The Pension Fund Investment & Administration Panel was scheduled to consider the Pension Fund's Audit Strategy Memorandum for 2025/26 and agree the Pension Fund Business Plan for 2026/27. The panel was also scheduled to receive an update on the Pension Schemes Act 2026 and review early retirements from April 2025 to March 2026. Further discussions were scheduled to cover updates from London CIV, fund manager performance, and training on financial markets and asset classes.

Pension Fund's Audit Strategy Memorandum 2025/26

The Pension Fund Investment & Administration 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, was scheduled to outline the proposed scope and timing of the statutory audit for the Royal Borough of Greenwich Pension Fund. The ASM was scheduled to detail projected fees, work completed, and future audit proposals. Forvis Mazars was appointed as the external auditor in March 2024 for a five-year period. The proposed audit scale fee for 2025/26 was set to decrease to £99,508 from £102,448 in the previous year. The report indicated that the panel was recommended to simply note the memorandum.

Business Plan 2026/27

The panel was scheduled to agree the Pension Fund Business Plan for 2026/27. This plan was scheduled to set out the key workstreams for the fund, covering areas such as the publication of reports and policies, the annual accounts and audit cycle, legislative requirements, member communications, consultations, funding, and investment performance. The business plan was intended to ensure the fund operated effectively and efficiently for its members and employers, and to maintain strong governance. The plan was subject to an annual review, with a mid-year review anticipated due to the anticipated workload arising from the Pension Schemes Act 2026.

The Pension Schemes Act 2026 - Update

The panel was scheduled to note and consider the implications of the Pension Schemes Act 2026. This Act was scheduled to introduce significant reforms to the Local Government Pension Scheme (LGPS), strengthening the statutory framework for investment, governance, and oversight. Key implications for the fund were scheduled to include a reinforced requirement to participate in an approved asset pool, with investment implementation expected to be primarily through the pool, such as London CIV². The fund was scheduled to retain responsibility for strategic asset allocation and fiduciary oversight. The Act was also scheduled to mandate new governance requirements, including the appointment of a Senior LGPS Officer and an Independent Person, and the development of formal governance and training strategies. Further reports were scheduled to be presented as statutory guidance and implementation details are finalised.

Early Retirements 1 April 2025 - 31 March 2026

A report on early retirements covering the period from 1 April 2025 to 31 March 2026 was scheduled to be presented. The report was to detail the financial effect of these retirements on the Pension Fund. During this period, there were 292 early retirements, with 27 resulting in a strain on the fund. The total impact on the fund was calculated to be £1,116,759.66. The closure of two schools was scheduled to account for 27% of this cost, with all individuals affected being council employees. The appendix detailing these retirements was scheduled 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. Appendix A of the report was to provide an introduction to London CIV, outlining its structure, services, and investment approach, as well as its progress in supporting responsible investment and delivering local and UK-focused investments. London CIV is authorised and regulated by the Financial Conduct Authority (FCA) and manages approximately £60 billion of assets on behalf of its Partner Funds. The report was for information only, providing context for the fund's continued participation in London CIV arrangements. The appendix was also scheduled to be considered in a closed session.

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 to be presented. The report, produced by the fund's investment consultant Hymans Robertson⁴, was to detail the performance of various mandates including Blackrock, LGIM, Fidelity, CBRE, London CIV, and Partners Group. The overall fund assets were scheduled to increase by approximately £8.1 million in Q1 2026, representing a return of 0.4%, which was slightly below the composite benchmark of 0.6%. The report was scheduled to note market uncertainties driven by factors such as inflation, geopolitical tensions, and oil prices. The exempt appendix containing the detailed performance report was scheduled 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, focusing on financial markets and asset classes. The training was intended to cover the 'total portfolio' approach, key market drivers, active versus passive investing, understanding equities, bonds, and private markets, and stewardship, voting, and ESG engagement. A paper-based quiz was also scheduled to be completed and handed in at the end of the meeting. The training materials were scheduled to be provided in Appendix A and B of the report.