Agenda and minutes

An apology for absence was received from Councillor H Patel, with no substitute member in attendance.

Members are invited to declare at this stage of the meeting, any relevant discloseable pecuniary or personal interests in any matter to be considered at this meeting.

Councillor Brown declared a personal interest as a member of the Local Government Pension Fund Scheme. It was asked whether, for reasons of efficiency, standing declarations of Pension Fund membership could be recorded so that members did not need to repeat their declarations at each meeting. The Chair advised that this would be considered further outside of the meeting.

No other declarations of interest were made at the meeting.

To approve the minutes of the previous meeting held on Wednesday 18 February 2026 as a correct record.

Prior to consideration of the minutes, the Chair welcomed everyone to the meeting noting the change in membership following the local elections and appointments subsequently confirmed through the General Purposes Committee.  Given the new membership, the Chair advised that he intended to take the minutes as a whole rather than consider them on a page by page basis and it was subsequently RESOLVED that the minutes of the previous meeting held on 18 February 2026 be approved as an accurate record of the meeting.

Councillor Brown abstained from the above decision on the basis he had not been presented at the previous meeting.

To consider any matters arising from the minutes of the previous meeting.

No matters arising were identified at the meeting.

Members are asked to note the following request which has been received for presentation of a deputation at the meeting relating to the following issue:

(a)       Divestment Campaign (to be presented by Brent & Harrow Palestine Solidarity Campaign)

(Agenda updated to include notice of deputation request on 8 July 2026)

Councillor Burn (as Chair) advised that he had agreed to receive a deputation at the meeting from Sheila Guhadasan representing the Brent & Harrow Palestine Solidarity Campaign (PSC).  The Chair welcomed Sheila Guhadasan along with other representatives from the Brent & Harrow PSC who were attending in support with members advised that the deputation was seeking an update on progress in relation to commitments regarding the disclosure, review and potential divestment of Pension Fund investments.

In presenting the deputation, Sheila Guhadasan thanked Members for the opportunity to address the Sub Committee and highlighted that Brent & Harrow PSC had been campaigning for almost two years for the Council to divest Pension Fund investments from companies said to be complicit in human rights abuses against Palestinians, a call which had originated from a petition of around 2,000 signatures.

Referring to developments in international law and human rights, Sheila Guhadasan highlighted findings from a United Nations Commission of Inquiry report and referenced the advisory opinion of the International Court of Justice issued in July 2024 regarding the situation in Gaza, the West Bank and East Jerusalem, which she felt established a clear legal and moral case for local authorities to review and withdraw investments from companies alleged to be involved in violations of international law. Members were advised that the PSC’s concerns extended beyond human rights issues and also encompassed environmental, governance and fossil fuel-related considerations, on which support had been received from environmental campaign groups as well as local residents.

In highlighting and welcoming previous statements made by the Council regarding engagement with the London Collective Investment Vehicle (London CIV) the Sub Committee was reminded of the commitment made by the previous Deputy Leader & Cabinet Member for Finance and Resources at the Council meeting in September 2025 to write to the London CIV calling for a more robust framework to enable future exclusion of investments linked to conflict, military occupation or genocide, and to work with fund managers to disclose the Fund's investment in companies listed by the United Nations OHCHR. Reference was also made to the Brent Labour and Brent Green Party manifestos, which it was pointed out had contained commitments supporting divestment, ethical procurement and responsible investment approaches, with the deputation therefore urging the Council to honour these commitments and maintain momentum in progressing the work already outlined.

Drawing comparisons with previous campaigns against apartheid in South Africa, Sheila Guhadasan felt that the Council had already demonstrated previous leadership on ethical investment and divestment matters which it was hoped they would continue in relation to the current position within Palestine. She further highlighted comments made at previous Pension Fund Sub Committee meetings indicating that companies achieving strong Environmental, Social and Governance (ESG) performance often delivered strong financial results, suggesting that ethical investment objectives could be pursued without compromising the Fund’s fiduciary responsibilities to members and would be consistent with the Fund's long-term financial objectives.

Whilst recognising that investment management arrangements were increasingly undertaken through the London CIV, the deputation highlighted that the  ...  view the full minutes text for item 5.

To receive the Brent Pension Fund Q1 2026 - 27 Investment Monitoring Update Report.

The Chair invited Kenneth Taylor (Hymans Robertson) (Hymans Robertson) to introduce a report, which outlined the performance of the Brent Pension Fund over the Q1 monitoring period 2026 (January - March 2026).  Members were advised this formed part of the Sub-Committee's regular reporting cycle, designed to help members monitor investment performance against expectations, review whether investment managers were delivering expected outcomes, compare the Fund's current asset allocation against its long-term strategic targets, and consider whether any investment changes might be required to keep the Fund on track with its agreed strategy.

Prior to presenting the report, members were also advised that once the Pension Fund pooling arrangements had been fully implemented future Investment Monitoring Updates would be provided through the London CIV.

In outlining the market background to the reporting period, it was noted that the 12 months to the end of March 2026 had been an eventful period from a geopolitical perspective, beginning with the announcement of US tariffs in April 2025, which had led to a sharp but short-lived fall in equity markets, and including the onset of the conflict in Iran in February/March 2026, which had increased inflation expectations. Despite this backdrop, equity markets had delivered strong returns over the year.  Global equities had returned 18% over the 12-month period, UK equities over 20%, and Asia Pacific markets 47%, whilst returns on other asset classes such as UK gilts, corporate bonds, property and cash had been more limited but still generally positive.

The key highlights of the report were noted as follows:

·            Regarding total Fund performance, members were advised that the Fund had returned 12.7% over the 12-month period, compared with a benchmark return of 12.2%, though the latest three-month return had been negative, reflecting the impact of the war in Iran late in the quarter. Over three years, the Fund had achieved an annualised return of 9.2%, which was slightly behind its predicted benchmark.

·            In relation to asset allocation, it was noted that the Fund had largely exited the London CIV Baillie Gifford Multi-Asset Fund during the first quarter of the year, in line with the decision taken following the last strategy review with the value of that holding having fallen from £110m at the end of December 2025 to £2.2m at the end of March 2026 and expected to be fully realised over the coming months, with the proceeds reinvested in the Fund's protection assets, namely the London CIV CQS Multi-Asset Credit Fund and the BlackRock UK Gilts Fund. The total growth asset allocation stood at around 58%, higher than the long-term target allocation agreed at the last strategy review; members were advised that this overweight position was deliberate, reflecting the time it would take to build out the Fund's private market investments on which officers would continue to work with the London in order to understand the plans they had for building those investments.

·            At fund manager level, it was noted that the LGIM Global Equity Fund had returned 17.7% over 12 months against  ...  view the full minutes text for item 6.

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.

To present the Draft Annual Accounts 2025/26 for review and noting by the Sub-committee.

Manish Shah (Senior Finance Analyst) introduced the report from the Corporate Director Finance and Resources, presenting the draft Pension Fund Annual Accounts for the year ending 31^st March 2026.

In noting the indicative draft audit plan for the 2025/26 accounts (on which no significant issues had been identified to date), as detailed within Appendix 2 of the report and draft Pension Fund Annual Accounts for the year ended 31 March 2026, as detailed in Appendix 1 of the report, the following main issues were highlighted for members:

·            During 2025/26, the value of the Pension Fund’s investments increased to £1,482m (2024/25 £1,310m). Growth assets continued to be main driver of positive returns both in absolute and in relative terms over the past 12 months, with investments held within the Emerging Markets equities being the main performer and the overweight position in this asset class having benefited fund performance. The UK housing market had for the quarter remained flat but underperformed the bench over the same period as rising gilts yields triggered by the war in Iran continued to impact demand.

·            Total contributions received from employers and employees were £70m for the year, a decrease on the previous year’s £73m reflecting the reduction in the main employer contribution rate from 30.5% to 23% as the Fund's funding position had improved

·            Total benefits paid to scheme beneficiaries, in the form of pensions or other benefits, were £62m, an increase on the previous year’s £60m.

·            As in 2024/25, the pension fund remained in a positive cash-flow position as its contributions exceeded outgoings to members.

Following the update, the Chair invited members to raise any comments with the issues summarised below:

·            A question was raised over how the Fund had achieved such a strong position given the scale of the reduction in employer contributions. Sawan Shah responded by explaining that the employer contribution rate had in fact reduced only gradually over recent years, under the stabilisation strategy agreed as part of the previous valuation cycle, from 35% three years earlier to 30.5% for the year covered by these accounts. Pay increases over this period had largely been offsetting the cash effect of the rate reduction. It was noted that the more significant reduction to 23%, effective from 1 April 2026 following the latest triennial valuation, would be reflected in next year's accounts.

With no further issues raised and in thanking the Finance team for their work regarding the funds management, the Committee RESOLVED to note the Draft Brent Pension Fund Year End Accounts 2025-26.

This report provides and update on developments from the Government’s Fit for the Future consultation with UK Local Authorities.

Sawan Shah (Head of Finance, Pensions and Housing Companies) introduced a report from the Corporate Director Finance & Resources presenting an update on the Government's Fit for the Future reforms, following publication of the final regulations, which had been laid before Parliament and came into force on 30 June 2026, alongside final guidance which had also been published.

In presenting the report, members were reminded that the Pension Schemes Act 2026 had received Royal Assent at the end of April 2026, enabling the subsequent regulations, and that the reforms covered three key areas: asset pooling, local investment, and governance arrangements across the Local Government Pension Scheme.

The most significant change for the Fund was that Brent, as administering authority, would continue to be responsible for setting funding and investment strategy, however, there would be a much greater focus on oversight and scrutiny of the asset pool with the London CIV, responsible for implementation of the strategy and investments. Members were advised that the Fund was already well advanced in this respect, with 93% of assets managed directly or indirectly by the London CIV, and that the Investment Management Agreement signed with the London CIV on 11 June 2026 now provided for management of the Fund's remaining off-pool assets.

Members were further advised that an updated Investment Strategy Statement was required to be published by March 2027, with officers planning to bring this to the Sub-Committee in October 2026.  In terms of governance requirements, these now included the appointment of a Senior Responsible Officer and an Independent Person by the end of 2026; and that an independent governance review would be required by March 2028, and every three years thereafter. Updated requirements in relation to governance training and conflicts of interest documentation were also outlined and noted.

In concluding the report, Members were advised that the Fund already operated within a robust governance environment, and that these requirements largely added to, rather than fundamentally changed, that existing environment.

With no further decisions required of the Sub-Committee at this stage, and further updates expected to follow as the reforms were implemented over 2026, the Sub-Committee (with no further comments raised) RESOLVED to note the update provided.

This report provides an update on provision and member progress against of the LGPS online learning facility and future training strategy.

Sawan Shah (Head of Finance, Pensions and Housing Companies) introduced the report from the Corporate Director Finance & Resources which presented the updated Brent Pension Fund Training Strategy for approval as a means of ensuring that the Sub Committee, Pension Board members, and Officers maintained the appropriate knowledge and skills to effectively fulfil their responsibilities under the new requirements within the Pension Schemes Act 2026.

In presenting the report, members were advised that the update had been designed to reflect the Fit for the Future reforms and the governance guidance published at the end of June 2026.  Key changes to the strategy had included:

·            a focus on the individual responsibility for members to maintain and record their own training.

·            nine core knowledge areas based on the CIPFA Knowledge and Skills Framework.

·            differentiated levels of knowledge required for members and Board representatives (general awareness and understanding) as against officers (a detailed or, for senior officers, expert level of knowledge).

·            a requirement for induction training to be completed within three months of appointment;

·            an annual training needs analysis for all relevant individuals; and enhanced monitoring and reporting of training activity.

In support of the strategy, members were advised that a range of training resources had been made available, including pre-committee training sessions, reading material, e-learning, and attendance at seminars and conferences, alongside the Pensions Regulator's online training toolkit with the guidance confirming that administering authorities must ensure Committee and Board members maintained an appropriate level of knowledge and understanding, assessed on an individual basis and supported by structured training plans and ongoing monitoring.

Following presentation of the report, the Sub-Committee was invited to raise any comments or questions, with the following issues highlighted summarised below:

·            In response to the suggestion that an additional briefing be provided on the London CIVs  evolving role officers agreed to consider how best this could be provided following the meeting.

·            Moving forward, accessibility of training and external training (including training received through Brent UNISON) were discussed. Sawan Shah confirmed that a range of learning styles would be offered based on an individual training needs analysis, and that any relevant external training should be reported to officers so that it could be recorded, noting that training would always be viewed positively, whilst also noting that training completed some time ago might need to be refreshed in light of recent regulatory changes.

With no further questions or comments, the Chair commended officers on the quality of the document and the committee RESOLVED to approve the updated Brent Pension Fund Training Strategy (as detailed within Appendix 1 of the report) having noted the requirement on members to acquire and maintain the appropriate level of expertise, knowledge and skills.

To present members with an update on engagement activity undertaken by the Local Authority Pension Fund Forum (LAPFF) on behalf of the Fund.

Manish Shah (Senior Finance Analyst) introduced the report from the Corporate Director Finance & Resources which outlined the latest Local Authority Pension Fund Forum (LAPFF) Engagement Update.

In presenting the update, members were advised that the LAPFF had been established to promote the highest standards of corporate governance in order to protect the long-term value of local authority pension funds and engage directly with companies in which investments were held in order to affect change, understand views on company behaviour and risks with engagement being member led and designed to advance corporate responsibility and responsible investment on the basis of collaboration strengthening the voice of Pension Funds.

In noting the summary of key engagement work undertaken by the LAPFF during January - March 2026 (as detailed in Appendix 1 of the report) key areas of activity were highlighted in relation to water utilities, climate risk and resilience strategies alongside engagement with automotive manufacturers to assess how they were managing the human rights and supply chain risks associated with a transition to electric vehicles.

Having noted the viability and advantages available through the sustained collective effort and pressure that could be applied through the LAPFF in seeking to promote corporate responsibility and responsible investment, rather than by single Pension Funds acting individually, the Chair thanked officers for presentation of the report and with no further questions or comments, the Sub Committee RESOLVED to note the report.

To note the draft minutes of the Pension Board meeting held on Monday 23 March 2026.

The Chair then welcomed David Ewart (as Independent Chair of the Pension Board) to the meeting in order to provide an overview of the issues considered at the most recent Board held on Tuesday 31 March 2026, as set out in the draft minutes from the meeting. 

As a starting point, David Ewart took the opportunity to remind members of the function and structure of the Pension Board, which he advised was a statutory body established to review the performance of the Pension Fund and was made up of an equal number of employer and member representatives. In comparison, the Pension Fund Sub-Committee’s role focused on the investment and management of the Fund, although in practice the two bodies within Brent worked closely together and shared similar views in overseeing governance of the Pension Fund.

In outlining specific issues considered at the Board’s last meeting, members were advised of the ongoing monitoring of performance relating to administration of the Pension Fund for scheme members (including an ongoing focus on data quality given its critical role on the valuation process) as well as the updated Risk Register for the Brent Pension Fund Administration Service, which it was felt also provided a useful point of reference for the Sub Committee in relation to the management of existing and emerging risks.  The Board had also received updates on the investment and governance matters considered by the Sub-Committee and had been broadly supportive of all decisions made.

In response to a question regarding current membership of the Board, James Kinsella (Governance and Scrutiny Manager) confirmed the newly appointed Brent employer side councillor representatives as Councillors S. Butt and Dar with work ongoing to fill the current vacancy for the Non Brent Council employer side representative.

The Chair thanked David Ewart for the update provided, and with no further issues raised, it was RESOLVED to note the minutes from the Pension Board held on 31 March 2026.

Notice of items to be raised under this heading must be given in writing to the Head of Executive and Member Services or his representative before the meeting in accordance with Standing Order 60.

Prior to moving into the closed session of the meeting, Sawan Shah advised members of a London CIV training session being held on Monday 13 July 2026 for which a place remained available, should any members of the Sub Committee be available to attend, pending appointment of the Sub Committee’s vice-chair by the General Purposes Committee.

Any member wishing to attend was invited to contact Amanda Healy (Deputy Director of Finance) or Sawan Shah (Head of Finance, Pensions and Housing Companies) after the meeting.

The following item is not for publication as it relates to the category of exempt information set out below, as specified under Part 1, Schedule 12A of the Local Government Act 1972:

Agenda Item 6:     Q1 2025-26 Investment Monitoring Report – Appendix Fund Manager performance ratings.

                            This appendix has been classified as exempt under Paragraph 3 of Part 1 Schedule 12A of the Local Government Act 1972, namely: “Information relating to the financial or business affairs of and particular person (including the authority holding that information).”

The press and public will be excluded from the remainder of the meeting as the report(s) to be considered contain the following category of exempt information as specified in Paragraph 3, Schedule 12A of the Local Government Act 1972, namely:

“Information relating to the financial or business affairs of any particular person (including the authority holding that information)"

At this stage in the meeting, the Chair advised that the Sub-Committee would need to move into closed session to consider the final item on the agenda.

It was therefore RESOLVED to exclude the press and public from the remainder of the meeting as the reports and appendices to be considered contained the following category of exempt information as specified in Paragraph 3, Schedule 12A of the Local Government Access to Information Act 1972, namely:

“Information relating to the financial or business affairs of any particular person (including the Authority holding that information)”.

As the Sub Committee moved into closed session the webcast was ended at this stage of the meeting

This report provides an update on recent developments regarding Brent’s Pension Fund investments held with the London CIV.

Sawan Shah (Head of Finance, Pensions and Housing Companies) introduced a report from the Corporate Director Finance & Resources providing an update on recent developments regarding Brent Pension Fund investments held within the London CIV (LCIV).

The update covered the London CIV's continuing assumption of responsibility for implementing the Fund's investment strategy, the appointment of a new client relationship manager, and confirmation that Buckinghamshire had formally joined the London CIV as a partner fund in April 2026, alongside further information on the Fund's holdings within London CIV Pooled Vehicles.

Issues highlighted arising from the update included:

·            The value of assets invested directly through the LCIV.

·            The update on the LCIV Fund Manager Monitoring Framework and progress in the development and launch of new Funds, with members keen to ensure a focus (in recognising the Funds fiduciary duty) in maintaining a broad and diversified approach toward the Fund’s Investment Strategy.

In response to issues raised, further clarification was provided on the nature, terms and content of the Investment Management Agreement and process undertaken to complete sign off with it noted that 15 partner funds (including Brent) had completed IMAs with the London CIV at the time of the meeting.

With no further questions or comments received, the members of the Committee welcomed the update and RESOLVED to note the progress report.