The Local Pension Board is scheduled to meet on Tuesday 3rd February 2026 to review the performance of the West Yorkshire Pension Fund, discuss data improvement plans, and consider updates on government consultations affecting the Local Government Pension Scheme. The Board will also examine the fund's risk registers and review recent decisions made by the Pension Fund Committee.

Administration Performance Report

The Board will receive an update on the administration performance of the West Yorkshire Pension Fund (WYPF) for September 2025, alongside other administrative and legislative matters. This report includes details on key performance indicators (KPIs) for various work types, such as the processing of benefit payments and member queries. It also highlights compensation payments made to members for poor service, with a significant payment of £7,640.87 made to Member M due to a substantial delay in AVC disinvestment and payment. The report also covers the ongoing progress of the WYPF member portal, My Pension, and the issuance of Annual Benefit Statements. Furthermore, it details updates on the automation of pension processes by WYPF, finance updates regarding contributions, and the Pension Fund Engagement Strategy, which includes plans to improve the Barnet Pensions website. A significant portion of the report is dedicated to the Fit for the Future consultation, outlining proposed changes to the Local Government Pension Scheme (LGPS) in England and Wales concerning survivor pensions, death grants, the gender pension gap, and other technical adjustments.

Data Improvement Plan and Historical Leavers

This item will provide the Board with an update on the ongoing data improvement plan and the historical leaver exercise. The report indicates that significant progress has been made in correcting and updating historical data, including records of leavers inherited by WYPF. As of November 2025, approximately 6,300 data items required review and updates, a reduction from the initial 28,500. A bulk address tracing exercise is underway to update missing address data for around 930 Barnet Fund members. The report also details the Pensions Regulator (TPR) data scores for common and conditional data, showing that the common data score is above TPR's acceptable threshold of 95%. The historical leaver exercise, which began when WYPF assumed administration of the Fund, has seen the number of outstanding cases reduced to just three as of December 22nd. The report also touches upon the Pensions Dashboard Programme, aiming to provide individuals with a consolidated view of their pension information, with schemes expected to connect to the ecosystem by October 2025, although individual access is anticipated in late 2026 or early 2027.

Fit for the Future Consultation

The Board is scheduled to receive an update on the government's Fit for the Future consultation for Local Government Pension Schemes. This consultation aims to reform the LGPS, with core proposals to be implemented through primary and secondary legislation. The report outlines key changes expected from April 2026, subject to the passage of the Pension Schemes Bill. These include requirements for administering authorities to delegate investment strategy implementation to their asset pools, take principal investment advice from their pool, and ensure all assets are controlled and managed by the relevant asset pool. The proposed regulations also introduce minimum standards for pools, including FCA authorisation, and provide backstop powers for the Secretary of State to direct participation in specific pools. Furthermore, the Fit for the Future regulations will implement changes to governance, requiring authorities to publish governance strategies, training strategies, and conflict-of-interest policies. A new statutory position of a senior LGPS officer will be established, responsible for fund management and resourcing. Additionally, authorities will be required to appoint an independent non-voting member to their committee and undertake an Independent Governance Review (IGR). The report notes that approximately 64% of the Pension Fund's assets are already invested through London CIV, with ongoing discussions to ensure all assets are pooled by March 2026.

Pension Fund Risk Registers

This agenda item involves a review of the Pension Fund Risk Registers, which detail the risks associated with the management of the scheme, including current assessments and planned actions. The report presents updates to both the Pensions Administration Risk Register and the Non-Administration Risk Register. Several administration risks have seen their scores reduced, reflecting improvements such as the implementation of a pass-through arrangement for new admitted bodies (ADM06), successful recruitment by WYPF (ADM08), a strong track record of service delivery by WYPF (ADM13), and compliance with timescales for the annual report and accounts (ADM18). A new risk, GOV05, has been added to the Non-Administration Risk Register, stemming from the Fit for the Future consultation and the Pensions Bill, due to strict timescales imposed on governance and investment. Updates on other non-administration risks, such as GEN03 (advisors) and GEN04 (charges and fees), are also noted, with potential reductions in risk scores anticipated following the appointment of an Independent Advisor and the pooling of assets.

PFC Decisions

The Board will consider decisions made by the Pension Fund Committee (PFC). This item is part of the Board's role in ensuring the effective governance of the Pension Fund by reviewing the decision-making processes of the PFC. The report notes that the formal minutes from the PFC meeting held on 13th January 2026 have not yet been published, but the agenda pack is available. The Board will also review the minutes from the previous PFC meeting on 15th September 2025. Any comments or recommendations made by the Board will be referred to the PFC for consideration.

Committee Work Programme

This item concerns the Local Pension Board's work programme for the period January 2025 to July 2026. It outlines the reports and decisions scheduled for review at future Board meetings, including the Administration Performance Report, Data Improvement Plan, Training Plan, Administration Risk Register, and the review of decisions made by the Pension Fund Committee. The programme also includes updates on the Pensions Regulator's Code Compliance and the Pension Fund's risk registers.