This meeting was about the performance of the Enfield Pension Fund and its administrators. A report was provided on the performance of the administrators during the second quarter of 2024. The meeting also included a discussion on the recent Mansion House speech made by the Chancellor of the Exchequer, Rachel Reeves, and its implications for the Local Government Pension Scheme.

The meeting was also scheduled to receive the Pension Fund’s Annual Report for 2023/24 and a report on the Local Authority Pension Fund Forum’s (LAPFF) recent engagement with various companies in which the Fund invests.

Performance of Pension Fund administrators

The meeting was scheduled to note a report on the performance of the Pension Fund administrators.

This report showed that the team completed 87.21% of its work within its target timescale during the second quarter of 2024.

It also provided the Board with an update on the recently introduced Key Performance Indicators (KPIs) for annual reporting.

The introduction of the new KPIs means that our existing workflows will have to be updated to correctly reflect the new requirements.

- [LBE of Enfield Pension Fund administration report](https://governance.enfield.gov.uk/documents/s107062/4.+Pension+Administration+report.pdf), Tim O'Connor

The Mansion House Speech

The agenda included a report that was scheduled to brief the Board on the recent Mansion House speech made by the Chancellor, and the subsequent consultation that followed it.

The report listed the Chancellor's key proposals, including a requirement for Local Government Pension Schemes to pool all of their assets by 31 March 2026.

It also highlighted the impact of the recent Autumn Budget, which included a proposal to apply inheritance tax to some death benefits.

LAPFF quarterly update

The meeting was scheduled to receive an update on the engagement activities of the LAPFF.

The report described how the LAPFF had engaged with companies like BP and Shell about their plans to reduce carbon emissions. LAPFF has a policy that:

…the demand for hydrocarbons will 1) reduce in aggregate terms; and 2) that demand will be met by lowest cost producers.

- [LAPFF Quarterly Engagement Update for Qtr ending September 2024](https://governance.enfield.gov.uk/documents/s107077/7.+LAPFF+Quarterly+Engagement+Update+for+Qtr+ending+September+2024.pdf), Ravi Lakhani

The LAPFF also engaged with companies like Ryanair, CRH plc and SSAB on their environmental commitments and strategies.

The report also described how the LAPFF is advocating for FTSE 100 companies to provide shareholders with a dedicated vote on their climate transition plans.

Enfield Pension Fund Annual Report

The Board was scheduled to note a report that introduced the Enfield Pension Fund’s annual report and accounts for 2023/24.

The report said that the value of the fund at 31 March 2024 was £1.57 billion and that its investment performance over the year was 8.8%, compared to a return of -5.5% the previous year.