The Greenwich Council Pension Board met to discuss key issues impacting the pension fund, including the fund's risk register, fund manager performance, and training on valuation assumptions. The board noted the section of the Pension Fund risk register that covers Liabilities and Other Risks, and also noted a report on the performance of the Royal Borough of Greenwich Pension Fund's investment managers for the period ending 30 June 2025. The members also received training from Hymans Robertson on assumption setting for the 2025 Valuation.

Pension Fund Risk Register

The board reviewed the section of the Pension Fund risk register that covers liabilities and other risks. The Accountancy and Business Change Manager explained that the risk register is a tool for managing the fund's exposure to risk, assessing the likelihood and impact of potential risk events, outlining controls, and providing an overall risk score.

The register typically covers seven categories of risk:

• Administrative risk
• Compliance/Regulatory risk
• Employer risk
• Investment Risk
• Liability Risk
• Reputational Risk
• Skill Risk

The board focused on liability risks, including early retirements, ill health, and longevity/mortality, as well as financial risks like discount rates and inflation rates. The register also addressed regulatory changes and cyber security, with the latter risk (O1) receiving a risk score of 16, categorising it as a Significantly High Risk that requires senior management monitoring.

The risk of Business Continuity (Staffing - Health epidemic) (O2) was also discussed, with the controls in place including that:

All staff have the able to work from work Officers have shared roles and responsibility - so critical duties can be carried out by numerous staff.

The board noted the section of the Pension Fund risk register that covers Liabilities and Other Risks¹.

Fund Manager Performance

The board reviewed the performance of the Royal Borough of Greenwich Pension Fund's investment managers for the period ending 30 June 2025. The Hymans Robertson report on the fund's investment managers was attached as an exempt appendix.

Key points from the report included:

• The fund's assets increased by approximately £64.9 million during the quarter, from £1,737.9 million to £1,802.8 million.
• The fund achieved a return of 3.8% over the quarter, outperforming its composite benchmark by 0.7%.
• The LGIM Future World Global Equity Fund was the most significant contributor to performance in absolute terms.
• The Nature-Based Solutions (NBS) Fund was added to reporting following capital calls of £13.8m on 20 May and £6.9m on 24 June.

The board noted the report on the performance of the Royal Borough of Greenwich Pension Fund's investment managers for the period ending 30 June 2025².

Training - Valuation Assumptions

The board received training from Hymans Robertson on assumption setting for the 2025 Valuation. As part of the training, members undertook a paper-based quiz.

Pension Panel Meeting Activity

The board noted the minutes of the Pension Investment and Administration Panel meetings held on Monday 21 July 2025³.

Key decisions made at the meeting included:

• Approval of the Pension Fund Audit Strategic Memorandum (ASM) for the 2024/25 accounts.
• Approval of the draft business plan for 2025/26, with an amendment to bring forward the review of the statement for responsible investment policy to the September 2025 meeting.
• Noting the expected impact of the Pension Scheme Bill on the Fund.
• Noting the report on early retirements from 01 October 2024 to 31 March 2025.
• Noting the report on fund manager performance to 31 March 2025.

The chair, Councillor Olu Babatola, had informed the Panel that he had raised the issue of the London CIV's response on Palestine at the recent London CIV conference. He also informed the Panel that he had met with the Nature Capital Fund Manager and spoken with the Chief Investment Officer of London CIV regarding underperforming managers.

A member of the public addressed the Panel to raise concerns about the Council's lack of response to Unite the Union Greenwich's request for a meeting following their motion calling for full divestment.

Fund Manager ESG Presentation - Fidelity

The board received a presentation from Fidelity on the Funds Bond, Global Multi-Asset Credit and Global Emerging Markets Funds. The presentation focused on the environmental, social and governance (ESG) work undertaken by Fidelity, including how they assess the risks and opportunities posed by climate change and engage with companies to drive change.

Declarations of Interest

The board noted the list of councillors' memberships as council-appointed representatives on outside bodies, joint committees and school governing bodies⁴.