The Pension Fund Investment & Administration Panel of Greenwich Council met on Monday 08 December 2025 to discuss the financial health and investment strategies of the Royal Borough of Greenwich Pension Fund. Key agenda items included updates on the Fund's valuation, investment strategy, manager performance, and carbon footprint.

Funding Strategy Statement

The Panel was scheduled to note changes to the Funding Strategy Statement following the 2025 valuation and updated guidance. A draft of this statement was to be issued for consultation with employers and other bodies, with formal approval anticipated in March 2026. The Funding Strategy Statement (FSS) outlines how the Fund will meet its long-term pension liabilities in a financially sustainable and cost-effective manner, reflecting updated guidance and revised funding assumptions. It details the approach to setting employer contribution rates, managing funding risks, and ensuring long-term solvency. The FSS is reviewed every three years in line with the triennial actuarial valuation.

Valuation - Initial Whole Fund Results

The meeting was scheduled to review the initial results of the Royal Borough of Greenwich Pension Fund's triennial actuarial valuation as at 31 March 2025. The valuation assesses the Fund's financial health, determining its funding level, assets, and liabilities. The initial results indicated a strengthening of the Fund's financial position, with an improved funding level. These results inform the setting of employer contribution rates for the subsequent three-year period.

Draft Investment Strategy Statement

Proposed changes to the Investment Strategy Statement (ISS) were scheduled for review and comment. The updated ISS reflects the findings of the 2025 Investment Strategy Review and includes recommendations on strategic asset allocation. The review suggested maintaining the current strategic target allocation of 40% Growth, 45% Income, and 15% Protection assets, with consideration given to removing the 5% allocation to multi-asset funds and potentially increasing the allocation to natural capital to support net zero ambitions. The ISS sets out the principles for investment decisions and asset management, ensuring alignment with regulatory requirements and best practice.

LCIV - General Update and Performance

A presentation was scheduled to be given on the London Collective Investment Vehicle (LCIV). Jenny Buck, Chief Investment Officer at LCIV, was expected to provide an update on the organisation's role, initial observations, priorities, and product development. The presentation was to cover the investment team, the role of the CIO, and initial observations regarding investment performance, product gaps, and responsible investment.

Fund Manager Performance to 30 September 2025

The Panel was to receive a report on the performance of the Royal Borough of Greenwich Pension Fund's investment managers for the period ending 30 September 2025. The report, prepared by the Fund's investment consultant Hymans Robertson, was to outline the performance of various mandates, including Global/UK Equities, Bonds, Multi Asset Credit, Global Emerging Markets, Property, Renewable Infrastructure, Private Debt, Nature Based Solutions, Diversified Alternatives, and Private Equity. The overall Fund's assets had reportedly increased over the quarter, with a return that outperformed the composite benchmark.

Pension Fund Carbon Footprint Data 31 March 2025 and Training

The Panel was scheduled to receive training on updated Climate Analytics Metrics from the London Collective Investment Vehicle (LCIV), including an update on the Fund's carbon footprint as at 31 March 2025. The report detailed the Fund's progress in reducing its carbon intensity, measured in total carbon dioxide equivalents per million GBP invested. The data indicated that the Fund's carbon footprint had decreased since 2022, aligning with a scenario where global temperatures are kept well below 2 degrees Celsius, in line with the Paris Agreement. The report also noted a decrease in the Fund's revenue-weighted fossil fuel exposure.

Declarations of Interest

Members were reminded to declare any personal and financial interests in items on the agenda. The report provided a list of councillors' memberships on outside bodies, joint committees, and school governing bodies, which was to be noted.

Minutes

The Panel was to confirm the accuracy of the Minutes from the previous meeting held on 15 September 2025.

Apologies for Absence

Apologies for absence were to be received from any members unable to attend.

Urgent Business

The Chair was to announce any items of urgent business circulated separately from the main agenda.