The Pension Board of Lewisham Council met on Monday 21 September 2026 to discuss a range of updates concerning the Lewisham Pension Fund. Key topics included a general update report covering the Fund's Terms of Reference, draft annual accounts, and risk register, alongside a detailed pooling update report on the implementation of government reforms and the role of London CIV. The Board was also scheduled to review the Work Programme and consider future meeting dates.

General Update Report

The Board was scheduled to receive a comprehensive update on the Lewisham Pension Fund. This included a review of the Pension Board's Terms of Reference, which had been updated to reflect legislative changes and governance best practices. The draft Pension Fund Annual Report for 2025/26 was also presented, detailing the Fund's financial position, investment performance, and governance arrangements. An update from the pension administration team was provided, covering staffing, end-of-year accounting, audit progress, and the transition to online annual benefit statements. Furthermore, changes to the Risk Register were reviewed, highlighting key current risk areas, including investment pooling risks.

A significant part of the update focused on the draft Training Strategy and Training Plan, developed in response to new statutory LGPS Fund Governance Guidance. This strategy outlines a structured approach to identifying, developing, and monitoring the knowledge and understanding of those involved in the Fund's governance and management. The plan details proposed training topics over a three-year period, covering core induction, governance, investment, and funding matters.

Pooling Update Report

The Board was scheduled to receive an update on the implementation of the government's LGPS Fit for the Future reforms. This included progress on investment pooling and portfolio rebalancing through London CIV (LCIV), the procurement of the LGPS Pension Advisory and Support Service (PASS), and the introduction of new LGPS Senior Officer and Independent Person roles. The report detailed the rebalancing of the Fund's portfolio, involving the sale of listed equities and investment in credit and UK Government bonds, as well as capital calls for private market investments.

The PASS service, provided by LCIV, is intended to support the Fund in meeting enhanced governance, investment oversight, and reporting requirements. The report also outlined the statutory requirements for the LGPS Senior Officer and the Independent Person, with Lewisham Council in the process of appointing individuals to these roles. Updates from London CIV included their support for reviewing Investment Strategy Statements and the provision of training sessions on new LGPS regulations. The report also referenced the statutory guidance issued by the Ministry of Housing, Communities and Local Government on LGPS Asset Pooling, Fund Governance, and Investment Strategy Statements.

Work Programme

The Board was presented with the Work Programme as at September 2026, outlining both operational and strategic items scheduled for discussion in upcoming quarters. This included updates on the Pension Fund Accounts, the Pension Fund Annual Report, monitoring of investment performance through London CIV, and ongoing pooling updates. The programme also highlighted the review of the Risk Register and updates on The Pensions Regulator's General Code of Practice.

Future Meeting Dates

The Board was scheduled to note the dates for future Pension Board meetings, with the next meetings planned for 7 December 2026, 15 March 2027, 28 June 2027, and 27 September 2027.

The meeting also included standard agenda items such as apologies for absence, declarations of interest, and the approval of previous minutes. A Breaches Log and Rolling Action Log were also scheduled for review. An item concerning the exclusion of the press and public was listed, indicating that some discussions would take place in a Part 2 session.