The Local Pension Board of Enfield Council met on Wednesday 24 September 2025 to review the performance of the council's pension fund and its administration. Discussions were scheduled to cover investment performance for the first quarter of 2025, updates on pension administration, and engagement activities undertaken by the Local Authority Pension Fund Forum (LAPFF). The meeting also included an update on government consultations regarding Local Government Pension Scheme (LGPS) pooling and the London Collective Investment Vehicle (LCIV).

Quarterly Monitoring Report of Pensions Administration Performance Targets & Indicators

The board was scheduled to review the quarterly monitoring report on pensions administration performance targets and indicators, which also included the risk register. This report provides an overview of the administration's performance against set targets and highlights any identified risks.

Investment Performance for Q1 2025

A report detailing the investment performance for the first quarter of 2025 was scheduled for review. This would have provided an update on the financial performance of the Enfield Pension Fund's investments, including details on asset class and manager performance. The report indicated that the total fund value as at 31 March 2025 was £1,604.4 million, representing a 1.91% decrease over the quarter. Equity markets experienced negative performance, influenced by global trade tensions and tariff announcements. The report also detailed performance across various asset classes, including equities, bonds, inflation protection, private equity, infrastructure, and property, with specific manager performance data provided.

LAPFF Quarterly Update

The board was set to receive a quarterly update from the Local Authority Pension Fund Forum (LAPFF). This report details the engagement activities undertaken by LAPFF with various companies on Environmental, Social, and Governance (ESG) issues during the quarter ending June 2025. Key areas of engagement included human rights, conflict-affected and high-risk areas, climate change, and governance. Specific company engagements highlighted included discussions with Foxconn, Vanguard International Semiconductor (VIS), and Taiwan Semiconductor Manufacturing Co (TSMC) on climate and social issues in Asia; water stewardship in the mining sector with Glencore, Antofagasta, Anglo American, and Freeport-McMoRan; energy suppliers such as Drax, BP, and Shell regarding their transition strategies; luxury goods companies LVMH and Moncler on human rights due diligence; and banks, Lockheed Martin, Safran, and Leonardo concerning practices in conflict-affected and high-risk areas. The report also covered executive pay oversight and engagement with housebuilders on climate transition planning.

Update on Government Consultation, LGPS Pooling and London CIV Updates

A significant portion of the agenda was dedicated to an update on government consultations concerning the LGPS pooling and the London CIV. This update was expected to cover key proposals from the government's consultation report, including the delegation of investment strategy implementation to the pool and the appointment of investment managers by the pool. It was noted that there is a deadline of March 2026 for the transfer of all listed and private market assets to the pool. The report was also expected to outline how Enfield Council can specify its desired allocation to local investments and its strategic asset allocation, while the London CIV would determine the exact investments. The discussion was anticipated to address concerns regarding the reduction of local decision-making and the centralisation of investment choices, with assurances that performance monitoring systems would be put in place. The report was also to detail how the council can address issues with the CIV if problems arise.

Minutes of PPIC

The board was scheduled to note the draft minutes of the last Pension, Policy and Investment Committee (PPIC) meeting held on 30 July 2025. These minutes would provide a record of discussions and decisions made at that committee's meeting.