The Pensions Committee met on Monday 6 July 2026. The meeting agenda included discussion of the work programme for the upcoming year, review of the financial statements for the City Fund and Pension Fund for 2025-26, and an update on the administration of the pensions scheme. The meeting also included discussions on investment strategy and performance monitoring.

Pensions Committee Work Programme 2026/27

The committee was scheduled to review its work programme for the 2026/27 civic year. This programme outlines the key areas of focus for the committee, including funding updates, investment monitoring, governance matters, and administration updates. Standing items for the year include investment monitoring and updates on the London Collective Investment Vehicle (LCIV) and pooling arrangements. Quarterly items include funding updates, cashflow forecasts, budget setting, and various governance reviews, such as risk registers and annual reports. The programme also details planned training for committee members, including mandatory online modules from The Pensions Regulator (tPR) and Barnett Waddingham.

Pensions Scheme – Administrator's Update

A report from the Chamberlain's Department was to provide an update on the administration of the City of London Local Government Pension Scheme (LGPS). This would include information on the annual schedule of administrative events, the importance of maintaining accurate scheme records to comply with The Pensions Regulator's requirements, and a summary of the Internal Audit Insight Report which concluded that core pension administration processes are operating effectively, with core processes operating effectively and no material errors identified. The report would also detail the rollout of the Online Member Portal, which allows members to access their pension records, update personal data, and run retirement estimates. Discussions were ongoing regarding the potential integration of uploading pensioner payslips and P60s to the portal, or alternatively, leveraging SAP for pensioner self-service access. The report would also provide an update on the McCloud judgment, which addressed age discrimination in public sector pension schemes, and confirm that the necessary recalculations and payments for eligible members had been made.

City Fund and Pension Fund Statement of Accounts 2025-26

The committee was to receive an update on the publication and external audit of the 2025-26 draft Statement of Accounts for the City Fund and Pension Fund. The draft accounts were published by the statutory deadline of 30 June 2026, and a period of public inspection followed. Grant Thornton was undertaking the external audit, with work scheduled to conclude by September 2026. The report noted that the City of London Corporation had cleared all prior year audits, and it was anticipated that the audit opinion would be issued by the statutory deadline. The provisional outturn for the City Fund for 2025-26 showed a surplus of £39.5m, with an overall increase in the City Fund balance sheet of £64.5m.

Investment Strategy Statement

A key item for consideration was the Investment Strategy Statement. This report, from the Chamberlain, would outline the proposed strategy for the Pension Fund's investments. The report pack indicated that the committee would be considering the review and finalisation of the Strategic Asset Allocation (SAA).

Performance Monitoring

The committee was scheduled to discuss performance monitoring reports. This included a report from the Chamberlain detailing the investment performance of the Pension Fund and its various investment managers up to 31 March 2026, and a quarterly report from Mercer providing a similar overview. These reports would provide an analysis of investment returns against benchmarks and other relevant metrics.

London Collective Investment Vehicle (LCIV) Update

An update on the London Collective Investment Vehicle (LCIV), the asset pooling operator for London LGPS Funds, was also on the agenda. The Pension Fund is a shareholder in the LCIV, and this update would provide information on its activities and performance. The report pack indicated that as at 31 March 2026, 75% of the Pension Fund's assets were managed by the LCIV.

Other Matters

The agenda also included items for information such as the Order of the Court appointing the Committee and setting its Terms of Reference, and decisions taken under delegated authority or urgency powers. The committee was also scheduled to elect a Chair and Deputy Chair. A portion of the meeting was designated for non-public business, which included minutes, a response from the Policy and Resources Committee regarding the Taskforce on Climate Related Financial Disclosures, an update on the Guaranteed Minimum Pension (GMP) Reconciliation Project, and a Fit for the Future update.