Lewisham Council to appoint independent expert for pension fund oversight amid LGPS reforms

Lewisham Council is set to appoint an independent expert to bolster oversight of its pension fund, a crucial step driven by significant reforms to the Local Government Pension Scheme (LGPS) governance. The new guidance, issued in June 2026, mandates enhanced governance, transparency, and accountability across LGPS funds, including the creation of an independent person role and an LGPS Senior Officer position, both of which must be in place by 31 December 2026.

Market Value of the Fund Over the Last Six Years
Market Value of the Fund Over the Last Six YearsSource: Pensions Committee papers, 15 October 2026

The council's Pensions Committee met on Thursday, 15 October 2026, to discuss the appointment of this independent expert. This individual will provide crucial expert scrutiny and challenge to the committee and the newly established LGPS Senior Officer role, ensuring robust decision-making and adherence to regulations. The independent expert must possess appropriate pensions qualifications or significant pensions experience and be demonstrably independent of the fund's existing advisers, actuary, and governance reviewers. Their responsibilities will include reviewing strategies, scrutinising advice, monitoring performance, and contributing to overall LGPS functions. They are expected to support the committee and the senior responsible officer, and be visible and accessible to the pensions board.

Lewisham Council is also in the process of appointing its LGPS Senior Officer, a role responsible for the overall management of pension functions. This appointment will also be made by the Chief Executive Officer and is expected to be confirmed at the committee meeting in December 2026, well ahead of the 31 December deadline.

The broader LGPS reforms necessitate participation in a single FCA-authorised asset pool, with pools managing investment implementation while administering authorities set high-level objectives. Local investment targets are now a requirement, and pools must support these while upholding fiduciary duties. The reforms also mandate Independent Governance Reviews (IGRs).

The independence of the appointed expert will be rigorously assessed. Strict restrictions will prevent appointments from organisations that currently provide paid pensions advice, actuarial services, or Independent Governance Reviews to the fund, or have done so within the past two valuation cycles. Individuals already serving as independent chairs of Local Pension Boards or as LGPS senior officers from other authorities may be eligible, provided they can demonstrate sufficient time commitment and act with independence, adhering to conflicts of interest policies. The final appointment decision rests with the Chief Executive Officer, following consultation with the committee.

5 Year Membership Profile
5 Year Membership ProfileSource: Pensions Committee papers, 15 October 2026

These new governance structures are designed to enhance transparency and accountability, ultimately aiming to ensure the long-term financial sustainability of the Lewisham Council pension fund and safeguard the payment of benefits to its beneficiaries.

Further details on the committee's discussions can be found in the Public reports pack for the Pensions Committee meeting on 15 October 2026. The Agenda frontsheet for the meeting also provides relevant information. Previous minutes from the Pension Committee meeting on 11 June 2026 may also offer context.