The Pension Fund Investment & Administration Panel met on Monday 20 July 2026 to discuss the Pension Fund's audit strategy, business plan, and the implications of new pension legislation. The meeting also included updates on fund manager performance, London CIV, and early retirements.

Pension Fund's Audit Strategy Memorandum 2025/26

The Panel was scheduled to note the Pension Fund's Audit Strategy Memorandum (ASM) for the 2025/26 accounts. This memorandum, prepared by external auditor Forvis Mazars¹, outlines the proposed scope and timing of the statutory audit. The ASM details projected fees, work completed, and proposals for future work, aiming to ensure strong corporate stewardship and third-party governance of the Fund. The proposed audit scale fee for 2025/26 was set to decrease to £99,508.

Business Plan 2026/27

The Panel was asked to agree the Pension Fund Business Plan for 2026/27. This plan sets out the key workstreams for the Fund, including the publication of reports and policies, the annual accounts and audit cycle, legislative requirements, member communications, consultations, funding, and investment performance. The plan is designed to ensure the Fund operates effectively and efficiently for its members and employers, and to support strong governance. A mid-year review may be required due to anticipated workload from the Pension Scheme Act 2026.

The Pension Schemes Act 2026 - Update

The meeting was scheduled to cover the implications of the Pension Schemes Act 2026. This legislation introduces significant reforms to the Local Government Pension Scheme (LGPS), strengthening the statutory framework for investment, governance, and oversight. Key provisions include formalising the requirement for authorities to participate in approved asset pools, such as London CIV², with a greater emphasis on strategic asset allocation and fiduciary oversight rather than direct implementation. The Act also introduces new governance requirements, including the appointment of a Senior LGPS Officer and an Independent Person, and the development of formal governance and training strategies.

Early Retirements 1 April 2025 - 31 March 2026

A report was scheduled to be presented on early retirements covering the period from 1 April 2025 to 31 March 2026, with a review of the financial effect on the Pension Fund. During this period, there were 292 early retirements, 27 of which resulted in a strain on the Fund. The total financial impact was calculated to be £1,116,759.66. The closure of two schools accounted for 27% of this cost, impacting 13 support staff roles, all of whom were council employees. The appendix detailing these retirements was to be considered in a closed session due to containing information that could identify individuals.

London CIV Update

The Panel was scheduled to receive an update on London CIV³, the asset pooling vehicle for London LGPS funds. London CIV is authorised and regulated by the Financial Conduct Authority (FCA) and manages approximately £60 billion of assets for its Partner Funds. The update was intended to provide an introduction to London CIV's structure, services, and investment approach, highlighting its role in supporting responsible investment and delivering local and UK-focused investments. The report noted that recent LGPS reforms have strengthened pooling requirements.

Fund Manager Performance to 31 March 2026

A report on the performance of the Royal Borough of Greenwich Pension Fund's investment managers for the period ending 31 March 2026 was scheduled for review. The report, prepared by investment consultant Hymans Robertson⁴, detailed the performance of various mandates, including Blackrock, LGIM, Fidelity, CBRE, London CIV, and Partners Group. The overall Fund assets increased by approximately £8.1 million in Q1 2026, with a return of 0.4%, slightly missing the composite benchmark of 0.6%. The report noted global market uncertainties, including inflation, geopolitical tensions, and energy prices, impacting returns. The exempt appendix containing detailed performance data was to be considered in closed session.

Training - Financial Markets and Asset Class

The Panel was scheduled to receive training from Blackrock⁵ on Pension Fund investment, covering financial markets and asset classes. The training aimed to provide an overview of Blackrock's platform, asset class and total portfolio strategies, key market drivers, active versus passive investing, and the role of stewardship and voting. Topics included understanding equities, bonds, and private markets, as well as the importance of long-term investing and diversification. A paper-based quiz was also to be completed by attendees.