Here is a summary of the scheduled discussions for the Pension Board meeting of Camden Council on 5 November 2025.

The agenda included an update on the Pension Committee's activities, consideration of the draft annual report for the Pension Fund, and a review of the Pension Board's terms of reference. A significant portion of the meeting was set aside to discuss the Pension Committee Update Report, including the performance of various investment managers and the fund's responsible investment actions.

Pension Committee Update Report

The Pension Board was scheduled to receive a report from the Director of Finance, summarising the reports and decisions made at the Pension Committee meetings on 17 July 2025 and 22 October 2025. The report pack included detailed information on the performance of the Pension Fund investments up to 31 March 2025, including a summary of the portfolio, UK economic conditions, and a global economic overview. The report pack noted that the portfolio had a market value of £2.2 billion on 31 March 2025, a decrease of 2.27% from 31 December 2024. The report pack also included a table summarising asset class allocations, with a comparison of current and target weights. The report pack stated that the fund remained overweight in equities and multi-asset credit, and underweight in infrastructure, affordable housing, index-linked gilts and property. The report pack also included a table summarising manager performance versus target, with data on trailing 3-month, 1-year, 2-year, 3-year and since inception returns. The report pack also included a table showing the risk vs reward of different managers. The report pack also included a table showing the fund's exposure to fossil fuels. The report pack also included an engagement report, outlining activities undertaken by the fund and through the Local Authority Pension Fund Forum (LAPFF) to promote responsible investment and Environmental, Social, and Governance (ESG) considerations. The report pack also included a London Collective Investment Vehicle (LCIV) report, highlighting developments in fund pooling and responsible investment. The report pack also included a risk register, highlighting that the risk score on Risk number 18 - Fraud risk (investment operations) increased due to the increased likelihood of it happening as a result of rising cyber threats. The report pack also included a performance report for the period ending 30 June 2025. The report pack also included a progress update on responsible investment actions and a Conflict-Affected and High-Risk Area (CAHRA) review. The report pack also included a London Collective Investment Vehicle Progress Report. The report pack also included an Active Global Equity (Value) Transition Proposal, including independent investment reviews by ISIO and LCIV of the fund's active global equity value manager, Harris Associates. The report pack also included a Transition to LCIV Indirect Property Fund (CBRE) proposal. The report pack also included Triennial Valuation – Initial Whole Fund Results. The report pack included several appendices, including:

• An Isio Equity Portfolio Review and Recommendation regarding the Harris Associates Global Equity Fund. The report stated that Isio did not recommend that the Camden Fund remain invested in the Harris Value Fund over the long term.
• An LCIV Active Value Allocation Review Summary.
• The Camden Pension Fund Risk Register.
• Initial whole fund results.

Pension Fund Draft Annual Report 2024/2025

The Pension Board was scheduled to consider the Pension Fund Draft Annual Report 2024/2025. The report pack noted that the Pension Fund is required to produce an Annual Report under the Local Government Pension Scheme Regulations 2013¹. The report pack stated that the audit of these accounts was still under way.

The report pack included the Draft Pension Fund Annual Report 2024/25, which contained the following sections:

• Forewords
• Overview
• Scheme Management
• Scheme Governance
• Investment Policy & Performance
• Actuarial Report
• Funding Strategy Statement
• Investment Strategy Statement
• Communications Policy Statement
• Further Information
• Glossary Of Pension Terms
• Annexes

Other Business

The agenda also included:

• Apologies for absence.
• Declarations of interest from members.
• Announcements from the Chair, Councillor Camron Aref-Adib, Cabinet Member for Finance and Cost of Living.
• Notification of any urgent items.
• A review of the Pension Board's terms of reference.
• Approval of the minutes from the 29 January 2025 meeting.
• Confirmation of the date of the next meeting as 25 March 2026.