The Haringey Council Pensions Committee and Board were scheduled to meet on 24 July 2025 to discuss a range of issues, including the Pension Fund's administration, external audit plan, business plan and budget, governance review implementation, and investment performance. They were also scheduled to discuss the outcome of the Local Government Pension Scheme (LGPS) consultation, the McCloud case determination, the risk register, and the annual training plan.

LGPS Fit for the Future Consultation

The Pensions Committee and Board were scheduled to note a report regarding the outcome of the government's consultation on the future of the LGPS, known as Fit for the future .

The consultation covered three main areas:

• Pooling
• Local Investment
• Governance of Funds and Pools

The report noted that the government intends to implement most of the proposals with minimal change, despite mixed feedback, particularly on pooling. The report also noted that the number of LGPS pools will be reduced from eight to six, with ACCESS and Brunel to be dissolved, and that the Pension Schemes Bill grants the Secretary of State broad powers to direct both Pools and Funds.

The report stated that Administering Authorities (AAs) must define their approach to local investment in their Investment Strategy Statement (ISS), including a target range, alignment with local economic priorities, and collaboration with Strategic Authorities such as the Greater London Authority.

The report also stated that the government reaffirmed that pension fund budgets must be set independently from the wider authority's budget and not be subject to general resource constraints, with formal guidance to follow.

A paper by the Independent Advisor, included as an appendix to the report, provided an overview of the consultation outcome and related matters. The paper noted that the government intends to implement most of the proposals in the original consultation with very limited change, and that the Pension Schemes Bill proposes that the Secretary of State have wide ranging powers to issue regulations to clearly direct both Pools and LGPS Funds.

McCloud Case Determination

The Pensions Committee and Board were scheduled to discuss a report providing background to the McCloud case¹, the implementation timings, and the determination decision that authorities can take.

The report contained a draft determination to extend the McCloud implementation for certain qualifying members and sets out the steps that will be taken following a determination.

The report recommended that the Pensions Committee and Board agree that the McCloud remedy should not be reflected in qualifying members' annual benefit statements for 2024/25, and that the McCloud implementation phase be extended to 31 August 2026 for all qualifying members.

The report noted that the Pension Fund has commissioned an independent report to assess the progress of the McCloud Project to date, including a comprehensive analysis of the implications of making a determination, and that the Fund is not able to meet the 31 August 2025 deadline and is now working towards the August 2026 deadline.

The report outlined the key challenges the Pension Fund has faced when implementing the McCloud Remedy, including the scale and complexity of the project, resourcing issues, administration software delays, and data issues.

Pension Fund Risk Register

The Pensions Committee and Board were scheduled to receive an update on the Pension Fund's risk register and to review the risk score allocation. The area of focus for review at the meeting was scheduled to be investment-related risks.

The report noted that the Pensions Regulator (TPR) requires that the Pensions Committee and Board establish and implement internal controls for the Fund, and that the Fund's risk register covers several areas, including administration, governance, investment, accounting, funding, and legislation risks.

The report included a summary of key identified risks, including proposed changes to the LGPS (pooling), an increase in legislative and regulatory changes, significant volatility in financial markets, the adequacy of the London CIV's resources, and ESG risk.

Pension Fund Annual Training Plan

The Pensions Committee and Board were scheduled to consider a report regarding a training plan that outlines the learning and development framework for Pensions Committee and Board Members and Senior Fund Officers of the Haringey Pension Fund for 2025/26.

The report noted that the training plan aligns with the Training Policy approved in April 2022 and is structured around the eight Core Technical Areas defined in the 2021 CIPFA Knowledge and Skills Framework.

The report included a proposed internal training schedule for 2025/26, including sessions on actuarial valuation, investment training, annual report, accounting and auditing, and pensions administration and communications.

Pension Administration Update

The Pensions Committee and Board were scheduled to receive a report providing updates regarding Pension Fund administration activities, including:

• Pension Fund membership update
• Online Member Self Service portal update
• Update on Service Level Agreement (SLA) statistics
• Pensions Dashboard Project (PDP) update
• Approval of new Admission Agreements
• Collection of Employer and Employee Contributions Update
• Internal Disputes Resolution Procedures (IDRPs)

The report included a breakdown of Haringey Pension Fund's membership as of 31 March 2025, a breakdown of the number of active members registered for the Haringey Pension Fund's Member Self Service (MSS) as of 31 March 2025, and the current SLA statistics for the period ending 31 March 2025.

The report also noted that the Haringey Pension Fund have appointed Heywood Pension Technologies to be the ISP (integrated Service Provider) for the Pensions Dashboard Project, and that implementation of the ISP solution commenced June 2025 and is expected to last up to 12 weeks.

The report included a list of entities that have been awarded contracts to provide catering and cleaning services to schools, including Taylor Shaw, Accent Catering, Pabulum, Impact Food, and Ridgecrest.

Pension Fund External Audit Plan

The Pensions Committee and Board were scheduled to consider the draft audit plan prepared by the Pension Fund's external auditors, KPMG, for the audit of the Pension Fund's Annual Accounts for the year ended 31 March 2025.

The draft audit plan outlines KPMG's approach to auditing the annual accounts for the financial year ending 31 March 2025, highlighting key areas of focus, including the planned scope and materiality of the audit, identification of significant and other audit risks, and other significant audit-related matters.

The plan stated that materiality for the financial statements as a whole was £18.7m, and that misstatements reported to the Audit Committee and Pension Committee would be £935k.

The plan identified significant risks, including the risk of fraud from management override of controls, and other audit risks, including the risk that level 1, 2 and Level 3 investments are not complete, do not exist or are not accurately recorded, the risk that the valuation of Level 1, 2 and other Level 3 investments is misstated, and the risk that the actuarial position of the scheme is not appropriately presented in the financial statements.

Haringey Business Plan and Budget

The Pensions Committee and Board were scheduled to consider a paper setting out the background to Recommendation 7 of the 2024 Governance Review and suggested principles to be applied in its application, followed by a preliminary outline of the Pension Fund Business Plan.

The report noted that the Haringey LGPS Fund is legally distinct from the Council's other functions, and that the Pensions Committee and Board are explicitly required to prepare an annual Business Plan and Budget.

The report set out principles to be applied in developing the Business Plan and budget for the Pension Fund, including that the process must consider all relevant legislation, LGPS regulations, statutory and ministerial guidance, Scheme Advisory Board communications, The Pensions Regulator's codes, the Fund's Risk Register, and audit reports, that planning should be informed by officer-led workshops and the Investment and Governance Working Party, and that the Business Plan should be structured around Governance/Actuarial, Investment and Accounting/Administration and Communication.

The report included a preliminary framework for the Pension Fund Business Plan, including an introduction to the Pension Fund, the Fund Business Plan and Budget, governance and management of the Fund, the next three years, and a three-year business plan.

Governance Review Implementation Plan

The Pensions Committee and Board were scheduled to receive an update on the progress of implementation of the funds governance review recommendations following the review undertaken by the Funds independent advisor.

The report noted that following the governance review by the funds independent advisor there were 26 recommendations suggested to the PCB categorised under three categories: Fundamental and Urgent, Easily Implementable, and To be Implemented from 2025/26.

The report included a table showing the progress on the governance recommendation items since the last PCB meeting, including the delegation of the approval of Admission Agreements to the Council's Section 151 Officer², the inclusion of specific information in relation to the Collection of Employer and Employee Contributions and on the Internal Dispute Resolution Procedure in the regular Pensions Administration Report, and the inclusion of a Standing Item Breaches of the Law on the PCB Agenda.

Pension Fund Quarterly Investment and Performance Update

The Pensions Committee and Board were scheduled to receive a report providing updates on the Pension Fund's performance for the quarter ended 31 March 2025, including an overview of fund performance, an independent advisor's market commentary, investment manager performance, and asset allocation.

The report noted that the Fund's investment portfolio on 31 March 2025 was £1.92bn, representing a 0.5% decrease over the quarter, and that the funding level as at 31 March 2022 was 113%, based on a discount rate of 4.3%.

The report included a detailed market commentary for the quarter ending 31 March 2025, prepared by the Pension Fund's Independent Advisor, and a chart showing the individual investment performance for each investment manager measured over the rolling three-year period.

The report also included a table showing the Fund's current asset allocation, compared to the strategic asset allocation.

Forward Plan

The Pensions Committee and Board were scheduled to identify and agree upon the key priorities for the Pensions Committee and Board over the upcoming months, as well as seek the PCB's input into future agendas.

The report noted that one of the key priority areas identified during the most recent investment strategy review was the Fund's approach to integrating Environmental, Social and Governance considerations as part of the investment process, and that in addition to this, a review of the Fund's governance has also been identified as a key priority area.

The report included a table outlining the key priorities added to the proposed work plan for the next 9–12 months, including setting responsible investment objectives, drafting a responsible Investment Policy, an investment opportunities review, and a Pension Fund Business Plan.