The Pensions Committee of the City of London Council met on Wednesday, 11 February 2026, to review the work programme, discuss the administration of the pension scheme, and examine the risk register. The committee was also scheduled to review the investment consultant's strategic objectives and follow up on pension fund audit findings.

Work Programme

The committee was scheduled to receive an update on the work programme for the Pensions Committee. This report, from the Chamberlain, was for information and outlined the forward-looking plans for the committee's activities.

Pension Scheme Administrator's Update

A report from the Chamberlain provided an update on the administration of the pension scheme. This information was for the committee's note and included details on the annual schedule of events for scheme administration, the importance of maintaining accurate scheme records, and the current status of complaints or disputes. It also covered reports relating to the administration of the pension scheme that had been considered by other committees, and an update on the Pension Administration System, including the online member portal. The report also provided information on communications issued by the Pensions Office and an update on the Public Sector Pensions Legal Challenge, commonly known as the 'McCloud Remedy'.

Risk Register for the Pensions Committee

The committee was scheduled to review the Risk Register for the Pensions Committee. This report from the Chamberlain was for decision and detailed the key risks identified, their associated risk scores, and the mitigation strategies in place. The report highlighted that the risk environment had been reviewed, with one score being lowered due to progress on the McCloud Remedy. The assessment of the risk related to insufficient assets was maintained, reflecting current market conditions and the 'Fit for the Future' agenda.

Investment Consultant Strategic Objectives - Annual Review

The committee was due to review the strategic objectives for the investment consultant, Mercer Ltd. This report from the Chamberlain was for decision and detailed the performance of Mercer against the objectives set in November 2019, which were later incorporated into legislation. The review indicated that Mercer had performed well over the past year, with all completed aims and objectives rated as green. The report also noted that under the government's 'Fit for the Future' agenda, the Pension Fund would no longer appoint an Investment Consultant, but would instead take advice from the Pool.

Pension Fund Audit Findings Follow Up

The committee was scheduled to receive an update on the Pension Fund Audit Findings for the year ended 31 March 2025. This report from the Chamberlain was for discussion and information. It detailed two 'green' assessments, which are best practice recommendations, made by the external auditors, Grant Thornton UK LLP. These related to the inclusion of the Pension Fund within the scope of internal audit and the process for capturing declarations of interest from members. The report indicated that progress was being made on both recommendations.