The Local Government Pensions Board meeting scheduled for 13 July 2026 was set to cover a range of important governance and administrative matters for the City of London Pension Fund. Key discussions were expected to include the formal appointment of the Board's Chair and Deputy Chair, updates on the Pension Scheme's administration and risk management, and the consideration of the 2025-26 external audit plans and statements of accounts. The meeting also included a significant portion dedicated to non-public agenda items, focusing on investment performance, policy development, and programme updates.

Order of the Court

The Board was scheduled to receive the Order of the Court of Common Council dated 23 April 2026, which appointed the Board and established its Terms of Reference. This item was for information only.

Election of Chair and Deputy Chair

In accordance with Standing Orders 28 and 29, the Board was due to elect a Chair and a Deputy Chair. These were items for decision.

Minutes

The Board was scheduled to consider the public minutes and non-public summary of its previous meeting on 12 January 2026. Additionally, it was to receive the public note and non-public summary of the Pensions Committee meetings held on 3 December 2025, 11 February 2026, and 24 March 2026 (the latter being inquorate).

Pensions Committee Update Report

A report from the Chamberlain was scheduled for information, summarising the reports and decisions made by the Pensions Committee on its public agenda during its meetings on 11 February and 24 March 2026. The report highlighted that the 24 March meeting was inquorate, meaning any necessary decisions were likely handled under urgency procedures.

Pension Scheme - Administrator's Update

This item, also a report from the Chamberlain for information, was intended to provide an update on the administration of the Pension Scheme since the Board's last meeting. It included details on the annual schedule of events for pension administration, the importance of maintaining accurate scheme records, and updates on the online member portal. The report also provided an explanation of the McCloud Remedy¹, a significant legal challenge that addressed age discrimination in public sector pension reforms.

Risk Register for the Pensions Committee

A report from the Chamberlain, for information, detailed the Risk Register for the Pensions Committee. This register is reviewed twice a year and was last updated in February 2025. The report noted that the risk level for the McCloud Remedy was expected to be reduced due to the majority of the work being completed.

2025-26 External Audit Plans for City Fund and Pension Fund

This item, for information, presented the planning for the 2025-26 audit of the City Fund and Pension Fund accounts. The report from the Chamberlain outlined the work plan of the external auditors, Grant Thornton, including their approach to identifying significant risks such as management override of controls and the valuation of Level 3 investments². It also detailed the audit timeline, fee estimates, and independence considerations.

City Fund and Pension Fund Statement of Accounts 2025-26

This report from the Chamberlain, for information, provided an update on the publication and audit of the draft 2025-26 Statement of Accounts for the City Fund and Pension Fund. The draft accounts were published before the statutory deadline of 30 June 2026, and the external audit by Grant Thornton was scheduled to conclude by 30 September 2026. The report highlighted key financial movements and accounting policies.

Exclusion of the Public

A motion was proposed to exclude the public from the meeting for the following items. This was to allow for discussions related to business under the remit of the Court of Common Council, acting in line with the Public Services Pensions Act 2013, which are not subject to public access provisions under the Local Government Act 1972. This was a decision item.

Non-Public Agenda Items

The latter part of the agenda, from item 15 onwards, was designated for non-public discussion. These items included:

• Minutes: Consideration of non-public minutes from the Local Government Pensions Board meeting on 12 January 2026, and non-public minutes and notes from the Pensions Committee meetings.
• Pensions Committee Update Report: A non-public update from the Chamberlain on the Pensions Committee's activities.
• Pensions Dashboard Programme - Data Protections Impact Assessment (DPIA): A report for information concerning the DPIA for the Pensions Dashboard programme.
• GMP Reconciliation Project - Administrator's Update: An update on the Guaranteed Minimum Pension (GMP) reconciliation project.
• Fit for the Future Update: A report for information on the 'Fit for the Future' initiative.
• Investment Performance Monitoring Report to 31 March 2026: A report for information detailing investment performance.
• London Collective Investment Vehicle (London CIV) Update: An update on the London CIV, the asset pool operator for London LGPS Funds.
• LCIV Global Equity Quality Fund: A report for information concerning this specific fund.
• Pension Fund Cashflow Forecast 2025/26 to 2028/29: A forecast of the Pension Fund's cash flow.
• Draft Pension Fund Responsible Investment Policy: A draft policy for consideration.
• PRI 2025 Assessment Results: The results of the Principles for Responsible Investment (PRI) assessment.
• Non-Public Questions: An opportunity for non-public questions relating to the Board's work.
• Any Other Business: Any urgent other business agreed for consideration while the public were excluded.