The Brent Pension Fund Sub-Committee meeting on 9 July 2026 was scheduled to review investment performance, discuss the fund's draft annual accounts, and consider updates on government reforms affecting the Local Government Pension Scheme (LGPS). The committee was also set to receive presentations and reports on various aspects of the fund's management, including its training strategy and engagement activities.

Investment Monitoring Report - Q1 2026

The Sub-Committee was scheduled to receive the Brent Pension Fund Q1 2026-27 Investment Monitoring Update Report. This report, prepared by Hymans Robertson LLP¹, provided an overview of market conditions and the fund's performance during the first quarter of the financial year. It detailed market background information, including global growth, inflation, and interest rate movements, as well as historical returns for world markets and regional equity performance. The report also presented the total fund performance, high-level asset allocation, and detailed manager performance across various asset classes. Specific attention was given to the performance of different investment mandates and the overall scheme return. The report also highlighted current issues within the LGPS, such as the impact of geopolitical events and the progress of valuations in England, Wales, and Scotland.

Presentation from London CIV - An Introduction

A presentation from the London CIV (Collective Investment Vehicle)² was scheduled to provide an introduction to the organisation and discuss local government pension developments. The London CIV is a pooled investment vehicle established by London local authorities to manage their pension fund assets more efficiently and effectively.

Draft Annual Accounts 2025/26

The Sub-Committee was scheduled to review the Draft Annual Accounts for the Brent Pension Fund for the financial year ending 31 March 2026. This report, presented by Minesh Patel, Corporate Director of Finance and Resources, included the draft accounts themselves and an indicative audit plan from Grant Thornton LLP³. The accounts aimed to provide a true and fair view of the fund's financial transactions and its assets and liabilities. The report noted that the value of the Pension Fund's investments had increased to £1,482m, with investments held within Emerging Markets equities being a strong performer. Total contributions received were £70m, and total benefits paid were £62m, indicating a positive cash-flow position for the fund.

Fit for the Future Update

This report provided an update on developments stemming from the Government's Fit for the Future consultation concerning UK Local Authorities and the LGPS. The report, prepared by Minesh Patel, Amanda Healy, and Sawan Shah, detailed the final LGPS regulations that came into force on 30 June 2026. These regulations introduced several enhancements to existing governance arrangements, including requirements for investment pooling, local investment strategies, and strengthened governance for administering authorities and LGPS pools. Key implications for the Brent Pension Fund included the continued retention of responsibility for funding and investment strategy by the Pension Fund Sub-committee, with a greater emphasis on oversight of pooling arrangements. The report also outlined requirements for the appointment of a Senior LGPS Officer and an independent person, as well as the completion of independent governance reviews.

Brent Pension Fund - Training Strategy

This report presented the updated Brent Pension Fund Training Strategy for approval. Prepared by Minesh Patel, Amanda Healy, and Sawan Shah, the strategy outlines how the fund will ensure that Committee and Board members, along with officers, maintain the appropriate knowledge and skills to effectively fulfil their responsibilities. This updated strategy aligns with the final statutory guidance on LGPS Fund Governance issued by the Ministry of Housing, Communities and Local Government (MHCLG) and the CIPFA Code of Practice on LGPS Knowledge and Skills. It establishes a framework for induction training, annual training needs analysis, and ongoing professional development, covering nine core knowledge areas relevant to pension fund management.

LAPFF Engagement Report

The Sub-Committee was scheduled to receive an update on the engagement activities undertaken by the Local Authority Pension Fund Forum (LAPFF)⁴ on behalf of the Fund. LAPFF represents a significant number of UK local authority pension funds and pools, collectively managing assets exceeding £425bn. The report detailed LAPFF's work in areas such as climate change adaptation and resilience, particularly within the food and water utility sectors, and its engagement with companies like Pennon Group⁵ regarding environmental performance and regulatory changes. It also covered LAPFF's Say on Climate campaign, involving engagement with Schroders⁶ and Land Securities Group⁷, and its work on employment standards and electric vehicle supply chain risks, including engagements with General Motors⁸. The report highlighted LAPFF's efforts to promote responsible investment and corporate governance through direct engagement with company chairs and boards.

London CIV Update

This report provided an update on recent developments regarding Brent's Pension Fund investments held with the London CIV. It detailed the progress and activities of the London CIV in managing the pooled assets of its member funds.