Harrow Pension Fund is set to revise its Investment Strategy Statement (ISS) by September 30, 2026, in line with new government guidance. The updated statement will outline the fund's financial objectives, its approach to responsible investment, and local investment strategies.
The Pension Fund Committee met on Monday, March 16, 2026, to discuss the next steps for the ISS. The new government guidance, stemming from the Pensions Schemes Bill, mandates that all Local Government Pension Scheme (LGPS) funds must revise and publish their ISS by the end of September 2026. This guidance requires the ISS to detail the fund's financial objectives, its approach to responsible investment, and its strategy for local investments, with local investment being a new consideration for each fund.
The revised ISS will also specify the structure for the Strategic Asset Allocation, requiring the inclusion of nine distinct asset classes: Listed Equity, Private Equity, Private Credit, Property/Real Estate, Infrastructure, Other alternatives, Credit, UK Government Bonds, and Investment Cash. A category for 'Other' is listed in the report, but it is noted as potentially not being one of the nine required classes.
Following the committee's review and endorsement of the draft ISS in June 2026, it will be shared with employers and unions for consultation. The final ISS is scheduled for approval at the September 2026 meeting, with feedback from the consultation incorporated at that stage.
A training session on developing ISSs will be held prior to the June meeting to ensure committee members are well-equipped to scrutinise the draft statement. The meeting agenda and public reports pack for March 16, 2026, can be found here.
