The Pensions Committee of the City of London Council is scheduled to convene on Wednesday, 23 September 2026. The meeting's agenda includes a review of the committee's work programme for the upcoming year, an update on the administration of the pensions scheme, and a discussion on the potential impact of changes to inheritance tax on the Local Government Pension Scheme. Additionally, the committee will consider the risk register for its operations.

Pensions Committee Work Programme 2026/27

The committee is scheduled to review its work programme for the 2026/27 period. This report, prepared by the Chamberlain, is for information and outlines the planned activities and focus areas for the committee over the coming year.

Pensions Scheme - Administrator's Update

A report from the Chamberlain will provide an update on the administration of the City of London Local Government Pension Scheme. This update covers various aspects of the scheme's administration since the last meeting, including details on the annual schedule of events, information on scheme records, and any complaints or disputes. It will also highlight the outcome of an internal audit review of the pension administration function and provide information on the rollout of the Online Member Portal and the implementation of the new payroll system, SAP. The report will also detail updates on the public sector pensions legal challenge, known as the 'McCloud' case, and the progress of the Guaranteed Minimum Pension (GMP) reconciliation project.

Changes to Inheritance Tax and the Effects on the Local Government Pension Scheme

The committee will receive a report from the Chamberlain detailing upcoming changes to inheritance tax (IHT) and their potential implications for the Local Government Pension Scheme (LGPS). These changes, effective from 6 April 2027, will bring most unused pension funds and death benefits into the scope of IHT, a significant shift from the current rules where such benefits are generally outside IHT. The report will consider the impact on LGPS death benefits for deferred and pensioner members, the new administrative requirements for scheme administrators and personal representatives, and the potential effects on scheme members and beneficiaries. The report also outlines a communications strategy to inform members about these changes.

Risk Register for the Pensions Committee

The committee is scheduled to review its Risk Register. This report, from the Chamberlain, details the key risks identified, their associated risk scores indicating likelihood and impact, and the proposed mitigation strategies. The register has been updated to reflect new statutory requirements arising from the Pension Schemes Act 2026 and the LGPS (Pooling, Management and Investment of Funds) Regulations 2026. The committee will be asked to confirm that appropriate control measures are in place for the identified risks and to consider if any further risks should be added.

City Fund and Pension Fund – Statement of Accounts, and Audit Findings Report 2025-26

A report from the Chamberlain will provide an update on the audit of the 2025-26 City Fund and Pension Fund Statements of Accounts. This report includes the revised audited 2025-26 City Fund Statement of Accounts for approval, along with the Audit Findings Reports from Grant Thornton for both the City Fund and the Pension Fund. These reports summarise the results of the audit, detail any audit adjustments made, and include auditor recommendations. The report also presents the Auditor's Annual Audit Report for the City Fund, commenting on its Value for Money arrangements. The Pensions Committee is asked to consider the Audit Findings Report for the Pension Fund and the Pension Fund management representation letter.