23 March 2026, 1.30pm
Advisory Board
Meeting Information
Venue
Beecham Room, 18 Smith Square, London, SW1P 3HZ and Microsoft Teams
Combined agenda and papers
Meeting Items
Welcome, apologies, introductions and declarations of interest
Matters arising
2026/27 SAB Budget and staffing update
Fit for the Future regulation update
Local government reorganisation and single purpose pensions authorities
Any other business
Date of next meeting
Summary
The minutes of the previous meeting held on 24 November 2025 were approved. The main points arising from the meeting on 23 March 2026 are shown below.
The Board were notified that a budget of £725,000 for 2026/27 had been approved by Local Government Minister, Alison McGovern MP on 12 March 2026.
An update was provided by the Board Secretary, Clair Alcock, on matters currently under internal consultation within the LGA. The Board noted the potential implication for the LGA pension team and emphasised the importance of maintaining appropriate capacity and expertise. The Board agreed that it wished to express its support for the work of the Pensions team and would reflect on how best to convey this sentiment through appropriate channels.
Changes had been made to the SAB risk register to risks on administration software and suppliers, failure or closure of pool company or operating company and transition to new Fit for the Future arrangements. The Board agreed to add the LGA restructure as an operational risk to the register.
The Board received an update from LGPC which confirmed that:
- significant member benefit changes will take effect from April 2026
- councillors and mayors in England will be eligible to join the LGPS from 11 May 2026
- work on pensions dashboards continues
- new tools to help promote the LGPS will be published soon.
The update on the Fit for the Future regulations confirmed that the Pension Schemes Bill would not receive Royal Assent before 1 April 2026. As a result, the secondary legislation and statutory guidance for the Fit for the Future changes would be delayed and backdated to the 1 April deadline once published. Representatives from the Ministry for Housing, Communities and Local Government (MHCLG) confirmed that the responses from the consultations on the regulations and the guidance issued in December 2025 are informing the changes to the final products. There would be communications laying out the headline changes to the regulations and guidance from MHCLG in the coming weeks.
The Board discussed SAB Governance structure changes post Fit for the Future. It was agreed that an iterative approach would need to be taken to construct a new structure that would effectively support a closer formalised link between the Board and the six asset pools. Representatives from each of the pools will be invited to the Investment Committee in the first instance and feedback on the meeting outcomes would be brought back to the Board. The Board also agreed that a mapping exercise to identify existing groups that currently support funds and pools across investment, governance and administration be carried out by the secretariat.
The effect of local government reorganisation (LGR) on the LGPS and the potential establishment of single purpose pensions authorities (SPPA) was discussed. The Board discussed the criteria that would be necessary to determine the viability of establishing an SPPA. The Board concluded that it would be important to consider the lower asset size limit carefully, along with additional factors such as staffing levels. The secretariat would continue to work with MHCLG on the development of these criteria.
The Board’s communications and engagement strategy is continuing to be rolled out. A meeting with pension committee chairs on topical issues in the LGPS took place on 17 March 2026. 44 attendees representing 39 funds and five pools attended and received an update from Michelle Warbis (Deputy Director, Local Tax and Pensions at MHCLG). The secretariat also led sessions on valuation outcomes and updates from the Board. Attendees were particularly interested whether the Minister would be providing a response to the Board’s Palestine Solidarity Campaign (PSC) letter sent on 13 October 2025. It was confirmed after the meeting that a response will be provided in the coming weeks.
A new SAB LinkedIn page is now live, and events planned for the coming months included a meeting with pension board chairs on 12 May 2026 and the Board Annual Assembly on 22 October 2026.
The new SAB website went live on 26 January 2026, and positive feedback had been received on the ease of navigation and information retrieval. The final accessibility testing would be taking place shortly and the site’s accreditation would be issued upon resolution of any potential issues identified during the test. Templates with the Board’s new branding have also been rolled out.
The Board approved the changes in Board and Committee membership and discussed MHCLG’s proposals for the recruitment of a new Board Chair. MHCLG noted the feedback received and will be continuing discussions with the secretariat to inform the process to appoint a new chair by April 2027.
The Board noted the updates from the Investment Committee, Compliance and Reporting Committee (CRC) and the Cost Management, Benefit Design and Administration (CMBDA) Committee. The Board noted, in line with the CRC report, that the Peer Support Pilot may face risks related to resource availability within the LGA Peer Support team. Plans to mitigate these risks have been developed.
The recommendations and updated workplans contained within the committee reports were approved.
The date of the next meeting is set for 20 July 2026 at 1:30pm.
Meeting Information
Venue
18 Smith Square and Microsoft Teams
Combined agenda and papers
Meeting Items
Welcome, apologies, introductions and declarations of interest
Pensions Administration Strategy - verbal
Access and Protections - verbal
2025 Actuarial Valuation- verbal
Revision of rates and adjustment certificates - verbal
Any other business
Date of next meeting
Meeting Information
Combined agenda and papers
Meeting Items
Welcome, apologies, introductions and declarations of interest
Ministry of Housing, Communities and Local Government (MHCLG) Update - verbal
Annual report guidance - verbal
Scheme annual report - verbal
AOB
Date of next meeting
Meeting Information
Venue
18 Smith Square and Microsoft Teams
Combined agenda and papers
Meeting Items
Welcome, apologies, introductions and declarations of interest
Ministry of Housing, Communities and Local Government (MHCLG) update - verbal
SAB response to MHCLG Fit for the Future closed consultation - verbal
AOB
Date of next meeting
Meeting Information
Venue
18 Smith Square and video conference call
Combined agenda and papers
Meeting Items
Welcome, introductions, apologies and declarations of interests
Actions and Agreements from 6 October 2025 Paper A
Ministry of Housing, Communities and Local Government (MHCLG) update
LGPS Fit for the Future – draft regulations and guidance group discussion
Responsible Investment policy guidance Paper B
Strategic objectives for RIAG post Fit for the Future
International Court of Justice ruling on climate change
Climate risk reporting in the private sector four years on: TPR Review of reports
AOB and date of next meeting
Meeting Information
Venue
18 Smith Square and video conference call
Combined agenda and papers
Meeting Items
Welcome, introductions, apologies and declaration of interests
Meeting protocol
Actions and Agreements from 20th November 2023
Code of Transparency Compliance Update
Code of Transparency Project Update - CONFIDENTIAL, circulated via email
Update on Economic Activity of Public Bodies (Overseas Matters) Bill - aka Boycotts, Divestment & Sanctions (BDS) Bill
RI Cross-Pool update
Sharia Law and the LGPS – CONFIDENTIAL, circulated via email
Investment Strategy Statement review discussion
Pooling guidance discussion
DLUHC Update
AOB and Date of next meeting
Meeting Information
Venue
18 Smith Square and video conference call
Combined agenda and papers
Meeting Items
Welcome, introductions, apologies and declaration of interests
Meeting protocol
Actions and Agreements from 3 July 2023 Paper A
Sharia Compliance Update (presentation from Mufti Faraz Adam)
Code of Transparency Compliance Update Paper B
Provision of Code of Transparency Online Compliance System Paper C (CONFIDENTIAL - circulated via email)
Update on Economic Activity of Public Bodies (Overseas Matters) Bill - aka Boycotts, Divestment & Sanctions (BDS) Bill
Climate Risk Reporting
Private Equity Lobbying
Updated terms of reference Paper D
Committee workplan Paper E (CONFIDENTIAL – circulated via email)
RIAG Report
DLUHC Update
AOB and Date of next meeting
Meeting Information
Venue
Beecham Room, 18 Smith Square, London, SW1P 3HZ and Microsoft Teams
Meeting Items
Welcome, apologies and introductions
Meeting protocol and declarations of conflicts of interest
Actions and agreements from meeting of 6 June 2022 Paper A
SAB Workplan and Budget – verbal update
Agenda Steering Group Update Paper B- Confidential, circulated via email
McCloud and Exit Pay – verbal update
SAB/Committee Membership – verbal update
Risk Register
Climate Risk Reporting Consultation Paper C
Good governance update – verbal update
Compliance and Reporting Committee report – Paper D
Cost Management, Benefit Design and Administration Committee report Paper E
AOB and date of next meeting
Meeting Information
Venue
Beecham Room, 18 Smith Square, London, SW1P 3HZ and Microsoft Teams
Combined agenda and papers
Meeting Items
Welcome, apologies and introductions
Meeting protocol and declarations of conflicts of interest
Actions and agreements from meeting of 22 May 2023 Paper A
Economic Activity of Public Bodies (Overseas Matters) Bill - verbal update
Consultations – verbal update
Code of Transparency reporting system Paper C - Confidential, circulated via email
Annual report update – verbal update
Board budget 2023/24 Paper D - Confidential, circulated via email
Board and Committee Membership – verbal update
Compliance & Reporting Committee report Paper F
Cost Management, Benefit Design and Administration Committee report Paper G
AOB and date of next meeting
Summary
Full details of the meeting and agenda papers can be found on the board meetings page.
The minutes of the meeting on 22nd May were approved.
The main points arising from the meeting are shown below:
Economic Activity of Public Bodies (Overseas Matters) Bill – On June 30th, the then LGA Chairman Cllr James Jamieson, supported by the LGA’s Head of Pensions Jo Donnelly, met the DLUHC Minister Felicity Buchan to discuss the Bill, with a particular focus around the proposed enforcement regime. The Bill is now at Committee stage and the SAB will be submitting evidence to the Committee in September 2023.
McCloud – DLUHC’s second McCloud consultation closed on 30th June 2023. The LGPC response comprised largely of responses to technical issues raised. There were ongoing concerns about the timing of regulations and resource capacity within DLUHC to do this work. The LGPC team had begun work to procure a provider to draft communications for scheme members with input from the Communications Working Group.
Investments – DLUHC’s long-awaited consultation, titled “Next Steps on Investments” was issued on 11th July 2023. The consultation closes on 2nd October 2023.
The Board had a lengthy discussion about the consultation and in particular DLUHC’s proposals to accelerate the pooling of investments. A working group was established to help draft the SAB response.
Cost Control Mechanisms – The results of the Treasury Cost Control Mechanism are expected in the Autumn and the intention is for the SAB Scheme Cost Assessment (SCA) process to feed into GAD who will provide advice to the Board on assumptions, e.g. the appropriate discount rate for a funded scheme like LGPS. Both cost assessments examine the overall cost of the scheme, but the SAB process also examines the split of costs between employers and employees.
Code of Transparency Reporting System – The Board is considering the future of the Code of Transparency reporting system. The contract to provide this system, currently held by Byhiras, expires in August 2024 and so the Board discussed the options on the most suitable next steps
The Secretariat are also carrying out a series of roadshows to promote better understanding of, and engagement with, the system. As part of these sessions, feedback was being sought on whether the system specification was meeting funds’ needs. The Board wanted feedback from the roadshows to shape a paper for their December 2023 meeting.
Annual Report update – The tenth Scheme Annual Report was published on 27th June 2023. The Chair thanked Gareth Brown, the SAB’s Research and Data Analyst, for his work in creating the report.
Board Budget 2023/24 – The Board discussed the delayed approval of the 2023/24 Budget and Workplan by the Minister. The Chair informed the Board that he had recently met with the Minister and had a substantive discussion on this issue. The Minister had requested alternative options for the 2023/24 budget before making a final decision on which option to approve. The Board discussed and approved the options presented in the paper. It was agreed to develop a medium-term financial plan to give further clarity about expenditure in future years with the aim of reducing late approval of the budget and workplan, and therefore giving more certainty to the Board.
Terms of Reference – The Board received a paper on the Terms of Reference (ToR) which included a recommendation that the ToR be updated to amend the minimum number of four meetings per year to three. The Board agreed this change.
Date of Next Meeting – 4th December 2023
Meeting Information
Meeting Items
Welcome, introductions and apologies
Actions and agreements from 1 September 2021 Paper A
Letter from Michael Lynk – Paper B
UK Stewardship Code 2020 Update
DLUHC TCFD Update
Productive capital/impact investing in the LGPS
DWP Consultation on Paris Alignment Metric – Paper C
AOB and date of next meeting
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