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.
Was this page helpful?