The Local Pension Board of West Northamptonshire Council were scheduled to meet on 3 April 2025 to discuss the Northamptonshire Pension Fund's audit report, administration, governance, business plan, and various strategies. The board was also expected to discuss compliance with the General Code of Practice, pension dashboards, and other updates relevant to the pension fund.

Here's a summary of the topics that were included in the report pack for discussion:

Internal Audit Report and Internal Audit Strategy & Plan

The board was scheduled to review the findings of the internal audit of Benefits Administration for 2023/4. The report noted a 'good' assurance opinion was given in respect of the control environment and compliance. The audit identified some areas where controls regarding bank account changes and transferring funds could be improved.

The report pack also contained a proposal for a three-year internal audit strategy and plan for the Cambridgeshire & Northamptonshire LGPS, covering the financial years 2025/6 to 2027/8. According to the report:

The Lead Authority Board agreed the recommendation that the LGPS should have an internal audit function operating a rolling 3-year Internal Audit Plan providing assurance over the full range of Fund activity, on a risk-assessed basis. This should include coverage of areas such as governance and risk management arrangements; strategy and investments compliance; operational resilience; IT and cyber security etc.

The proposed plan included allowances for management time, reporting, and fulfilling roles outlined in the Anti-Fraud & Corruption Policy. The cost of the proposed Audit Plan for 2025/26 was £18,550.

Administration Performance Report

The board was scheduled to discuss the administration performance of the Northamptonshire Pension Fund for the period 1 January to 28 February 2025. This included:

• An overview of administrative activities.
• Achievement against key performance indicators (KPIs).
• Performance against customer journey indicators.
• Timeliness of employee and employer pension contributions.
• Occurrences of breaches of the law.
• Details of Internal Dispute Resolution Procedure cases.
• Material data breaches and significant overpayments.
• Details of the 2025/26 Data Improvement Plan.
• Details of admissions and cessations in the Northamptonshire Pension Fund.

The report noted that 8 of the 14 KPI targets had not been met, primarily due to system workflow issues and sickness levels. For the period December 2024 to January 2025, 100% of payments were received on time. There were some non-material breaches of the law, including refund of contribution payments paid outside of the statutory 5-year period.

The following employers have entered the Northamptonshire Pension Fund as an admitted body:

• Aspens Limited (Huxlow Academy)
• Cater Link Limited (The Ferrers School)
• Cater Link Limited (Weavers Academy)
• Pendergate Limited T/A Kindred (Campion School)
• Stir Food Limited (Whitefriars Primary School)

Governance and Compliance Report

The Governance and Compliance Report included updates on:

• McCloud remedy, including recalculating pension debits and webinars for members.
• Pension Dashboards, including updated guidance from The Pensions Regulator (TPR).
• Scheme Advisory Board (SAB), including updated guidance on Funding Strategy Statements.
• The Pensions Regulator (TPR), including a pension scam blog and 2025 plans.
• The Pensions Ombudsman (TPO), including a blog on the operating model review.
• Wider landscape, including a GAD blog on the future of pensions administration and an inquiry on AI in financial services.
• HMT, including confirmation of annual revaluation, earnings and pensions increase.
• Skills and knowledge opportunities, with reference to the revised Training Strategy that was scheduled to be discussed at the meeting.

The report also provided details of immaterial amendments made to policies or strategies as a result of Officer reviews.

Business Plan and Medium-Term Strategy

The board was scheduled to discuss the Northamptonshire Pension Fund Business Plan and Medium-Term Strategy 2025/26, including an update on the 2024/25 Business Plan and cyber activities. The Business Plan and Medium-term strategy concentrates on activities that are not considered business as usual, identifying key milestones and budget requirements. It is split into the following core areas:

• Procurement of services
• Core governance activities
• Scheme member and data projects
• Investment related activities
• Scheme employer projects

The priority areas for the year include:

• Pension Dashboards.
• McCloud Remedy Rectification.
• 2025 Valuation.
• Engage member self-service portal upgrade.
• Compliance with the General Code of Practice.
• Support the build of the ACCESS FCA regulated entity.

The Climate Action Plan for 2025/26 was also scheduled for discussion.

Training Strategy

The board was scheduled to review an updated Training Strategy for the Fund. The Training Strategy is required to assist the Pension Committee, Local Pension Board and senior officers to ensure the Fund is managed and assisted by individuals who have the appropriate level of knowledge and skills as required by the Pensions Act 2004 and as enforced by the Pensions Regulator.

Key revisions to the strategy included updates to reflect the introduction of the TPR’s General Code of Practice, the government’s proposals with regards to knowledge and skills, and the online learning training platform (LOLA).

Communications Strategy and Plan

The board was scheduled to review the Communications Strategy and Plan. The Communications strategy has been updated to:

• reflect current membership and employer numbers
• include reference to The Pensions Regulator (TPR) ‘General principles for member communications’
• reference the use of equality impact assessments (EqIAs)
• include a section on statutory communications like annual benefit statements
• show how online pension account take up compares to other Funds
• introduce a new section on artificial intelligence (AI).

The communication plan includes activities on:

• key initiatives like McCloud, Pensions dashboards, and enhanced self service portal
• customer satisfaction of the new website
• statutory communications like pension statements and pensioner newsletters
• valuation of the Fund.

Risk Strategy

The board was scheduled to review the Northamptonshire Pension Fund Risk Strategy and note the new Risk Register format which came into effect from 1 April 2025. The Risk Strategy was reviewed in conjunction with Hymans Robinson, the Fund’s governance advisors, to ensure it met the requirements as set out within the Pension Regulators General Code of Practice.

Payment of Employee and Employer Pension Contribution Policy

The board was scheduled to review the Payment of Employee and Employer Pension Contributions Policy. The policy details have mostly remained unchanged, but minor changes were made to update contents to align with the latest General Code of Practice issued by the Pensions Regulator.

General Code of Practice - Compliance (best practice)

The board was scheduled to discuss the compliance of the Northamptonshire Pension Fund against the General Code of Practice (best practice). The review demonstrated that the Northamptonshire Pension Fund is largely compliant with the 26 best practice requirements of the Code, with one requirement partially met area from the 14 modules.

Pension Dashboards Update

The board was scheduled to receive an update on the progress made by the Fund in connecting to the Pension Dashboard infrastructure by the deadline of 31 October 2025. The Fund is required to connect to the Pension Dashboards infrastructure by 31 October 2025 and be able to respond to requests from the public by 31 October 2026.

The board was also scheduled to discuss a draft Pensions Dashboard Programme – Data Matching Policy 2025.

Northamptonshire Pension Fund Board Agenda Plan

The board was scheduled to review the Northamptonshire Pension Fund Board Agenda Plan.