The Local Pension Board of Wandsworth Council was scheduled to convene on Monday, 9th February 2026, to discuss updates on pensions administration, governance, investment, and risk management. The meeting agenda included a training session and a review of the Pension Fund's risk register.

Pensions Administration Update

A report from the Director of Financial Services was scheduled to provide the Local Pension Board with an update on the Pensions Shared Service (PSS) Work Plan. This included information on the performance of the PSS, updates on specific projects such as Guaranteed Minimum Pension (GMP) reconciliation and the implementation of pension dashboards and the Altair Pensioner Payroll system. The report also detailed achievements in the first three quarters of the year, including end-of-year reconciliations, annual life certificates for overseas pensioners, and member webinars. The PSS Work Plan, which covers the funds of Wandsworth, Camden, Merton, and Waltham Forest, was also to be reviewed. The report highlighted data quality improvements, with Wandsworth's common data scores increasing by 8.30% and scheme-specific data by 33.64% between 2017 and 2025. There were no reported breaches of the law concerning the management and administration of the Fund since the last meeting.

Governance and Investment Update

The Board was scheduled to receive an update on the government's Fit for the Future agenda, which aims to reform the Local Government Pension Scheme (LGPS). This agenda includes requirements for pension pooling and statutory instruments that are currently in draft. The report indicated that the Fund had approximately 78% of its assets invested with the London Collective Investment Vehicle (LCIV), the local pool for London, with plans to transfer the remaining 22% by April 2026. Discussions were also scheduled regarding letters from Unison and the Wandsworth National Education Union concerning divestment from companies associated with the conflict in Gaza. The report noted that the Scheme Advisory Board (SAB) had commissioned legal advice on LGPS fiduciary duty in relation to such requests. The Joint Pensions Committee had also received deputations on this matter and was to consider options provided by the London CIV, which is proposing three pillars with different levels of exclusions for funds to choose from. The Board was also to be updated on progress towards achieving net zero by 2050, with a target of a 60% reduction in carbon emissions associated with listed equity investments by 2030. The report detailed the calculation of Weighted Average Carbon Intensity (WACI) and noted a reduction from 219.1 in March 2019 to 74.2 in March 2025 for total liquid assets. Finally, the Board was to address a vacancy for a scheme member representative, with efforts underway to appoint an active member to broaden representation.

Risk Management

The Board was scheduled to review the revised risk register for the Pension Fund, which is a live document updated for each meeting. The register identifies core risks as defined by The Pensions Regulator (tPR) and assesses their likelihood and impact. The report highlighted that the majority of changes to the register were related to the Fit for the Future agenda, including updates to risks concerning financial information, investment performance, asset/liability mismatch, professional advice, cost control, third-party providers, negligence, fraud or error, and climate change. New risks added to the register included those associated with the transition of pensioner payroll to the Altair system and the overall transition to comply with Fit for the Future requirements. The report also detailed the risk assessment process, including impact and probability scoring, and the risk control measures in place for each identified risk. Appendices B, C, and D provided service risk documents for the Pensions Shared Service, investment strategy process, and accounting, finances, and governance of the Fund.

Training

The Board was scheduled to receive a training presentation.

Minutes of the Previous Meeting

The Board was scheduled to adopt and sign as a correct record the minutes of the Local Pension Board meeting held on Monday, 3rd November 2025.