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Pension Fund Committee - Thursday 26th June, 2025 6.30 pm
June 26, 2025 View on council website Watch video of meetingSummary
The Pension Fund Committee of Westminster Council scheduled a meeting to discuss pension administration, financial management, investment performance, and governance-related updates. A key focus was to be on reviewing the fund's performance and considering new investment strategies, including those aligned with environmental goals. The committee was also expected to discuss the implementation of a salary sacrifice scheme and the outcomes of a pensions review.
Fit for the Future LGPS Pensions Review Outcomes
The committee was scheduled to discuss the outcomes of the 'Fit for the Future' Local Government Pension Scheme (LGPS) review1. The review likely covered various aspects of the pension fund's strategy and operations, with the aim of ensuring its long-term sustainability and effectiveness. The Pensions Investment Review Final Report was included as part of this discussion.
Fund Financial Management
The committee was to discuss fund financial management, including a review of the risk matrix and risk registers for both governance and administration. The risk matrix likely outlines potential risks to the pension fund and their potential impact and likelihood. The risk registers for governance and administration probably detail specific risks related to these areas, along with mitigation strategies.
Quarterly Performance Report
The committee was scheduled to review the quarterly performance of the pension fund. This review would likely involve analysing investment returns, asset allocation, and overall fund performance against benchmarks. The Westminster Pension Fund - Q1 2025 QMR and a funding update at 31 March 2025 were included in the report pack. Also included was a letter from Minister McMahon regarding LGPS LCIV2.
LCIV Global Alpha Growth Paris Aligned Update
The committee was scheduled to receive an update on the London CIV (LCIV) Global Alpha Growth Paris Aligned investment strategy. This likely included a review of the fund's performance and alignment with the Paris Agreement3 goals.
Proposal to Introduce a Shared Cost Salary Sacrifice AVC (SCAVC)
The committee was to consider a proposal to introduce a Shared Cost Salary Sacrifice Additional Voluntary Contribution (SCAVC) scheme4. This would allow employees to increase their pension contributions in a tax-efficient manner.
Pension Projects and Governance Update
The committee was scheduled to receive an update on various pension projects and governance matters. This likely included progress reports on ongoing initiatives and any changes to governance structures or policies.
London CIV B Shares Subscription
The committee was to discuss the subscription of B Shares in London CIV. This likely involved considering the potential benefits and risks of investing in the London CIV.
Pension Administration Update
The committee was scheduled to receive an update on pension administration matters.
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The Local Government Pension Scheme (LGPS) is a statutory pension scheme for local government workers in the UK. ↩
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London CIV is a collaboration of London local authority pension funds pooling their assets for investment. ↩
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The Paris Agreement is an international agreement on climate change, aiming to limit global warming to well below 2 degrees Celsius compared to pre-industrial levels. ↩
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Salary sacrifice is an arrangement where an employee gives up part of their salary in exchange for a non-cash benefit, such as increased pension contributions. Additional Voluntary Contributions (AVCs) are extra payments employees can make to their pension scheme. ↩
Attendees
Topics
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Meeting Documents
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