This meeting was scheduled to consider the Pension Fund Risk Register, the performance of the Local Pensions Partnership Administration (LPPA), and training undertaken by board members in compliance with legislation.

Pension Fund Risk Register Update

The Pension Board was scheduled to determine how they would monitor the Pension Fund Risk Register, which had last been presented to the Pensions Committee on 07 November 2023. It was scheduled to agree to focus its reviews on risks classified as operational, starting with the risks with the highest post-mitigation scores. The Pension Fund Risk Register is described as being a live document, meaning that it is reviewed quarterly.

The Board was scheduled to receive feedback from the Pensions Committee in respect of the Risk Register. This feedback included definitions for strategic and operational risks:

 Strategic - risks that arise from the decisions that the committee or Fund take concerning the Fund’s objectives. Essentially, strategic risks are the risks of failing to achieve these business objectives

 Operational – risks connected with the internal resources, systems, processes, and employees of the organisation

Pensions Administration and Legislation Update

The Board was scheduled to receive an update on the performance of the Local Pensions Partnership Administration (LPPA). This was to include a review of LPPA's performance between April and June 2024 against the agreed service levels. It was also scheduled to include an update on changes to the regulatory environment of the Local Government Pension Scheme (LGPS). The LPPA was formed in 2016 by Lancashire County Council and the London Pensions Fund Authority.

The report pack includes LPPA's quarterly performance report for Quarter 2 of 2024/25. The LPPA reported that its overall performance for Q2 was 98.7% against the agreed Service Level Agreements (SLAs), exceeding the 95% target in all areas. It described several areas where it was working to improve its service, including a new automated system for providing deferred retirement quotes, and a data project to improve the accuracy of the data LPPA holds.

The report pack also includes an update on the implications of the McCloud remedy.¹ The report pack notes that:

All McCloud flagged cases will need to be reviewed by August 2025.

Training Update

The Board was scheduled to note the progress of its members in undertaking mandatory training. The Pensions Regulator (TPR) requires that:

Every individual of the Pension Board must be conversant with  The rules of the scheme, and  Any document recording policy about the administration of the scheme which is for the time being adopted in relation to the scheme.

It also requires that members have:

knowledge and understanding of—  The law relating to pensions, and  Such other matters as may be prescribed.

The report pack states that:

The degree of knowledge and understanding required by subsection (b) is that appropriate for the purposes of enabling the individual properly to exercise the functions of a member of the pension board.

The Board uses guidance from the Chartered Institute of Public Finance and Accountancy (CIPFA) to determine what training is required.

Since 15 August 2022, the Fund has been subscribing to the LGPS Online Learning Academy (LOLA), which was launched by Hymans Robertson.² The report pack notes that all members of the Pensions Committee have completed the mandatory modules on LOLA.

Hymans Robertson is a firm of pensions, investment and financial risk management consultants. They are the actuary for Havering Council's pension fund.