The Local Pension Board meeting scheduled for 29 April 2025 was set to cover a range of critical financial and administrative matters concerning the Barnet Pension Fund. Key discussions were expected to focus on the ongoing challenges with external audits, the performance of the pension administration service, and the fund's compliance with The Pensions Regulator's new Code of Practice. Additionally, the board was scheduled to review risk registers and consider decisions made by the Pension Fund Committee.

Payments to the Pension Fund

A significant item on the agenda was the report on Payments to the Pension Fund, which detailed historic prepayments of pension contributions by the Council following the 2019 actuarial valuation. The report also addressed issues arising from subsequent repayments from the Barnet Pension Fund back to the Council. The recommendations put forward included receiving a verbal update from the Independent Financial Consultant on progress made regarding these matters. The report highlighted that the Local Government Pension Scheme (LGPS) Regulations 2013 place responsibility for local administration of pensions on the administering authority, the London Borough of Barnet. The Board's role, as outlined in its terms of reference, is to assist with compliance with LGPS Government regulations and requirements imposed by The Pensions Regulator.

Administration Performance Report

The board was set to receive an update on the administration and legislative matters of the Barnet Pension Fund, including the West Yorkshire Pension Fund's (WYPF) pensions administration performance report for March 2025. It was noted that WYPF's Key Performance Indicators (KPIs) had improved to over 90%, attributed to increased automation and a successful recruitment drive. The report also detailed an increase in registrations for the Members' Portal, with plans to further promote it through employee payslips, employer requests, posters, and a webinar. Measures were in place to address employers failing to provide contribution information, as outlined in the Administration Strategy Document, with potential financial penalties and withdrawal from the Scheme for non-compliance.

Knowledge and Understanding

A report on Knowledge and Understanding was scheduled, advising that training on The Pensions Regulator's (TPR) new Code of Practice had been provisionally scheduled. The board was expected to note the training options available and a draft training strategy for members of the Pension Fund Committee and the Local Pension Board. This training is crucial for board members to fulfil their regulatory duty to keep their knowledge and understanding up-to-date, as required by The Pensions Regulator.

Data Improvement Plan and Historical Leavers

The board was to receive an update on the Data Improvement Plan and Historical Leavers exercise. This report detailed progress in correcting and updating historical data and leavers inherited by WYPF since 2021. The Pensions Regulator also requires funds to report on data quality in their annual scheme return. The report noted that while significant progress had been made, there were still leavers to be processed and data to be updated, with officers looking to agree a timescale with WYPF for project completion. A particular issue raised was Capita Payroll's deletion of historic payroll data prior to 2017 due to GDPR requirements, which could impact historic leaver data.

Risk Registers

An update on the Pension Fund Risk Registers was scheduled, providing information on the Pension Administration Risk Register and the Non-Administration Risk Register. Officers advised that a new risk, ADM21 (Unauthorised payments into and from the Fund), had been identified. Risk GEN02, relating to the Pension Fund team being insufficiently resourced due to additional work for the Teacher Pensions Scheme, was also noted. PricewaterhouseCoopers (PwC) had undertaken a review of processes and risks related to the Teachers' Pension Scheme.

Decisions Made by Pension Fund Committee

The board was to receive a report detailing recent decisions made by the Pension Fund Committee, summarising the rationale, processes followed, and links to policy documents and regulations. This included the Pension Fund Committee's agreement on 22 October 2024 for a 5% allocation towards the Natural Capital Asset Class, to be invested in the London CIV Nature Based Solution Fund.

External Audit and Accounts

A report on External Audit and Accounts was to be presented, providing the Local Pension Board with Grant Thornton's 2023/24 audit findings report. Grant Thornton is the Pension Fund's appointed external auditor for the 2023/24 and 2024/25 financial years. The report highlighted challenges in obtaining certain information and the fact that the fund had not undergone an audit in the previous three years. Grant Thornton anticipated issuing a disclaimed audit opinion due to outstanding issues.

Update on Compliance with The Pensions Regulator's New Code of Practice

The board was to receive an update on the Barnet Pension Fund's compliance with The Pensions Regulator's (TPR) new General Code of Practice. This report provided a summary of an assessment report undertaken by Aon and the initial actions planned by Officers in the Barnet Pensions Team. It was noted that there would be crossovers between the Government's Fit for the Future consultation and TPR's new Code of Practice. Officers were drafting policies and devising an action plan to ensure full compliance, with a report detailing progress to be provided at the next meeting.

Board Work Programme

The board was scheduled to review its Board Work Programme, outlining future agenda items and reports. This included planned discussions on administration performance, data improvement, training needs, risk registers, decisions made by the Pension Fund Committee, external audit progress, and compliance with TPR's Code of Practice.

Any Other Item(s) the Chairman Decides Are Urgent

The Chairman was to raise a query regarding exempt information considered by the Pensions Fund Committee, requesting feedback on whether the Local Pension Board Chair could remain in the Committee meeting during closed sessions. The London Borough of Barnet Constitutional Working Group would be consulted on this matter.