The Pension Board is scheduled to convene on Thursday 30 July 2026. The agenda includes a review of the Pension Board's Annual Report for 2025-26, consideration of items discussed at a recent Pension Fund Committee meeting, and an update on pensions administration performance.

Pension Board Annual Report 2025-26

The Pension Board is scheduled to review its draft annual report for the year ending 31 March 2026. This report details the Board's activities during its tenth year of operation. The Board's role, established under the Public Service Pensions Act 2013¹, is to assist the London Borough of Harrow² as the administering authority of the Local Government Pension Scheme (LGPS)³ in ensuring the effective and efficient governance and administration of the scheme. This includes securing compliance with LGPS regulations and requirements set by the Pensions Regulator⁴. The draft report is expected to invite the Board to agree any further comments or changes before it is recommended to the Council for endorsement. The report highlights the Board's engagement with various aspects of the Pension Fund, including financial accounts, investment strategy, and the London Collective Investment Vehicle (LCIV)⁵. It also notes concerns raised regarding the frequency of meetings and the need for staggered member terms to retain experience.

Review of Pension Fund Committee Items

The Board is scheduled to review a summary of matters considered by the Pension Fund Committee at its meeting on 22 June 2026. This review will cover several key areas, including the Harrow Pension Fund workplan for 2026-27, a quarterly actuarial funding position update as of 31 March 2026, and an update on the LCIV and LGPS. The Board will also consider the Pension Fund Risk Register and an update on compliance with the Pensions Regulator's Code of Practice. Performance monitoring reports for the quarter ending 31 March 2026, including an independent advisor's report and an update on analytics for climate transition, are also scheduled for review. The Pension Fund Committee's meeting on 22 June 2026 included discussions on the fund's estimated funding position, which showed a decline to 100% from 108% in March 2025, largely driven by changes in liabilities. The committee also received an update on the Fit for the Future reforms, which necessitate the appointment of an Independent Person and an LGPS senior officer by 31 December 2026, and the production of an Investment Strategy by 31 March 2027. The report notes that the average employer contribution rate for LGPS funds in England and Wales has fallen, and Harrow's funding level has strengthened from 96% to 108% between 2022 and 2025.

Pensions Administration Update with Key Performances

The Board will receive an update on the administration performance of the Pension Fund for the quarter ending 31 March 2026. This report details the membership status of the fund, showing a total of 21,258 members as of 31 March 2026, an increase of 80 from the previous quarter. The report also outlines the performance of the administration team in completing various tasks, with an average of 72.95% of all tasks completed within the target time during the quarter. This represents an improvement from the previous quarter, where 65.62% of tasks met their targets. The report notes that one complaint was received during the period, relating to a historical ill-health retirement. It also highlights that the procurement process for a new Pensions Administration System has been completed, with Heywood, the incumbent bidder, being successful. A re-organisation of the Pensions Administration Team is currently underway to ensure the team is appropriately resourced and responsive. The report also touches upon recent legislative changes affecting the LGPS, including those related to survivor pensions, death grants, and the eligibility of councillors to join the scheme.