The Westminster Pension Board has elected Councillor Paul Fisher as its new Chair and Terry Neville OBE as Vice-Chair. The appointments were made during a meeting on Thursday, July 9, 2026, which also addressed significant reforms within the Local Government Pension Scheme (LGPS) and scrutiny of the London Collective Investment Vehicle (LCIV).
During the meeting, the board also welcomed new member John Muldoon, who will represent scheme members, and Marilyn Stanton as a shadow member. The board reviewed its existing terms of reference, established in March 2015, and discussed the implications of the new LGPS (Amendment) (Governance) Regulations 2026. These regulations aim to strengthen governance, accountability, and oversight within local pension funds, introducing new statutory roles for senior LGPS officers and independent oversight. Key reforms include the introduction of a senior LGPS officer responsible for pension functions and an independent person for external oversight, designed to strengthen leadership, introduce greater independence, and ensure clear accountability at senior levels.
The new regulations have significant implications for the Pension Board, strengthening its role as a scrutiny and oversight body.
They aim to improve accountability, capability, and oversight within local pension funds
and require administering authorities to produce and maintain key policy documents, including a governance strategy, a training strategy, and a conflicts of interest policy.
Discussions also focused on the board's role in scrutinising the relationship with the London CIV (LCIV), the pooled investment vehicle for London local government pension funds. The board acknowledged that its current terms of reference are outdated and require updating to align with new legislation. Concerns were reiterated regarding the LCIV's operational capacity and the board's ability to scrutinise its performance. Specifically, it was noted that the CIV hadn't been able to get the staff of the calibre needed to run it
and that it needs a built firm steer and it needs good staff. Yes. Good offices.
Historically, concerns were raised about the LCIV's ability to retain staff and make sound investment decisions, with a commitment to explore how the board could better scrutinise this relationship. It was noted that for a very long time... they didn't operate in our interests, frankly. Now that has all since changed with the new CEO.
The board expressed an interest in looking at how our relationship with the Pensions Committee develops. And in particular, the Pensions Committee's relationship with the London SIB develops.
It was agreed that this would be taken forward to think about how we make that happen.
Further details of the meeting can be found in the Draft Pension Board Minutes. The agenda for the meeting is available here, and the full public reports pack can be accessed here.
