The Joint Pensions Committee meeting scheduled for 8 June 2026 was set to discuss the Pension Fund's external audit plan, updates on responsible investment policies, and progress on Fit for the Future reforms. The committee was also scheduled to review investment performance and consider proposals for expanding the Pensions Shared Service.

Pension Fund External Audit Plan 2025/26

The committee was scheduled to receive a presentation from EY, the Pension Fund's external auditor, regarding their plan for the 2025/26 audit. This plan outlines the proposed materiality limits for the committee's acceptance and the estimated audit fees. The report details the audit strategy, including identified risks, materiality levels, and the audit timeline. EY's plan also addresses the ongoing efforts to clear the audit backlog, with extended deadlines for the publication of unaudited and audited accounts in recent years. The proposed audit fees for 2025/26 include adjustments for additional work related to the triennial valuation process.

Update to Responsible Investment

A key item on the agenda was an update on the progress of amending the Pension Fund's Responsible Investment (RI) beliefs, in line with legal requirements. The report included an assessment of the likely financial impact of different options proposed by London CIV¹, the pooled investment vehicle for Local Government Pension Schemes (LGPS)². A draft stakeholder consultation was also presented, aiming to gather views from scheme members on environmental, social, and governance (ESG)³ issues. The report highlighted that Mercer⁴ had been commissioned to analyse the financial and risk implications of potential responsible investment exclusions. The committee was recommended to approve the launch of a scheme member survey on responsible investment, with the results intended to inform the refinement of the Fund's RI Strategy and Investment Strategy Statement (ISS)⁵.

A deputation from UNISON was also scheduled to address the committee regarding this item, with points of discussion including union views on the stakeholder survey.

Update on Fit for the Future

The committee was to receive an update on the progress of the Fit for the Future reforms, which aim to ensure effective investment of LGPS assets through pooling. This included the status of London CIV's draft implementation plan and the appointment of a Senior Responsible Officer (SRO) for the Pension Fund. The Pension Schemes Bill, passed on 28 April 2026, provides the legal framework for these changes, requiring LGPS funds to invest via a pool and transferring detailed investment decisions to these pools. The report recommended the appointment of Paul Guilliotti, Director of Financial Services, as the SRO, a statutory role designed to strengthen governance and accountability. The committee was also to consider the appointment of an independent person to support pension fund governance, with a recommendation to defer this appointment until further statutory guidance is published.

Quarterly Investment Performance - 2025/26 Q4

The committee was scheduled to review the Pension Fund's investment performance for the quarter ending 31 March 2026. The report provided a comparison of the Fund's performance against its customised benchmark and the average returns of other Local Authority LGPS funds, as compiled by PIRC⁶. It also detailed investment performance against individual asset class benchmarks. The report highlighted that all equity, bond, and Multi-Asset Credit (MAC) managers delivered negative absolute returns for the quarter. Property, infrastructure, private equity, and private debt managers generally showed positive returns, with the exception of Schroders⁷ and LCIV Renewable Infrastructure. The report noted the impact of geopolitical events on market performance and discussed the Fund's currency hedging strategy. The current whole Fund value and asset allocation were presented, with recommendations for any required actions based on the Investment Strategy Statement.

Proposal to Expand the Pensions Shared Service

The committee was to consider a report from the Executive Director of Finance regarding a proposal to expand the Pensions Shared Service. The details of this proposal were not publicly available in the provided documents.