The Pension Policy & Investment Committee is scheduled to meet on Monday 22 June 2026. The meeting's agenda includes a review of the committee's terms of reference, an update on the Fit for the Future plan and pooling arrangements, and a quarterly investment management monitoring report.

Terms of Reference for the Pension Policy & Investment Committee

Ravi Lakhani, Head of Pension Fund & Senior LGPS Officer, is scheduled to present a report on the Terms of Reference for the Pension Policy & Investment Committee (PPIC). The report aims to ensure the committee's role, responsibilities, and governance arrangements are up-to-date and aligned with current statutory and regulatory requirements for Local Government Pension Scheme (LGPS) administering authorities. The committee will be asked to approve these revised terms, noting their alignment with the council's role as Administering Authority and the evolving statutory framework for LGPS governance and asset pooling. Authority may be delegated to the Chief Financial Officer, in consultation with the Chair of the PPIC, to make minor drafting amendments.

Fit for the Future Plan and Pooling Update

A significant portion of the meeting is dedicated to an update on the Fit for the Future plan and pooling arrangements, presented by Ravi Lakhani. This report will cover implications for the Enfield Pension Fund and its pooling arrangements with London CIV. The Fit for the Future reforms represent a major change to LGPS pooling and governance, aiming to strengthen the scheme through a more formalised pooling model, improved governance capability, and a greater focus on UK and local investment. The report will outline key implementation issues, a proposed timeline, and matters requiring committee decisions. It will also include updates from London CIV on pooling, covering the transition of assets and the pool's response to the reforms. The report notes that the Pension Schemes Act 2026, which received Royal Assent on 29 April 2026, provides the statutory framework for these changes.

Quarterly Investment Management Monitoring Report and Risk Register

Ravi Lakhani is also scheduled to present the Quarterly Investment Management Monitoring Report, which includes the Fund's risk register. This report will provide an update on the Fund's investments and their performance as at 31 March 2026. The value of the fund at that date was £1,707.7 million, representing a decrease of £46.5 million (2.65%) over the quarter. The report details performance across various asset classes, including equities, bonds, inflation protection illiquids, private equity, infrastructure, and property. It highlights specific manager performance, noting significant underperformance in the LCIV Longview Global Equity (Focus) fund and ongoing review of the asset class allocation for inflation protection illiquids. The report also includes an economic and market outlook for Q2 2026, noting continued market volatility driven by inflation data, central bank messaging, and geopolitical developments. London CIV is now acting as the Fund's investment adviser, and a more comprehensive report is expected in September. The risk register, presented in Appendix D, covers market volatility, exchange rates, ESG factors, climate change, concentration, liquidity, poor investment performance, pooling, and political risks.

Other Agenda Items

The committee will also receive a verbal update on the Training Report and Responsible Investment (RI) Update, as well as an update on Pension Board and Admin Issues. The dates for future meetings of the Pension Policy and Investment Committee are scheduled for 15 September 2026, 27 January 2027, and 24 March 2027. The agenda also includes a proposal to exclude the press and public for Part 2 of the meeting, which will involve an Investment Strategy Training Session.