The Surrey Pension Fund Committee is scheduled to meet to discuss investment performance, responsible investment, budget monitoring, and recent developments in Local Government Pension Schemes (LGPS).

Investment Manager Performance and Assets/Liabilities Update

The committee is scheduled to receive an update on the performance of the fund's investment managers and a review of the assets and liabilities. This is a regular item, providing an overview of how the fund's investments are performing against their benchmarks and how the fund is managing its financial risks.

Responsible Investment Update

The committee is scheduled to discuss responsible investment, including voting reports and responses to previous actions.

The Responsible Investment Update report includes a summary of voting activity for Q3 July-September 2025, contained in the Surrey Voting Report Q3 July-September 2025 document. It also contains responses from investment managers Lazard Group (LG Response to Action 16.25) and Baillie Gifford (BCPP Response to Action 16.25) regarding action 16.25.

Q2 Budget Monitoring Report 2025/26

The committee is scheduled to review the Q2 Budget Monitoring Report 2025/26, which provides an overview of the pension fund's financial performance against its budget for the second quarter of the financial year. This includes income, expenditure, and any variances from the approved budget. The report also includes a detailed breakdown of the budget monitoring in Q2 Budget Monitoring Report 2025/26 - Annexe 1.

Recent Developments in LGPS

The committee is scheduled to discuss a background paper on recent developments in the LGPS. This paper, Recent Developments in LGPS Background Paper, is intended to keep the committee informed about changes to regulations, guidance, and best practices in the management of local government pension schemes. The paper covers a range of topics, including:

• McCloud Judgement: An update on the McCloud judgement¹ and its implications for the Surrey Pension Fund.
• GMP Equalisation: An update on Guaranteed Minimum Pension (GMP) equalisation².
• Exit Credits: A consultation by the Department for Levelling Up, Housing and Communities (DLUHC) on the calculation and payment of exit credits from the LGPS.
• Investment Regulations: Proposed changes to investment regulations, including the potential for increased investment in illiquid assets and infrastructure.
• Climate Risk: The Task Force on Climate-related Financial Disclosures (TCFD) reporting requirements and the fund's progress in managing climate-related risks.

Surrey Pension Team Overview - Q2

The committee is scheduled to receive an overview of the Surrey Pension Team's activities and performance during the second quarter. This includes staffing updates, training, and key performance indicators. The Surrey Pension Team Overview - Q2 report includes a dashboard with key performance indicators in Surrey Pension Team Dashboard, and the EY Draft Audit Results Report Year ended 31 March 2025.

Summary of the Surrey Local Pension Board

The committee is scheduled to receive a summary of the discussions and activities of the Surrey Local Pension Board. The Pension Board provides oversight and scrutiny of the administration and management of the pension fund, and this item allows the committee to stay informed of any issues or concerns raised by the Board.

Glossary, Action Tracker and Forward Programme of Work

The committee is scheduled to review the glossary of terms, action tracker, and forward programme of work. This is a standard item that helps the committee monitor progress on outstanding actions and plan for future meetings. The Actions tracker - Annexe 1 lists all of the outstanding actions from previous meetings, and the Forward Programme of Work - Annexe 2 sets out the schedule of topics to be discussed at future meetings.