The Local Pension Board for Barnet Council met on 2 July 2025 to discuss the administration and management of the council's pension fund. The agenda included discussion of the annual report, administration performance, risk management and training. The board was also scheduled to receive updates on data improvement plans, the external audit, and changes to the Local Government Pension Scheme.

Local Pension Board Annual Report

The Local Pension Board was scheduled to consider and approve its annual report for 2024/25. The report included a foreword from Professor Geoffrey Alderman DLitt, MA, DPhil (Oxon), FRHistS, FRSA, FHEA, FICPD, CMgr FCMI, CQP MCQI, Chair of the Local Pension Board, the board's terms of reference¹, and its forward work plan. The report summarised the work undertaken by the board, including items considered at meetings, recommendations made to the Pension Fund Committee, and board member training. The report also detailed the Local Pension Board's budget, which included £2,794 for attendance costs and £900 for training costs relating to The Pension Regulator's (TPR) new code of practice.

Administration Performance

The Board was scheduled to discuss the West Yorkshire Pension Fund's (WYPF) pensions administration performance report for March 2025. The report provided an overview of performance of the operational pensions administration service delivered by WYPF up to 31 May 2025. In May, WYPF processed 1,769 cases, with just over 86% of cases being completed within the agreed Key Performance Indicators (KPIs) targets. The report noted that a high volume of cases received and processed had led to a temporary 'blip' in performance. The report also detailed compensation payments offered to members following complaints or poor service, in line with The Pensions Ombudsman's (TPO) Redress for non-financial injustice document².

The Board was also scheduled to discuss the WYPF member portal (My Pension ), annual benefit statements, automation of pension processes by WYPF, and a finance update. The finance update noted that there was a £0.56m discrepancy between contribution payments received and monthly contribution returns from employers.

Data Improvement Plan and Historical Leavers

The Local Pension Board was scheduled to receive an update on the data improvement plan and historical leaver exercise. As of 10 June, there were approximately 6,250 data items that needed to be reviewed and updated, and approximately 920 members in the Barnet Fund where there was either an incorrect or no address held. As of 13 June, there were 25 historical leavers to be processed. The report also provided an update on TPR data scores.

Pension Fund Risk Registers

The Board was scheduled to discuss the Pension Fund Risk Registers, which detail the risks associated with the management of the scheme, including current assessment and planned actions and targets. The Pensions Administration Risk Register included risks such as operational disaster, incomplete or inaccurate member data, maladministration, excessive charges by suppliers, and failure to pay contributions. The Non-Administration Risk Register included risks such as signatory lists not up-to-date, redemption protocols, investment performance, and strategic allocation.

Knowledge and Understanding

The Board was scheduled to discuss training options available to members, including mandatory and primary training opportunities. The mandatory training included The Pension Regulator Trustee toolkit and Hymans' training portal (LOLA).

Update on the Local Government Pension Scheme (England and Wales): Fit for the Future Consultation

The Board was scheduled to receive an update on the government's Fit for the Future consultation, which assessed and proposed reforms aimed at improving the management and investment strategies of the Local Government Pension Scheme (LGPS). The proposals primarily focused on minimum standards for asset pooling, local and regional investment, and governance.

Annual Accounts and External Audit Update

The Board was scheduled to receive an update from Grant Thornton, the Pension Fund's appointed external auditors, who have completed their procedures for the 2023/24 external audit, but had not yet issued their opinion. Grant Thornton had issued an indicative audit plan for 2024/25, noting that they expect to issue a disclaimer of opinion on the 2023/24 annual accounts due to a lack of assurance on the opening balances at 1 April 2023. Grant Thornton also noted that the Council and Pension Fund migrated their accounting system and general ledger from Integra to an Oracle based system, which they consider an area of significant risk.