an action plan. The report also details guidance on preparing and maintaining the Investment Strategy Statement (ISS), emphasizing the administering authority's role in setting high-level objectives for return, risk, cashflow, and local investment, while the asset pool, London Collective Investment Vehicle (LCIV) in Enfield's case, is responsible for implementation. Responsible investment and local investment approaches are also key considerations within the ISS.

The pooling guidance confirms that administering authorities retain strategic responsibility for investment outcomes, with pools responsible for implementing investment strategies. The report stresses the importance of robust governance between funds and pools, with formal agreements covering service delivery, cost-sharing, reporting, and dispute resolution. Enfield's role will involve scrutinising LCIV's advice, implementation, reporting, costs, risk management, and responsible investment delivery to ensure alignment with the Fund's strategy and fiduciary duties.

Training Strategy

Ravi Lakhani, Head of Pension Fund and Senior LGPS Officer, is scheduled to present the Training Strategy. This strategy is intended to ensure that members of the PPIC and Pension Board are equipped with the necessary knowledge and skills to effectively fulfil their roles and responsibilities. The report pack indicates that the strategy includes training provided by The Pensions Regulator (TPR) and Hymans Robertson, and will detail progress to date and a register of training completed. The committee is expected to agree the report and appendix.

The Training and Development Policy for the Enfield Pension Fund aims to ensure that all individuals involved in the fund's governance and management possess the appropriate knowledge, understanding, skills, and behaviours. This policy applies to members of the PPIC, the Local Pension Board, senior officers, and the Independent Person. It is designed to align with the Pension Schemes Act 2026 and the Fit for the Future guidance, which introduce strengthened requirements for knowledge, understanding, and training within LGPS administering authorities.

The policy outlines a blended programme for training delivery, which may include structured induction sessions, online learning (such as the LGPS Online Learning Academy and the Public Service toolkit), briefings from officers and advisors, workshops, seminars, and conferences. A key component of the training plan for 2026 and 2027 includes all members completing an online training programme provided by Hymans Robertson by 31 December 2027, and Pension Board members completing the Public Service toolkit online training by the same date. Training on Investment Strategy, including Strategic Asset Allocation and Local Investment, is also a focus. Progress against the training plan will be reported to the PPIC.

Quarterly Investment Management Monitoring Report, Including Risk Register

Ravi Lakhani, Head of Pension Fund and Senior LGPS Officer, along with LCIV, is scheduled to present the Quarterly Investment Management Monitoring Report. This report will include the risk register. The discussion is expected to cover changes to the Global Alpha Growth Fund, including a document from LCIV as an appendix, and cash investment. The committee is expected to note the report.

The report provides a summary of the London Borough of Enfield Pension Fund's (the Fund ) quarterly investment performance for the period ending 30 June 2026. It also introduces the full quarterly investment report prepared by the Fund's pooling partner and investment advisor, LCIV. The report highlights that the Fund's assets increased to £1.83 billion at 30 June 2026, an increase of approximately £118 million over the quarter. LCIV is now acting as the Fund's investment adviser, in line with new government regulations.

The report details performance across various asset classes, noting strong returns from listed equities, supported by corporate earnings and momentum in technology sectors, particularly those benefiting from advancements in artificial intelligence. Changes to the LCIV Global Alpha Growth Paris Aligned Fund are noted, transitioning to a multi-manager model to reduce reliance on Baillie Gifford and enhance manager diversification. Credit markets also contributed positively. UK Government Bonds remain a smaller but important part of the portfolio. Private equity, infrastructure, and property are identified as important long-term return-seeking allocations.

The asset allocation as at 30 June 2026 shows listed equities as the largest allocation at 46.6%, followed by credit at 20.2%. The Fund is noted to be overweight in listed equity, credit, and property, while infrastructure and private credit are below target. The cash allocation was 3.5%, against a target of 0.0%, an excess position being monitored as part of the wider implementation planning work with London CIV. A £30 million investment into UK Government Bonds was made in August 2026 from the cash balance as part of a temporary implementation plan to deploy excess cash. The report also includes a risk register for the Fund's investments, covering pooling and investment performance.

Annual Report

Ravi Lakhani, Head of Pension Fund & Senior LGPS Officer, is scheduled to present the Annual Report. The committee is expected to note the contents of this report.

The Enfield Pension Fund's Annual Report for 2025/26 is presented, detailing the scheme's overview, membership, governance, financial statements, investments, funding, administration, and actuarial reports. Key headlines from the report indicate 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. Investment performance was positive, delivering a 6.7% return over 2025/26, though below the Fund's benchmark and LGPS peer group averages. The report notes the Fund's maturation, with pension benefit payments exceeding contribution income, highlighting the importance of effective cashflow and liquidity management. Progress on investment pooling and regulatory reform, including work on new LGPS governance requirements, is also detailed. The report is presented in draft format, pending external audit, and invites comments from the PPIC.

Dates of Future Meetings

The committee is scheduled to note the dates of future meetings, which are listed as 27 January 2027 and 24 March 2027, both at 10 am.

Exclusion of the Press and Public

The committee will consider passing a resolution under Section 100(A) of the Local Government Act 1972 to exclude the press and public from Part 2 of the agenda. This is on the grounds that these items are likely to involve the disclosure of exempt information as defined in Part 1 of Schedule 12A to the Act.

Training (Part 2)

Committee members are invited to remain for an ISS update and a Local Investment workshop, which will take place in Part 2 of the meeting.

Pension Board and Admin Issues Update (Part 2)

A verbal update on Pension Board and administration issues is scheduled to be received in Part 2 of the meeting.