The Local Pension Board of Wandsworth Council was scheduled to discuss a range of important financial and administrative matters concerning the Wandsworth Pension Fund. Key topics included updates from the Joint Pensions Committee, the Pension Fund Annual Report and Audit, and the Draft Funding Strategy Statement.

Update from the Joint Pensions Committee

The Board was scheduled to review minutes and business from the Joint Pensions Committee meetings held on 10 June and 11 September 2025. The Joint Pensions Committee had considered various items, including the Pension Fund Audit Plan for 2024/25, the Roadmap to Valuation 2025, and quarterly investment performance reports. They also discussed general matters such as the future of pooling investments, updated guidance on Funding Strategy Statements, and the issuing of additional B shares by London CIV. The committee received updates on pension dashboards and noted the launch of the LGPS 'Access and Fairness' consultation. The Board was asked to review these agenda items and provide any comments or concerns to the Joint Pensions Committee's next meeting.

Pension Fund Annual Report and Audit

A report was presented to update the Local Pension Board on the audit of the 2024/25 accounts and to present the Pension Fund Annual Report for information. The report detailed the progress of the external audit by Ernst & Young LLP (EY), noting an unqualified opinion for the 2024/25 draft audit report, with a small amount of work outstanding. The Pension Fund Annual Report itself was described as bringing together new information on activity and performance for the year, alongside policy and strategy documents. The Board was recommended to note the contents of the report and comment on any financial risks or performance concerns.

Draft Funding Strategy Statement

The Board was presented with a draft Funding Strategy Statement (FSS) for the Wandsworth Pension Fund. This statement outlines the approach to managing the risks involved in actuarial valuations and determining the period over which any surplus or deficit is to be spread. The FSS is a statutory document reviewed every three years, and the draft presented was intended to reflect the smoothed approach to asset values and other financial indicators expected to be adopted by the actuary for the 31 March 2025 valuation. The statement detailed the main actuarial assumptions, including life expectancy, mortality rates, investment performance (discount rate), pay and price inflation, and the funding strategy itself, including employer pooling and risk-sharing arrangements. The Board was asked to note the report and the draft FSS.

Pensions Administration Update

This report provided an update on the work plan of the Pensions Shared Service (PSS), which administers the LGPS for several London boroughs. It covered key work areas and specific projects, including the Guaranteed Minimum Pension (GMP) reconciliation, the McCloud remedy implementation, and progress towards connecting to pension dashboards. The report also detailed performance indicators for key casework items, customer satisfaction levels, and complaints received. The Board was asked to note the performance details and consider the achievements in the Work Plan.

Governance and Pooling Update

This report focused on the government's Fit for the Future agenda for the LGPS, which aims to reform asset pooling, boost local investment, and strengthen governance. Key changes included the requirement for administering authorities (AAs) to delegate investment strategy implementation to their pool, take principal investment advice from the pool, and for pools to be FCA-authorised. The report noted that the Fund currently had 76% of its assets invested with the London CIV pool, with plans to bring the remaining 24% under pool management. It also mentioned that Buckinghamshire Pension Fund was seeking to join the London CIV. The Board was asked to confirm or update their declarations in the Register of Interests and note the contents of the report.

Risk Management

A revised risk register for the Pension Fund was presented for the Board's consideration. The register identified key risks, their potential impact and likelihood, and the control measures in place. Significant changes since the previous review included updates to the Asset/Liability Mismatch, Knowledge and Experience, Actuarial Assumptions, and Climate Change risks. The report also highlighted potential implications of anticipated changes to regulations for asset pooling, as set out in the Fit for the Future consultation. The Board was asked to review the register and agree any changes.

Declarations of Interest and Minutes of the Previous Meeting

As is standard practice, the meeting was scheduled to begin with declarations of interest from Board members and the confirmation of the minutes from the previous meeting.