The Royal Borough of Greenwich Pension Board is scheduled to meet on Monday, 8 December 2025, to discuss a range of topics including climate analytics training, fund manager performance, and revisions to the Funding Strategy Statement. Members will also consider the terms of reference and conflict of interest policy for the Local Pension Board, as well as the pension fund risk register.

Funding Strategy Statement

The board is scheduled to discuss the changes to the Funding Strategy Statement (FSS) as outlined in Appendix A - Draft Funding Strategy Statement. The FSS is reviewed every three years in line with the triennial valuation, with annual checks in between, and sets out how pension benefits will be funded over the long term, applying to all employers participating in the Royal Borough of Greenwich Pension Fund. The report pack states that the Funding Strategy Statement outlines the Fund's approach to:

• Setting employer contribution rates using asset-liability modelling and risk-based assumptions.
• Managing funding risks, including employer covenant, demographic trends, and climate-related financial risks.
• Ensuring long-term solvency and cost effectiveness, while maintaining contribution stability where appropriate.
• Reflecting the characteristics of different employer types, including scheduled bodies and academies.

The report pack notes that the draft FSS will be issued for consultation with employers and other bodies, in line with LGPS Regulations¹, and will return to the Pension Fund Investment and Administration Panel in March 2026 for formal approval.

Valuation Results

The Royal Borough of Greenwich Pension Fund valuation results as of 31 March 2025, detailed in Valuation- Whole Fund Report, are scheduled to be noted. The report pack states that the valuation is a key tool in ensuring the long-term sustainability of the Fund, informing the setting of employer contribution rates for the three-year period commencing 1 April 2026. The report pack indicates that the initial results show a strong funding position, with a funding level of 118%, up from 103% at the previous valuation in 2022, and a reported surplus of £272m.

Fund Manager Performance

The report pack includes a report on the performance of the Royal Borough of Greenwich Pension Fund's investment managers for the period ending 30 September 2025, as detailed in Fund Manager Performance to 30 September 2025. The investment managers and their mandates as of 30 September 2025 are:

• Blackrock: Global/UK Equities and Cash
• LGIM: Global Low Carbon Equities
• Fidelity: Bonds, Multi Asset Credit and Global Emerging Markets
• CBRE: Property
• London CIV: Multi Asset (Absolute Return Fund)
• London CIV: Renewable Infrastructure
• London CIV: Private Debt
• London CIV: Nature Based Solutions
• Partners Group: Diversified Alternatives
• Wilshire: Private Equity

According to the report pack, over Q3 2025, the overall Fund's assets increased by circa £67.4m, taking total assets to £1,870.1m, and the Fund achieved a return of 4.8% over the quarter, outperforming the composite benchmark by 0.4%.

Local Pension Board Terms of Reference and Conflict of Interest Policy

The report pack includes a report regarding the Local Pension Board Terms of Reference and Conflict of Interest Policies 2025, and states that members are to agree to the revised wording of the Local Pension Board Terms of Reference, and note that it will be submitted to Full Council for approval. The report pack also states that members are to note the Conflict-of-Interest Policy for the Local Pension Board, which is to be reviewed annually. The suggested changes to the Terms of Reference are to remove Point 19 Nominations shall be sought from the employer(s) representing the majority of the Fund membership and replace with points 19 and 20 as follows:

"19. If a vacancy arises, applications shall be invited from all employers. Formal interviews shall be conducted with self-nominated candidates to determine and appoint the most suitable applicant. This will ensure that at least one representative is appointed through an open invitation extended to all employers.

1. In appointing the other representative, the Fund may select from selfnominated candidates representing the employer with the majority of the Fund membership."

Pension Fund Risk Register

The report pack includes a report to note the section of the Pension Fund risk register that covers reputational and skills related risks, as detailed in Risk Management Report and Appendix A - Risk Register 2025 section 4. The risk register identifies the following types of risk:

• Administrative risk
• Compliance/Regulatory risk
• Employer risk
• Investment Risk
• Liability Risk
• Reputational Risk
• Skill Risk

Training and Presentations

The report pack indicates that the Pension Board will receive climate analytics training from the London Collective Investment Vehicle (LCIV), including a carbon footprint update as at 31 March 2025. The Pension Board is also scheduled to receive a presentation from the London Collective Investment Vehicle (LCIV) on its engagement activities, with a focus on environmental, social, and governance (ESG) work.

Pension Panel Meeting Activity

The report pack includes a report to note the minutes of the Pension Investment and Administration Panel meetings held on Monday 15 September 2025, as detailed in Pension Panel Meeting Activity September 2025 Report. The following items were presented, and decisions made, at the meeting:

• Draft Responsible Investment Policy
• Annual Report of the Pension Board 2025/25
• Draft Pension Fund Annual Report and Draft Statement of Accounts as at 31 March 2025
• Actuarial Valuation Assumptions
• Fund Manager Performance to 30 June 2025
• Fidelity Presentation on GEM Performance
• Training on Valuation Assumptions

Other Items

The agenda also includes items for apologies for absence, urgent business, declarations of interest, and confirmation of the minutes from the meeting held on 15 September 2025, as detailed in Minutes of Previous Meeting.