The Pensions Committee of the City of London Corporation is scheduled to meet on Wednesday, 3 December 2025, to discuss a range of issues including the Local Government Pension Scheme, investment strategies, and fund performance. The committee will also consider updates from the pension scheme administrator and review its own terms of reference. Some items, concerning exempt information, may be discussed in exclusion of the public.

Investment Strategy Review and Training

The committee is expected to discuss the investment strategy for the pension fund. This includes a review of the current strategy, and training for committee members.

Draft Funding Strategy Statement (FSS)

The committee is scheduled to discuss the draft Funding Strategy Statement (FSS). The FSS is a document that sets out how the pension fund aims to meet its future liabilities.

London Collective Investment Vehicle (LCIV) Update

The meeting will include an update on the London Collective Investment Vehicle (LCIV), the asset pool operator for London LGPS Funds in which the Pension Fund is invested. The report pack includes updates on the transition of assets to the London CIV, and a request for delegated authority for admittance to the London CIV.

Local Government Pension Scheme (LGPS) 'Fair Access' Consultation

The committee will receive a report on the government's 'Fair Access' consultation regarding the Local Government Pension Scheme (LGPS). According to the report pack, the consultation seeks to address key administrative and benefits-related issues, including proposals that have been anticipated for some time, such as Fair Deal, and newer initiatives such as the re-admission of councillors into the scheme.

The consultation covers four key proposals:

• Normal Minimum Pension Age (NMPA): The government is proposing to increase the minimum age from 55 to 57 from 6 April 2028, with some protections for members who were in the LGPS before 4 November 2021.
• LGPS Access for Elected Mayors and Councillors: The government proposes extending LGPS access to councillors and mayors in England, including all English mayors, deputy mayors, and councillors of principal English local authorities, including the Common Council of the City of London.
• Academies and Employer Consolidation: The consultation proposes changes to LGPS employer consolidation rules, particularly for multi-academy trusts (MATs).
• New Fair Deal: The government seeks to implement New Fair Deal in local government, ensuring continuity of LGPS membership for staff outsourced to contractors.

Local Government Pension Scheme – Transfers-Out of the Scheme: Processes and Precautions

The committee will consider a report regarding the City of London Pension Fund Transfers-out document. The report pack states that the document was originally brought to the Committee on 22 September 2025, however Members asked for Section 3.2 of the document ('Due Diligence and Scam Prevention') to be expanded with further details added in respect of escalation procedures, Pensions Office believe the transfer cannot proceed.

The revised document is included in the report pack, with changes underlined. Risks are divided into Red and Amber Flags:

• Red flags: Indicators of high scam risk. If a red flag is identified the transfer must be refused. Examples include:
  • Member pressured to transfer quickly;
  • Receiving scheme offers incentives or loans;
  • Evidence of scam activity.
• Amber flags: Indicators of potential risk. If an amber flag is identified, the scheme member must obtain guidance from MoneyHelper before the transfer can proceed. Examples include:
  • Complex investment structures;
  • Overseas investments;
  • Unclear or inconsistent information from the receiving scheme.

Pension Scheme – Administrator's Update

The committee will receive an update on the administration of the City of London Local Government Pension Scheme. According to the report pack, the administration of the City of London Local Government Pension Scheme (the Scheme) is undertaken by the Pensions Team within the Chamberlain's Department.

The update includes information on:

• The annual schedule of events for the administration of the pension scheme
• Information on scheme record keeping
• Complaints or disputes under the Scheme's Internal Disputes Resolution Process (IDRP)
• Public Service Pensions - Reporting Breaches of Pension Law
• Any audit reports relating to the administration of the Scheme
• Any reports relating to the administration of the Pension Scheme which have been considered by other Committees
• Pension Administration System
• Transfers-out of Pension Benefits
• Public Sector Pensions Legal Challenge, also known as 'McCloud'
• Pension Committee Training
• Pensions Office Key Performance Indicators
• Guaranteed Minimum Pension (GMP) Reconciliation
• Pensions Dashboards

Annual Review of the Committee's Terms of Reference

The committee will undertake its annual review of its terms of reference. The report pack includes the current terms of reference for the Pensions Committee, and asks members to consider whether any changes are required to the frequency of the Committee's meetings.