9 March 2026, 11.00am Cost Management, Benefit Design and Administration
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
Meeting Information
Meeting Items
Welcome, introductions and apologies
Actions and agreements from 5 January 2022 Paper A
Levelling Up White Paper – Copy of Board Paper
PSPJO amendment on BDS – Copy of Board Paper
Letters from Michael Lynk/Lawyers from Israel - Update
Investments in Russia
AOB and date of next meeting
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