Tom and Nick look at the risks trustees may have overlooked over the summer, from DB schemes drifting without a clear endgame strategy to the growing investment implications of climate change, AI and a more fragmented geopolitical landscape. Also on the agenda: the latest LGPS debate over investment in conflict zones and the tricky question of fiduciary duty, before turning to Oxfordshire Pension Fund's backing for a new fund aimed at tackling homelessness through affordable housing.

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