The Berkshire Pension Fund Committee met on 15 September 2025, and among other things, they approved a revised Responsible Investment Policy, and discussed the government's response to the Fit for the Future consultation¹. The committee also reviewed the Local Pension Board's minutes and work plan, and received updates on risk management, administration, and investment performance.

Responsible Investment Policy

The committee approved the revised Responsible Investment Policy, following a recommendation from the Local Pension Board. The updated policy, which will be published on the fund's website, aims to integrate environmental, social, and governance (ESG) factors into the fund's £3.2 billion investment strategy². It outlines the fund's priorities, including climate change, pollution, biodiversity, affordable housing, local investment, and corporate governance. The policy also clarifies the fund's reliance on Local Pensions Partnership Investments (LPPI)'s exclusions and engagement practices.

Government's Response to Fit for the Future Consultation

The committee discussed the government's response to the Fit for the Future consultation, which includes reforms to investment pooling, local investment, and governance. The government is implementing proposals from the consultation, including setting strategic asset allocation in line with a government template, taking principal investment advice from the pool (LPPI), delegating implementation to the pool, and transferring all assets to pool management. The committee confirmed areas for future action to ensure compliance with the new requirements.

Risk Management

The committee received an update on the process for risk management reporting at future committee and board meetings. The Local Pension Board will review the risk register and recommend any amendments to the committee for adoption. The committee also considered proposed changes to climate-related risks on the pension fund's risk register.

Administration Report

The committee noted the administration report, which covered governance, administration, and key performance indicators. The report highlighted the team's efforts to improve key performance indicators and manage workloads.

Triennial Valuation 2025

The committee received a presentation from Barnett Waddingham covering the assumptions used in the valuation, the indicative whole fund results, Funding Strategy Statement and Gender Pensions Gap reporting.

Knowledge and Understanding Assessment

The committee received the initial results of the knowledge and understanding assessment for committee members. The assessment aimed to identify collective knowledge gaps and inform future development plans.

Responsible Investment Report

The committee approved the fund's Responsible Investment report, including dashboard information, and the Active Engagement report for publication. The report provided an overview of the fund's responsible investment activities and outcomes, as well as key engagement activities undertaken on behalf of the fund. Richard Tomlinson, Chief Investment Officer (LPPI), highlighted that the Pension Fund's approach remained aligned with long-term stewardship and the management of financially material risks.

Work Plan

The committee noted the future work plans for the Pension Fund Committee and Local Pension Board.