The Pension Policy & Investment Committee of Enfield Council met on Tuesday 15 September 2026 to discuss the Fit for the Future guidance and its implications for the Enfield Pension Fund, alongside the Fund's training strategy and investment management monitoring. The committee also reviewed the annual report and considered future meeting dates.

Fit for the Future Final Guidance and Plan to Achieve

The committee was scheduled to receive a presentation from Ravi Lakhani, Head of Pension Fund and Senior LGPS Officer, and LICV, regarding the final Fit for the Future guidance. This guidance, published by the Ministry of Housing, Communities and Local Government (MHCLG) in June 2026, outlines significant reforms to LGPS investment, pooling, and governance. The report detailed the implications for the Enfield Pension Fund across these three areas and sought approval for proposed actions and delegations to support implementation.

Key considerations for the committee included:

• Fund Governance: The guidance mandates the appointment of an LGPS Senior Officer with overall accountability for the pension fund and an Independent Person to provide an independent perspective. Enfield had already appointed Ravi Lakhani as the LGPS Senior Officer. The report noted that the advert for the Independent Person had been published, with an appointment deadline of 31 December 2026. The committee was asked to note the requirement to commission and complete an Independent Governance Review by 31 March 2028 and to prepare an action plan.
• Investment Strategy Statement (ISS): The guidance confirms the administering authority's responsibility for setting the Fund's investment strategy, while the asset pool, London Collective Investment Vehicle (LCIV), is responsible for implementation. The ISS must set out high-level objectives for return, risk, cashflow, and local investment. It must also include the Fund's Strategic Asset Allocation, which should be reviewed each valuation period. The revised ISS was due to be complete by 31 March 2027. The guidance also expects administering authorities to be transparent about their approach to Responsible Investment, integrating environmental, social, and governance (ESG) considerations where financially material.
• Asset Pooling: The guidance reinforces that administering authorities retain strategic responsibility for investment outcomes. Pooling does not remove fiduciary duty or accountability. LCIV is responsible for implementing investment strategies set by administering authorities, including designing investment products, selecting managers, and managing risk. The guidance places significant emphasis on the quality of governance between funds and pools, requiring documented decision-making processes and formal agreements.

The report recommended that the committee note the publication of the final guidance and its implications, the requirement for an Independent Governance Review, and the progress on the Independent Person appointment. It also sought to delegate authority to the Chair of PPIC and the Head of Pension Fund to shortlist, interview, and appoint the Independent Person.

Training Strategy

Ravi Lakhani was also scheduled to present the Training Strategy for the Pension Policy & Investment Committee (PPIC) and the Pension Board. This strategy aimed to ensure that members are equipped with the necessary knowledge and skills to effectively fulfil their roles and responsibilities, particularly in light of new governance expectations introduced by the Pension Schemes Act 2026 and the Fit for the Future guidance.

The report sought agreement on the Training and Development Policy and the training plan for PPIC for the upcoming year. The training plan focused on areas such as completing online training programmes provided by Hymans Robertson and the Public Service toolkit, as well as training on Investment Strategy, including Strategic Asset Allocation and Local Investment. The Fund's actuary, investment advisor, and pooling partners, including LCIV, would continue to offer comprehensive training on significant issues. Progress against the training plan was to be reported to PPIC.

Quarterly Investment Management Monitoring Report, Including Risk Register

The committee was to receive the Quarterly Investment Management Monitoring Report, including the risk register, from Ravi Lakhani and LCIV. This report provided a summary of the Enfield Pension Fund's investment performance for the period ending 30 June 2026 (Q2). It also introduced the full quarterly investment report prepared by LCIV, the Fund's pooling partner and investment advisor.

The report highlighted that the Fund's assets increased to £1.83 billion at 30 June 2026, an increase of approximately £118 million over the quarter. LCIV was confirmed to be acting as the Fund's investment adviser in line with new government regulations. The report detailed performance across various asset classes, including listed equities, credit markets, UK Government Bonds, private equity, infrastructure, property, and cash. It noted that the Fund was overweight in Listed Equity, Credit, and Property, while Infrastructure and Private Credit remained below target. The report also included a risk register pertaining to Pension Investments.

Annual Report

Ravi Lakhani was scheduled to present the Enfield Pension Fund's Annual Report for 2025/26. This report, prepared in accordance with statutory requirements and the Chartered Institute of Public Finance (CIPFA) Service Code of Recommended Practice (SERCOP), covers the Scheme Overview, Membership Report, Governance of the Scheme, Financial Statements (annual accounts), and relevant Fund policies. Key headlines from the draft report indicated a strong financial position with net assets increasing to approximately £1.71 billion at 31 March 2026, an improved funding position following the 2025 actuarial valuation, and positive investment performance of 6.7% for 2025/26, albeit below benchmark. The report also noted the Fund's maturing profile, with pension benefit payments exceeding contribution income, highlighting the importance of effective cashflow and liquidity management. Progress on investment pooling and regulatory reform was also mentioned. The committee was asked to approve the contents of the draft report and accounts.

The meeting also included a review of future meeting dates and consideration for the exclusion of the press and public for Part 2 agenda items.