The Pension Board of Greenwich Council was scheduled to discuss its draft business plan for the upcoming year, review arrangements for publishing fund strategies and reports, and consider the Fund's adherence to the General Code of Practice. The meeting agenda also included a review of the Pension Fund Risk Register, an update on pension fund administration for the 2024/2025 financial year, and minutes from previous Pension Panel meetings. Additionally, the Board was set to receive a report on fund manager performance up to December 2025 and a presentation on Environmental, Social, and Governance (ESG) matters from Legal and General Investment Management (LGIM).

Pension Board Business Plan 2026-27

The Board was scheduled to review its draft business plan for the 2026/27 financial year. This plan outlines the key workstreams for the Fund, covering aspects such as the publication of reports and policies, annual accounts, audit cycles, legislative requirements, member communications, consultations, funding, and investment performance. The plan aims to ensure the Fund operates effectively and efficiently for its members and employers, promoting strong governance. A key focus within the business plan is the Fund's commitment to addressing the climate crisis, with a net-zero target date of 2040, and exploring options to achieve this more quickly.

Fund Strategies, Statements and Reports

A review of the arrangements for publishing strategies, statements, and reports relating to the Royal Borough of Greenwich Pension Fund was scheduled for discussion. This review forms part of the Fund's annual business plan and aims to ensure that relevant information is made available to members, scheme employers, and other stakeholders. The documents covered include the LGPS Regulations 2013, the LGPS (Management and Investment of Funds) Regulations 2016, the Pensions Regulator's Code of Practice, and the Financial Reporting Council (FRC) UK Stewardship Code 2026. These policies are reviewed as required, agreed by the Pension Fund Investment and Administration Panel, and published on the Council's website.

General Code of Practice Assessment Summary

The Board was asked to note the assessment summary and scorecard for the Fund's adherence to the General Code of Practice, published by The Pensions Regulator (tPR). This code sets out expectations for scheme governance and administration across both public and private occupational pension schemes. The assessment identified areas where the Fund fully meets the Code's requirements, as well as areas where further action is needed. The Board was also asked to agree to receive a subsequent report detailing progress made against the actions identified in the scorecard.

Pension Fund Risk Register

A section of the Pension Fund risk register, specifically covering administrative and compliance/regulatory related risks, was scheduled for review. This forms part of the Fund's ongoing risk management process, which involves identifying, analysing, controlling, and monitoring risks. The register includes an assessment of the likelihood and impact of risk events, control measures in place, and an overall risk score. The Board's review of this section is intended to ensure that risks are actively managed and minimised.

Pension Fund Administration Review 2024/2025

The Board was scheduled to review and note a report detailing the administration of the Pension Fund for the financial year 2024/2025. The report covers the services provided by the in-house Pension team, including the administration of the Local Government Pension Scheme (LGPS), the running of the Pension Payroll, maintenance of member records, and provision of data to other pension schemes. The report also highlights key achievements and challenges during the year, such as recruitment difficulties, the impact of the McCloud judgement, and the rollout of new IT systems.

Pension Panel Meeting Activity

The Board was scheduled to note the minutes from the Pension Investment and Administration Panel meetings held on 8 December 2025 and 26 January 2026. These minutes provide an overview of the decisions and discussions from the Panel's meetings, which are relevant to the Board's oversight role in ensuring effective governance and administration of the LGPS. The exempt minutes covered topics such as fund valuation results, draft investment strategy, and fund manager performance.

Fund Manager Performance to 31 December 2025

A report on the performance of the Royal Borough of Greenwich Pension Fund's investment managers for the period ending 31 December 2025 was scheduled for review. This report, detailed in an exempt appendix, provides information on the performance of various mandates, including equities, bonds, property, and alternative investments. The Board was asked to consider this information and agree that the details within the exempt appendix would not be released to the press or public.

Fund Manager Presentation on ESG - LGIM

The Board was scheduled to receive a presentation from Legal and General Investment Management (LGIM) focusing on the Fund's Global Low Carbon Equities. The presentation was set to highlight LGIM's work on Environmental, Social, and Governance (ESG) issues, including how they assess climate-related risks and opportunities, and their engagement strategies with companies. This presentation follows previous updates from LGIM on their ESG activities.