The Pensions Committee of Lambeth Council met on Wednesday 11 February 2026 to discuss the actuarial valuation of the pension fund, receive updates on general pension matters, and review investment performance. Key discussions were scheduled around the fund's financial health, investment strategies, and compliance with evolving regulatory frameworks.

Actuarial Valuation Update

A significant portion of the meeting was dedicated to an update on the actuarial valuation of the Lambeth Pension Fund. The report detailed the fund's financial position as of 31 March 2025, showing a notable improvement with a funding level of 120% and an estimated surplus of £297 million, a substantial increase from the deficit of £79 million recorded at the previous valuation in March 2022. This improvement was attributed to updated assumptions regarding future investment returns and pension increases, despite a period of high inflation. The report outlined the process for setting employer contribution rates for the period from April 2026 to March 2029, with a projected reduction in the council's contribution rate from 23.9% in 2025/26 to 18.9% by 2028/29. The actuary, Hymans Robertson LLP¹, was scheduled to provide further verbal updates on these matters.

General Update

The committee was scheduled to receive a general update on various pension-related issues. This included information on the London CIV (Collective Investment Vehicle)², which managed approximately £20.9 billion in assets as of September 2025, with the Lambeth Fund having 63% of its assets invested within the pool. Estimated net fee savings for the quarter ending September 2025 were reported as £367,000. Discussions were also planned regarding the Fit for the Future reforms, which aim to consolidate the Local Government Pension Scheme (LGPS)³ into asset pools and introduce minimum operating standards. The committee was to be updated on consultations related to these reforms, including the draft statutory instruments and guidance. A governance review of the fund, conducted by Hymans Robertson, was also on the agenda, with recommendations to be presented in March 2026. The update also covered the fund's exposure to businesses listed on the United Nations Human Rights Office database concerning Israeli settlements in the Occupied Palestinian Territories, with officers confirming no current investments in these businesses. Information on the Pensions Board's recent meeting and the progress of the 2024/25 pension fund accounts audit was also scheduled. The committee was to be informed about the fund retaining its signatory status to the UK Stewardship Code⁴ and the implications of the new UK Stewardship Code 2026. Finally, a list of suggested training and development opportunities for committee members was provided.

UK Impact Venture Capital and London CIV Update

The agenda included discussions on UK Impact Venture Capital and an update from the London CIV. These items were scheduled to be held in private session, indicating that they likely involved commercially sensitive or confidential information.

Other Business

The agenda also included standard items such as declarations of interest, the minutes of previous meetings, and the Matters Arising and Work Programme. The Business Plan Tracker for 2025/26 was also scheduled for review.