The Local Pension Board is scheduled to meet on Thursday 2 July 2026 to review a range of reports concerning the administration, regulation, and future planning of the Durham County Council Pension Fund. Key discussions are expected to cover the Pension Fund's service plan, regulatory updates, and the annual report for the 2025/26 financial year.

Pension Fund Service Plan 2026-27

The Board will consider the Pension Fund's Service Plan for the period 2026/27 to 2028/29. This plan outlines the aims, objectives, and actions intended to support sustainable service delivery and operational resilience for the Fund, which manages approximately £4bn in assets for over 66,000 members. The plan addresses key areas including administration, governance, and investment strategies, acknowledging external factors such as changes in the pensions and investment industry, evolving working practices, and political and regulatory shifts. The report highlights the Fund's commitment to operating in a sustainable and cost-effective manner, building on its partnership with the Border to Coast Pensions Partnership¹.

Regulatory Update

A significant portion of the meeting is dedicated to a regulatory update, detailing developments impacting the Pension Fund. This includes new LGPS regulations, such as the LGPS (Miscellaneous Amendments) (Member Benefits) Regulations 2026, which introduce changes to survivor benefits, cohabiting partner nominations, and gender pension gap reporting. The report also covers the LGPS (Amendment) (Elected Member Pensions) Regulations 2026, allowing councillors and mayors in England to opt into LGPS membership. Furthermore, the LGPS (Amendment) (Governance) Regulations 2026 are set to be discussed, outlining requirements for appointing senior officers and independent persons, and establishing governance, training, and conflicts of interest policies. The LGPS (Pooling, Management and Investment of Funds) Regulations 2026 will also be reviewed, detailing requirements for participation in asset pools and the formulation of investment strategies.

The update also addresses changes to SCAPE factors for public service pension schemes, which may affect transfer quotations and retirement estimates. The ongoing development of Pensions Dashboards, digital services for savers to view their pension information in one place, will also be a topic of discussion, with a revised connection deadline of 31 October 2026.

Local Pension Board Annual Report 2025/26

The Board will review its Annual Report for the 2025/26 financial year. This report provides an overview of the work undertaken by the Board in assisting the Administering Authority to ensure compliance with regulations and the effective governance and administration of the Local Government Pension Scheme (LGPS). The report details the Board's activities, including considerations of pension administration performance, regulatory updates, and the implications of LGPS asset pooling.

Pension Administration Report

A report on pension administration will be presented, offering an update on the Fund's service provision to members and Key Performance Indicators (KPIs). This includes performance data on retirements, deferments, transfers, and estimates, as well as call volumes to the Pensions Helpline and usage of the online Pensions Portal. The report highlights that while most KPIs are met, there are areas for improvement, particularly in the disclosure of retirements, where delays are often attributed to awaiting information from fund employers.

Local Pension Board Work Plan 2026/27

The Board will consider a revised work plan for the upcoming year. This plan aims to provide a structured programme of business, moving towards a more structured annual assurance cycle. It will incorporate standing assurance items, cyclical annual items, and thematic deep dives into areas such as General Code of Practice compliance, cyber security, data quality, and the implementation of the McCloud remedy. The work plan is designed to ensure the Board's time is focused on the most significant governance and administration risks facing the Fund.

Observations and Feedback from Pension Fund Committee

The Board will receive observations and feedback from the Pension Fund Committee's meeting on 11 June 2026. This item will likely cover discussions on investment, housing, and the strategic direction of the fund, as well as the composition of the Local Pension Board itself.

Pension Fund Committee

The report pack also includes information related to the Pension Fund Committee, which oversees the management and investment of the Pension Fund.