The Enfield Council Local Pension Board convened on 3 July 2025, to discuss key issues impacting the Local Government Pension Scheme (LGPS). The board reviewed a quarterly monitoring report, and a self-assessment against The Pension Regulator's code of practice, and also examined the plan for the 2025 triennial valuation.

Quarterly Monitoring Report

Tim O'Connor, Exchequer Manager - Pensions, presented the quarterly monitoring report, which offered updates on pension-related developments and performance within the LGPS. Key discussion points included:

• LGPS 'Access and fairness' consultation: The Ministry of Housing, Communities and Local Government (MHCLG) launched a consultation on 15 May 2025, regarding proposed changes to the LGPS, aimed at improving fairness and access. The proposals address survivor benefits and death grants, gender pension gap benefits and reporting, opt-outs, forfeiture, McCloud remedy¹, abolition of lifetime allowance (LTA) changes, and other changes such as allowing small pot payments to be made to members who left the LGPS before 1 April 2008. The Enfield Pension Fund will respond to the consultation in full, sharing their response at the next Pensions Board.

• Government's response to LGPS 'Fit for the future' consultation: Published on 29 May 2025, alongside the Pensions Investment Review Final Report, the response confirmed that core proposals, including those on investment pooling, will be taken forward. The government will retain the power to direct administering authorities to participate in a specific pool if necessary. Good governance reforms will also be implemented, including the appointment of a senior LGPS officer, the preparation of strategies on governance, knowledge and training, independent governance reviews every three years, knowledge and understanding standards for pension committee members and the appointment of an independent advisor to the pension committee.

• LGA Communications Working Group minutes: The group discussed topics such as AVCs, McCloud, the LGPS promotion project, pension awareness week, and pensions dashboards.

• National Pension Officer Group (NPOG) minutes: MHCLG is considering merging all members into one fund, but a decision is not expected soon. A procurement exercise is underway for a new Scheme Advisory Board (SAB) website. Scheme regulations need to be amended to account for the revised Normal Minimum Pension Age (NMPA).

• Pension Administration Standards Association (PASA) Identity Verification (IDV) User Guide: The guide provides guidance on managing identity risks throughout the pension lifecycle, emphasizing proactive identity management and assurance.

• LGPS England & Wales Scheme Advisory Board (SAB): The SAB published its 12th Scheme Annual Report, highlighting key statistics such as total scheme membership, assets, investment return, and costs. The report also noted continued strain in local government audit.

• SAB Board statement on 2025 Valuation: The statement provides guidance to funds for the 2025 Valuation exercise, clarifying that there will be a range of funding level outcomes.

• Pension Committee Chairs meeting: A webinar with Pension Committee Chairs discussed the government's recent decisions on pooling, inviting feedback to the Local Government Minister and MHCLG officials.

• The Pensions Ombudsman (TPO): The TPO did not uphold a complaint concerning a council's decision to award a lump sum death benefit to a nominated beneficiary instead of the late member's spouse.

• The Pensions Dashboards Programme (PDP): The PDP published a progress update report on 15 May 2025, noting the start of the DWP's staged timetable for pension schemes and providers to connect to the dashboards system.

• Fighting pension fraud webinar: The Pension Scams Action Group (PSAG) held a webinar focused on fighting pension fraud, covering PSAG's strategic overview and updates on fraud prevention efforts.

• Transfer legislation review: The DWP is considering amending legislation that imposed new conditions upon the statutory right to transfer, following criticism that the rules impede proper transfer attempts.

• HMRC - Research on sacrificing salary sacrifice: HMRC published research on employer use of salary sacrifice for pensions contributions, indicating that it is primarily valued for the National Insurance (NI) savings it offers.

• 2026 LGPS Governance Conference: The conference will take place on 29 and 30 January 2026 in Cardiff, aimed at councillors and others involved in pension committees/panels and local pension boards.

• Enfield Pension Administration Team update: The team has been undergoing recruitment, and is currently testing the Pension Dashboard IT uploading facility, completing the End of Year work for the Valuation and onboarding new employers.

• The London Borough of Enfield Pension Fund – Administration Strategy: A short review has been undertaken to update the Key performance Indicators which were introduced mid-2024 and cover more areas to report on such as Communications.

• Pension Team Key Performance Indicators: There were no independent disputes resolution process (IDRP) stage 1 cases received during Q4.

• Pension Team Risk Register: The register details risks related to processing of benefits, arrears of pay, overage deferred records, AVCs, McCloud review, frozen refund project, mortality screening, tracing missing members, annual allowance, triennial valuation 2025 and cyber security.

The board noted the contents of the report.

TPR Self-Assessment

Ravi Lakhani, Head of Pension Investments, presented the findings of a self-assessment conducted to evaluate the Enfield Pension Fund's compliance with The Pension Regulator's (TPR) code of practice. The assessment, summarised in the General Code of Practice - Assessment summary, identified areas of non-compliance and offered recommendations for resolving any gaps. Fund officers concluded that the fund is in a strong position, with 95% of requirements fully met, 4% partially met, and 0.7% not completed. The one requirement that had a non-completed rating related to a skills and experience audit of the board and PPIC to identify gaps and imbalances, which will be addressed later in the year. The board noted the contents of the report.

Triennial Valuation Plan

Ravi Lakhani, Head of Pension Investments, presented a report providing an overview of the triennial valuation process for the pension scheme, outlining the key steps, stakeholders, milestones, and critical deadlines for the current valuation cycle (2025). The valuation process is a collaborative effort involving the scheme actuary, administrators, employers, and the Pension, Policy & Investment Committee, and is divided into five phases: preparation, data collection and cleansing, actuarial analysis, consultation and finalisation, and implementation and communication. The board noted the contents of the report.