The Pensions Board of Islington Council met on Tuesday 22 September 2026 to review the performance of the Pension Fund, discuss the draft annual report, and consider various administrative and risk management matters. The meeting also included an update on the forward work programme for the Board.

Pension Fund Performance (1 April to 30 June 2026)

The Board was scheduled to review the performance of the Pension Fund for the first quarter of the financial year 2026-27. This would have involved examining reports detailing the performance of various fund managers and asset classes, including equities, bonds, property, private debt, and infrastructure. The reports would have provided an overview of the fund's performance against its benchmarks and peer universe, as well as details on individual manager performance and any significant portfolio changes.

Draft Summary Annual Report 2025/26

A key item on the agenda was the review of the draft summary annual report for the financial year 2025/26. This report, which is legislated to be signed off by external auditors KPMG and published by 1 December 2026, provides a comprehensive overview of the Pension Fund's activities, governance, and performance. The Board was asked to review and comment on the summary report before its finalisation and audit. The report would have covered the fund's financial statement, membership details, contribution rates, and democratic arrangements, including the roles of the Pensions Committee and the Pension Board.

Pension Administration Performance

The Board was scheduled to receive an update on the performance of the Council's Pensions Office for the period from 1 June to 31 August 2026. This would have included information on the number of members auto-enrolled into the Local Government Pension Scheme (LGPS), details on the Internal Dispute Resolution Procedure (IDRP), compliments, and complaints received. Performance data for key administrative processes, such as deaths, retirements, and transfers, would have been presented, along with any new internal audit investigations related to pensions administration. Updates from various industry bodies, including the Scheme Advisory Board (SAB), the Pensions Administration Standards Association (PASA), the Local Government Association (LGA), the Pensions Ombudsman (TPO), the Pensions Regulator (TPR), and the Pensions Dashboard Project (PDP), were also on the agenda.

Risk Register

A review of the Pensions Risk Register was planned, which outlines the key risks identified in the administration of the Islington Pension Fund. The register details measures in place to mitigate these risks and prevent them from escalating into critical issues. The Board would have reviewed the ongoing development and reassessment of risks, particularly those with high pre-mitigation scores. The report would have included an explanation of the risk scoring methodology and a risk heat map illustrating the likelihood and impact of identified risks. Specific risks discussed included those related to resourcing and administration, pension payroll reports, the procurement of a new payroll system, the implementation of the iConnect tool, geopolitical risks, governance risks associated with pooling, and employer and employee data management.

Pension Board Forward Work Programme

The Board was scheduled to consider its forward work programme for the period December 2026 to June 2027. This programme outlines the agenda items for forthcoming meetings and training topics, aligned with the Board's objectives. The work programme would have been discussed and amended by members to reflect any changes in priorities, administration policy, new regulations, or Pension Fund priorities. The programme would have included standing items on administrative performance, the forward work programme itself, a review of the previous Pensions Committee minutes, the risk register, and Pension Fund performance. Specific reports planned for future meetings included draft pension accounts, the draft summary annual report, and a training strategy policy.