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Pension Board - Thursday 22nd May, 2025 6.00 pm

May 22, 2025 View on council website
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Summary

The Westminster Council Pension Board was scheduled to meet on 22 May 2025 to discuss updates from the London CIV, and to note the minutes from their previous meeting. Some of the discussion was expected to be held in private due to the confidential nature of financial and business affairs.

London CIV Update

The Pension Board was scheduled to receive an update from the Tri-Borough Director of Treasury and Pensions regarding the London CIV (LCIV). The LCIV is a collaboration of London local authorities who have pooled their pension fund assets to reduce costs and improve investment returns1.

The board had previously expressed concerns about the LCIV's performance, particularly regarding the underperformance of some sub-funds and a perceived lack of communication. At the previous meeting on 26 March 2025, the board had discussed their serious concerns regarding the ability of the LCIV to sufficiently manage Westminster Pension Fund investments because there had been no explanation regarding the difficulties of recruitment and retention of staff at the LCIV.

Pension Administration Update

At the previous meeting, the Board received an update on the Key Performance Indicator (KPI) data from Hampshire Pension Services (HPS) from January 2025 to February 2025. They noted that the KPIs data provided showed 100% compliance with the agreed KPI standards, and that there were currently 349 cases on hold as at the end of February 2025.

The board also heard that there had been an increase in members signing up to the Members Portal to 49.37% as at the end of February 2025, and that Strictly Education had agreed to complete the 24/25 annual returns on behalf of the schools.

Previous Minutes

The board was scheduled to approve the minutes of the Pension Board meeting held on 26 March 2025.


  1. More information about the London CIV can be found on their website: https://www.londonciv.org.uk/ 

Attendees

Profile image for CouncillorMatt Noble
CouncillorMatt Noble  Labour •  Church Street
Christopher Smith
Terry Neville
Profile image for Councillor Barbara Arzymanow
Councillor Barbara Arzymanow  Conservative •  Marylebone
Serena Simon
Profile image for Councillor Tim Mitchell
Councillor Tim Mitchell  Conservative •  St James's

Topics

No topics have been identified for this meeting yet.