The Brent Pension Fund Sub-Committee meeting scheduled for 18 February 2026 was set to cover a range of financial and strategic matters concerning the Brent Pension Fund. Key discussions were expected to focus on the triennial valuation results and the associated Funding Strategy Statement, alongside an update on the Fund's investment strategy and performance monitoring. The committee was also scheduled to receive reports on engagement activities undertaken by the Local Authority Pension Fund Forum (LAPFF) and an update on member training.

2025 Triennial Valuation Results and Funding Strategy Statement

A significant portion of the meeting was dedicated to the 2025 triennial actuarial valuation results and the proposed Funding Strategy Statement (FSS). This report, prepared by the Fund's actuary, Hymans Robertson LLP, outlines the financial position of the Brent Pension Fund as at 31 March 2025. The valuation process, mandated by Regulation 62 of the Local Government Pension Scheme Regulations 2013, aims to assess the Fund's ongoing financial health, compare actual experience against previous assumptions, value assets and liabilities, and set employer contribution rates for the upcoming three-year period (1 April 2026 to 31 March 2029).

The report indicates a significant improvement in the Fund's funding position since the last valuation in 2022. As at 31 March 2025, the Fund reported a surplus of £151 million, with a funding level of 113%, a notable increase from the deficit of £162 million and a funding level of 87% at the 31 March 2022 valuation. This improvement is primarily attributed to higher assumed future investment returns. Consequently, the report recommends a reduction in the employer contribution rate for Brent Council, local authority schools, and most academies to 23.0% for the next three financial years, down from 30.5% in 2025/26. The FSS itself has been reviewed and updated to align with new guidance, incorporating clearer language, a common structure, and enhanced consultation requirements. The committee was asked to note, comment on, and agree the draft valuation report, delegate authority for its finalisation, note the proposed reduction in employer contribution rates, and approve the Funding Strategy Statement.

Investment Strategy Review and Monitoring

The committee was scheduled to receive an update on the Investment Strategy Review. This report would provide information on the ongoing review of how the Fund's assets are invested to meet its long-term objectives. Alongside this, the Investment Monitoring Report for Q4 2025 was to be presented, offering an update on the Brent Pension Fund's investment performance for the fourth quarter of the 2025-26 financial year. This report would detail the performance of the Fund's various investment mandates against their respective benchmarks.

LAPFF Update

An update on the engagement activities undertaken by the Local Authority Pension Fund Forum (LAPFF) on behalf of the Brent Pension Fund was also on the agenda. LAPFF represents a significant number of local authority pension funds and pools, collectively managing substantial assets. Its aim is to promote high standards of corporate governance and responsible investment by engaging directly with companies on issues such as executive pay, environmental concerns, human rights, and the transition to a net-zero economy. The report was expected to highlight key engagements and their outcomes, demonstrating the Fund's commitment to responsible investment principles through collaborative action.

Training Update

The committee was to receive an update on the provision and member progress regarding the LGPS online learning facility. This report would detail the ongoing training programme for committee members and officers, focusing on the LGPS Online Learning Academy (LOLA), a platform developed by the Fund's actuaries, Hymans Robertson. The report was expected to outline the progress made by members in completing various training modules designed to enhance their knowledge and understanding of LGPS governance, administration, investments, and actuarial practices. This aligns with proposed government measures to enhance the governance of local authority pension funds, requiring the publication of a governance and training strategy.

London CIV Update

Finally, the committee was scheduled to receive an update on recent developments concerning Brent Pension Fund investments held within the London CIV (LCIV). The London Collective Investment Vehicle is an asset pooling arrangement for London local authority pension funds, aiming to achieve economies of scale and improve investment outcomes. This report would provide information on the LCIV's activities and their implications for the Brent Pension Fund's investments.

The meeting also included standard agenda items such as apologies for absence, declarations of interest, and the minutes of the previous meeting. Certain agenda items, including parts of the Investment Strategy Review, the Q4 Investment Monitoring Report, and the 2025 Triennial Valuation Results, were designated as exempt from public disclosure due to containing information relating to financial or business affairs.