The Greater Manchester Pension Fund (GMPF) Advisory and Management Panel met on 12 September 2025, to discuss the fund's annual report and accounts, responsible investment activity, climate risk approach, and investment strategy. The panel also received updates on the Local Government Pension Scheme (LGPS) and various working group activities, and endorsed the investment mandates for internally managed portfolios.

GMPF Statement of Accounts and Annual Report 2024-2025

The Panel reviewed the draft annual report and accounts for the GMPF. The report included a simplified statement of accounts and provided updates on the external audit progress. The fund's value as of 31 March 2025, was £32.295 billion, compared to £31.292 billion the previous year.

The report also presented a revised medium-term financial plan, projecting the fund's size to reach £38.193 billion by 2027/28.

Responsible Investment Update

The Panel received an update on the fund's responsible investment (RI) activity during the quarter. The report highlighted the fund's commitment to the six principles of the Principles for Responsible Investment (PRI), including incorporating environmental, social, and governance (ESG) issues into investment analysis and decision-making processes.

The Assistant Director of Pensions (Investments), Tom Harrington, updated the Panel on Northern LGPS Local investments, stewardship escalation in various companies, the Northern LGPS stewardship report, and the Local Authority Pension Fund Forum (LAPFF) quarterly engagement report.

The report also detailed GMPF's responsible investment partners and collaborations.

Update on GMPF's Approach to Climate Risk

The Panel considered a report on GMPF's approach to climate risk and received a presentation from representatives of Trucost, a company that specialises in carbon footprint measurement. The discussion focused on assessing and managing climate-related risks within the fund's portfolio.

2025 Actuarial Valuation

The Panel received a presentation from Steven Law of Hymans Robertson, the fund's actuary, regarding the 31 March 2025 valuation process for all LGPS funds in England and Wales. Mr Law outlined the approach to the valuation and provided details of a series of actuarial assumptions, such as life expectancy, pensioners salary, and ill-health/normal health retirement rates.

The Good Economy

The Panel received a presentation from representatives of The Good Economy, an organisation that focuses on place-based impact investing. The presentation likely covered strategies for investing in local communities and generating positive social and environmental outcomes alongside financial returns.

Local Government Pension Scheme (England and Wales): Fit for the Future Consultation

The Chief Executive of the GMPF, Sandra Stewart, provided a verbal update on the Local Government Pension Scheme (England and Wales): Fit for the future consultation. The update covered pooling activity and relevant national pooling developments.

Performance Dashboard

The Panel reviewed the performance dashboard, which provided high-level investment performance information, including the value of the pension fund investment portfolio, the performance of the main fund, and the over/under performance of external fund managers against benchmarks.

Business Planning and Risk Management

The Panel considered a report on business planning and risk management, which provided an update on the current business plan and highlighted the key risks being monitored. The report detailed the progress being made on the five key strategic projects set out in the 2025/26 business plan.

Administration Update

The Panel considered the Administration Update report of the Assistant Director of Pensions Administration, Emma Mayall, which provided an update on performance and engagement activities, compliance activities, employer funding activities, and key projects updates.

My Pension registration figures continue to increase, with over 234,000 members now registered to access their online account.

LGPS Update

The Panel considered the LGPS Update report of the Chief Executive, GMPF, which provided the Panel with an update on the latest developments regarding the Local Government Pension Scheme, as follows:

• Access and Fairness Consultation
• Scheme Annual Report
• SAB Statement on the 2025 Actuarial Valuation
• Responses to the Fit for the Future Consultation
• Pensions Dashboard update

The Panel also reviewed the GMPF's response to the government's Access and Fairness Consultation. GMPF stated that it was broadly supportive of the proposals being consulted upon.

Pension Fund Working Groups/Local Board Minutes

The Panel considered the minutes of the following meetings:

• Local Pensions Board held on 24 July 2025
• Investment Monitoring and ESG Working Group held on 18 July 2025
• Administration and Employer Funding Viability Working Group held on 18 July 2025
• Policy and Development Working Group held on 4 September 2025