20 July 2026, 1.30pm
Advisory Board
Meeting Information
Combined agenda and papers
Meeting Items
Welcome, apologies, introductions and declarations of interest
Matters arising
Fit for the Future technical consultation response, regulations and guidance
2027/28 SAB Budget
Any other business
Date of next meeting
Summary
The minutes of the previous meeting held on 23 March 2026 were approved and it was noted that:
- the secretariat has liaised with MHCLG on when it was appropriate to establish a single purpose pensions authority (SPPA) as part of the wider local government reorganisation. The Ministry of Housing, Communities and Local Government will be issuing guidance on the importance of considering the pension function and to set out a timetable for areas to submit proposals for SPPAs and for the making of decisions.
- The Board is now represented on Department for Work and Pensions’ (DWP) working group on fiduciary duty.
The Board received an update from LGPC which confirmed that:
- significant member benefit changes were introduced in April and May 2026, including implementation of the first phase of the Government’s Access and Fairness reforms and the introduction of LGPS membership for councillors and mayors in England
- the increase in the SCAPE discount rate has required a review of actuarial factors, resulting in the temporary suspension of certain calculations and the publication of transitional guidance
- a new LGPS promotion toolkit has been launched
- The update on the Fit for the Future regulations confirmed that the Pension Schemes Act has received Royal Assent and the Government has now published its response to the consultation, the associated regulations and statutory guidance. It was noted that the Board still has a significant role to play in supporting the implementation phase of the policy development to maximise consistency in implementation.
The Board discussed SAB Governance structure review which included inviting the six LGPS pools to the IC meeting on 22 June. The Board agreed that:
- the invitation of the six LGPS pools be extended to the next IC meeting on 19 October 2026
- the next IC meeting includes an increase of fund representation to six funds assigned by fund type with consideration for their underlying pool to ensure an even spread
- working groups on fiduciary oversight of pools, reporting, local investment and responsible investment should be established
- any further recommendations on changes to the Board’s governance structure be brought to the next meeting on 23 November 2026
The Board received an update from MHCLG on arrangements for the recruitment of a new Board Chair, and approved Cllr John Beesley as the new Investment Committee chair.
The Board approved the carrying out of a new survey of the EDI characteristics of Pension Committee and Local Pension Board members. This will be circulated via email and will collect demographic information on a voluntary basis directly from Committee and Board members to be analysed anonymously. The findings from the survey will support the SAB’s consideration of governance best practice and how to improve representation and inclusion within the LGPS.
The Board’s communications strategy is being successfully implemented. The new LinkedIn page now has 600 followers and an autumn programme of events have been planned. The live events can be found on the Events page of the Board website and includes:
- 7 September 2026 – Local Pension Board Forum
- 15 September 2026 – Welcome event for new Pension Committee Chairs
- 1 October 2026 – SAB Independence Governance Review Workshop
- 22 October 2026 – SAB Annual Assembly
The Board will also be restarting LGPS Live webinars with DG Publishing and the secretariat have been exploring the development of new SAB webinar for training and topical issues. To support this increased activity, a database for speakers to register their interest to participate in future Board events will be developed.
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 recommendations and updated workplans contained within the committee reports were approved.
The update from the CRC included updated statutory Annual Report guidance which included updates to align with the Fit for the Future reforms. The updated guidance was approved and was submitted to CIPFA Public Finance Management Board (PFMB) for approval before being published.
The update from the CMBDA committee included agreement on the approach to assumption setting as part of the Board’s cost control process, including setting the discount rate at the consumer price index (CPI) plus 2.8%. The Board also heard that MHCLG’s review of Regulation 64a (review of rates and adjustments certificate: scheme employer contributions) will include a principles-based consultation expected in September 2026 to limit the circumstances in which rates and adjustment certificates can be revised outside of the triennial fund valuation process.
The Board discussed an early draft of the 2027/28 SAB Budget and workplan as a confidential item. It was agreed that the final version would come to the next meeting on 23 November 2026 ahead of submission for approval by the Local Government Minister.
The date of the next meeting is set for 23 November 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
Review of local fund valuation reports (s13)
Revision of rates and adjustment certificates
Gender Pensions Gap update
MHCLG benefits policy update
Administration complexity and performance
Virgin Media case resolution
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
Fit for the Future workplan - verbal
Update from The Pensions Regulator - verbal
Any other business
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
AOB
Date of next meeting
Meeting Information
Venue
Microsoft Teams
Combined agenda and papers
Meeting Items
Welcome, introductions, apologies and declarations of interests
Ministry of Housing, Communities and Local Government (MHCLG) update
Dealing with lobbying in the LGPS
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, 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
Actions and agreements from meeting of 20 October 2025
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
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