Issue - meetings

To receive a presentation from the London CIV on local government pension developments.

The Chair welcomed Stephanie Aymes (Client Relations Manager) and Christopher Gardiner (Chief Financial Officer) from the London CIV (LCIV), who had been invited to update the Sub-Committee on developments at the London CIV and on the Fit for the Future reforms (recent national government reforms to the UK’s pensions sector). The key points from the presentation and update provided are highlighted below:

·            Christopher Gardiner began, outlining the origins and purpose of the London CIV, which members were advised had been formed 11 years ago by the 32 London boroughs with three core aims: to bring the benefits of scale and fee savings by pooling investments; to deliver cost efficiencies through central management of assets; and to provide partner funds with access to a broader range of investment products than would otherwise be available individually, alongside enhanced investment governance. The London CIV was owned by the 32 London boroughs along with the City of London and, since April 2026, also included Buckinghamshire County Council as a member authority and remained one of six pension asset pools established nationally following the Fit for the Future reforms. London CIV’s approach to managing partner fund assets was underpinned by three principles: fiduciary responsibility to meet current and future pension liabilities; providing choice to enable partner funds to implement their desired investment strategies; and delivering long-term value through efficient management of assets, all delivered on a collaborative basis under which the Sub-Committee retained responsibility for setting investment strategy, local investment policy and responsible investment policy, with the London CIV responsible for implementation.

·            Regarding London CIV’s progress in implementing the changes mandated by the Pensions Scheme Act 2026 and Fit for the Future reforms, Members were advised that the London CIV had been assessed as meeting all minimum standards required by Government as at the end of March 2026. As of the previous month, the London CIV was managing approximately £40 billion of assets directly and indirectly, and expected to be managing approximately £60 billion on behalf of all  partner funds by 30 September 2026, as partner funds completed the onboarding of Investment Management Agreements (IMAs); Brent had signed its IMA on 11 June 2026.

·            Following on from this, Stephanie Aymes, provided further detail on progress since the London CIV's Strategic Plan was approved in 2025, including strengthening of the investment team, investment in systems to monitor and record assets accurately in conjunction with custodians, and the development of a product range to close gaps in the funds available to partner funds off-pool.  Having noted that the Fit for the Future reforms placed a greater focus on UK and local investment, members were advised that a dedicated senior investment team member was working with private markets colleagues on this, supported by a survey of partner funds' requirements with the London CIV's property investments in London highlighted as an example.

·            Following sign off of Brent’s Investment Management Agreement (IMA) members were advised that next steps would involve the London CIV proposing an investment implementation plan for  ...  view the full minutes text for item 7