The Local Pension Board was scheduled to consider a range of reports concerning the administration and investment performance of the Barnet Pension Fund. Key discussions were scheduled to include the administration performance report, investment performance, and updates on legislative changes affecting the Local Government Pension Scheme. The board was also scheduled to review the Pension Fund's risk register and training strategy.

Administration Performance Report

The board was scheduled to receive an update on the pensions administration performance of the West Yorkshire Pension Fund (WYPF), which administers the Barnet Pension Fund. The report was expected to detail key performance indicators (KPIs) for the period of April to June 2026, highlighting areas where targets were not met. Reasons for underperformance were to be discussed, including the need for additional checks related to McCloud¹ retrospective pension amendments, staff vacancies, and the complexities of interfund transfers. The report was also to include an update on customer surveys, employer training, and member training initiatives. Furthermore, it was scheduled to cover shared service updates regarding staffing and resourcing across various teams, audits undertaken by Bradford Councils Internal Audit, and the performance of the WYPF member portal, My Pension. A significant point of discussion was expected to be a breach to be reported to The Pensions Regulator (TPR)² concerning the delay in retrospective pension recalculations due to software provider issues.

Investment Performance Report

The meeting was scheduled to include a review of the Pension Fund's investment performance and activity for the quarter ended 31 March 2026. The report was to detail the fund's overall value, net return, and performance relative to its benchmark. It was also scheduled to provide an overview of the market and fund performance, including investment management ratings. The strategic asset allocation and the fund's investment activity, including the transition of secured finance allocation and reinvestment of excess cash, were to be discussed. Performance details for various asset classes, including listed equity, private equity, private credit, property, infrastructure, and other alternatives, were to be presented, alongside commentary on market background and regional equity returns.

Pension Fund Committee Decisions

The board was scheduled to receive a report summarising recent decisions made by the Pension Fund Committee. This report was intended to detail the rationale behind these decisions, the processes followed, and their link to policy documents and regulations, with the aim of ensuring effective governance of the Pension Fund.

'Fit for the Future' Update

An update was scheduled regarding the 'Fit for the Future' initiative, focusing on legislative and regulatory changes affecting the Local Government Pension Scheme (LGPS). This was to include an overview of the Pension Schemes Act 2026, which received Royal Assent in April 2026, and associated regulations coming into effect from 30 June 2026. The report was to outline the final regulatory requirements and the Fund's current position in relation to compliance, including actions being undertaken to meet new governance, investment management, and oversight arrangements. Key deadlines for asset pooling, appointment of an LGPS Senior Officer and Independent Person, publication of the Investment Strategy, and completion of independent governance reviews were to be highlighted.

Training Strategy and Policy

The board was scheduled to consider the Fund's Training Strategy and Policy, which was to be updated in light of new governance, training, and knowledge and understanding requirements introduced by the Pension Schemes Act 2026 and subsequent regulations. The report was to provide an update on the Board's recent Training Needs Analysis exercise, with officers reviewing completed questionnaires to inform the future training programme and prioritise activities for 2026/27. The strategy was to outline knowledge and understanding requirements for committee members, board members, and officers, and detail how training needs would be assessed, delivered, monitored, recorded, and reported.

Pension Fund Risk Register

The meeting was scheduled to include a review of the Pension Fund's Risk Registers. The report was to detail the risks associated with the management of the scheme, including current assessments, planned actions, and targets. The previous Administration and Governance risk registers were to be merged into a single strategic document to provide a more streamlined view of key risks. The board was to be invited to note the updated register and provide feedback on its format, content, and operation. Key themes and the highest residual risks, such as investment strategy, cyber security, strategic supplier management, business continuity, employer contributions, and GDPR compliance, were to be highlighted.

External Audit and Accounts

The board was scheduled to receive an update on the Annual Accounts and External Audit for the Pension Fund for the year ended 31 March 2026. The draft Statement of Accounts was to be presented, along with an update on the progress of the audit by Grant Thornton. The draft Audit Findings Report was also to be reviewed, detailing any misstatements or errors identified during the audit and any recommendations for improvement. The report was to confirm that auditors anticipated issuing an opinion that was not disclaimed, though potentially qualified due to prior year data issues.

Local Pensions Board Work Programme

The board was scheduled to review its work programme for the upcoming year. This item was to outline the planned activities and priorities for the board, ensuring its work aligned with the Fund's objectives and regulatory requirements.