The Pension Policy & Investment Committee were scheduled to meet on 19 November 2025 to discuss the Enfield Pension Fund annual report, and the whole fund results, employer results and Funding Strategy Statement. The meeting was also scheduled to include an update from Councillor Doug Taylor, Chair of the Pension Policy & Investment Committee, and a verbal update from Ravi Lakhani, Head of Pension Investments. After the meeting, attendees were invited to stay for investment strategy training by Aon Investments, and responsible investment training by Ravi Lakhani, Head of Pension Investments.

Whole Fund Results and Funding Strategy Statement

The committee was scheduled to discuss the initial results of the 2025 valuation for the whole fund. They were also scheduled to approve a draft version of the Funding Strategy Statement, or FSS, for participating employers to comment on. The report pack included a draft FSS, which stated that the funding strategy objectives are to:

• take a prudent long-term view to secure the regulatory requirement for long-term solvency
• use a balanced investment strategy to minimise long-term cash contributions from employers
• ensure stable employer contribution rates
• reflect different employers' characteristics to set their contribution rates
• use reasonable measures to reduce the risk of an employer defaulting on its pension obligations.

The FSS was scheduled to be reviewed in detail at least every three years in line with the triennial actuarial valuation, with annual checks in the intervening years. The document stated that amendments to the FSS may be made in circumstances such as:

• material changes to the scheme benefit structure
• on the advice of the Fund actuary
• significant changes to investment strategy
• significant changes to the Fund membership
• material change in the affordability of contributions.

The report pack stated that the key principles of the FSS are to take a prudent long-term view to secure solvency and meet benefit payments, use a balanced investment strategy to minimise long-term employer contributions, ensure stable and affordable employer contribution rates, reflect the characteristics of different employers in setting rates, and engage with employers in developing the funding strategy.

The report pack also included initial whole fund results, stating that as at 31 March 2025, the Fund's funding level had improved to 127%, representing a surplus of £339 million, and that fund assets stood at £1.605 billion and liabilities at £1.266 billion. The report pack stated that the most significant factor driving the improved funding levels was higher expected investment returns, and that the discount rate used for the 2025 valuation was 5.9% per annum.

The report pack stated that the primary rate of pay for Enfield Council had been calculated as 17.9% of pay, and that a secondary rate of -1.9% had been proposed, resulting in a total of 16.0% of pay.

The report pack stated that the Fund believed that it was acceptable for the council to benefit immediately with a 3% of pay drop in contribution rates, and that the actuary's modelling assessed that after 20 years the council would remain around 115% funded.

The report pack stated that as secure, long-term participants in the LGPS, academies and colleges are expected to be treated on par with local authorities in the valuation, and that assuming the council reduce rates to 16% of pay, it was proposed to allow academies to reduce rates to this level, where permitted by the modelling.

Enfield Pension Fund Annual Report

The committee was scheduled to approve the contents of the Enfield Pension Fund annual report and accounts for 2024/25. The report pack included the draft annual report, which stated that the fund is administered in accordance with legislation including:

• the Local Government Pension Scheme Regulations 2013
• the Local Government Pension Scheme (Transitional Provisions, Savings and Amendment) Regulations 2014
• the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016.

The draft annual report stated that membership of the scheme is open to all employees of the council with the exception of teachers, and that employee contributions are determined by central government and are between 5.5% and 12.5% of pensionable pay. It also stated that employer rates are set by the Fund actuary every 3 years following a valuation of the assets and liabilities of the Fund, with the next valuation due to take place as at 31 March 2025.

The draft annual report included key headlines from the report, including that:

• Fund membership in the year increased to 26,146
• Over the last 5 years the number of pensioners has increased at an annualised rate of 4.91%
• The value of the fund at 31 March 2025 was £1.61 billion
• Investment performance over 1 year was +2.0% compared to +8.8% in 2023/34 . For 3 and 5 years the return was 1.6% and 6.8% respectively (annualised)

The draft annual report stated that the Fund has a number of policy documents which can be found on the fund website, including the Funding Strategy Statement, Investment Strategy Statement, Administration Strategy, Communications Policy, and Responsible Investment Policy.

The draft annual report stated that the Fund's primary long-term risk is that its assets fall short of its liabilities such that there are insufficient assets to pay promised benefits to members, and that responsibility for the Fund's risk management strategy rests with the Pension Policy and Investment Committee.

The draft annual report stated that during 2025 both the PPIC and Pension Board agreed to undertake a formal training programme to ensure that all members trained up to the required standard and any gaps in knowledge can be identified.

The draft annual report stated that the overall investment performance for the Fund in 2024/25 was 2.0%, compared to 8.8% in 2023/24, and that the 3 and 5-year annualised performance was 1.6% and 6.8% respectively.

The draft annual report stated that the Fund is committed to being a long-term steward of the assets in which it invests and expects this approach to protect and enhance the value of the Fund in the long term, and that in making investment decisions, the Fund seeks and receives proper advice from internal and external advisers with the requisite knowledge and skills.

The draft annual report stated that the percentage of the Fund's assets held with London CIV increased from 54% to 68% during the year, and that the Fund is committed to complying with the Government mandate to pool all assets by 31 March 2026.

The draft annual report stated that the net savings from pooling for 2024/25 were £960,000.

The draft annual report stated that in July 2024, the Chancellor of the Exchequer launched a review on the future of the Local Government Pension Scheme, and that as part of the review the Chancellor launched a consulation with LGPS Funds.

The draft annual report stated that during 2024/25, the Pension Section managed a wide range of administrative tasks, including handling deaths, processing retirements, managing transfers, issuing refunds, calculating divorce settlements, enrolling new joiners, aggregating pension benefits, and processing opt-outs.

The draft annual report stated that the administration of the Fund comprises of 12.5 full-time equivalent staff, and costs just under £60 per member, and that this cost per member is slightly higher than the average across all London Boroughs of £58.61.

The draft annual report stated that there were no Internal Dispute Resolution Procedure cases during the year.

The draft annual report stated that total membership as at 31 March 2025 was 26,147, including 7,447 active members, 7,195 pensioners, and 11,505 deferred benefits.

The draft annual report included a table showing payments made by employers into the Fund during 2024/25.

The draft annual report included a governance compliance statement, which stated that the Council delegates its responsibility for administering the Fund to the Pension Policy & Investment Committee, and that the Committee is responsible for consideration of all pension matters and discharging the obligations and duties of the Council under the Superannuation Act 1972 and various statutory matters relating to investment issues.

The draft annual report included a delegation of functions to officers by Enfield Pension Policy & Investment Committee.

Dates of Future Meetings

The committee was scheduled to note that the next meeting of the Pension Policy and Investment Committee was scheduled to take place 10am on 28 January 2026, and then 25 March 2026.