The Local Pension Board of Enfield Council was scheduled to discuss the performance of the Enfield Pension Fund's administration and investments, as well as the annual report and accounts for the 2024/25 financial year. The board was also set to receive updates on the Local Authority Pension Fund Forum (LAPFF) engagements and the overall results of the 2025 triennial valuation of the fund.

Quarterly Monitoring Report of Pensions Administration Performance Targets and Indicators

The board was scheduled to review the quarterly monitoring report for pensions administration performance targets and indicators, which includes the risk register. This report, presented by Tim O'Connor, was expected to cover updates on various pension administration matters. Key discussion points were anticipated to include the LGPS 'Access and Fairness' consultation, with concerns noted regarding the administrative workload for implementing proposals, though overall support for the changes was indicated. The Pensions Dashboard project was also on the agenda, with the 'connect by' deadline of 31st October 2025 and the ongoing data cleanse and comparison exercises being highlighted as crucial steps. The report was expected to provide information on the Pension Administration Standards Association (PASA) guidance on cyber security and the McCloud update, which involves a new spreadsheet for gathering previous LGPS membership data. Updates on Pension Awareness Week, the Board Annual Assembly, and the Pension Ombudsman's report showing increased productivity were also scheduled. Furthermore, the report was to cover the Inheritance Tax consultation response, the third State Pension age review, and a report on Pension Poverty. An update from the LGA regarding sharing member contact information with LGPS Funds and an update from the Enfield Pension Administration Team, including qualifications achieved and shortlisting for awards, were also anticipated. The report was to conclude with a review of the Project List for 2025 and the Pension Team Risk Register, noting that there were no immediate concerns related to the risk register.

Enfield Pension Fund Annual Report and Accounts

The board was scheduled to review the Enfield Pension Fund Annual Report and Accounts for the 2024/25 financial year. This report, presented by Ravi Lakhani, Head of Pension Investments, is a statutory requirement for all Local Government Pension Schemes. The report covers the Scheme Overview, Membership Report, Governance of the Scheme, Financial Statements (annual accounts), and relevant Fund policies. Key headlines from the report indicated an increase in fund membership to 26,146, a rise in the number of pensioners over the last five years, and the value of the fund at 31st March 2025 standing at £1.61 billion. Investment performance over one year was reported as +2.0%, compared to +8.8% in 2023/24, with 3 and 5-year annualised returns of 1.6% and 6.8% respectively. The report also detailed the Fund's financial performance, including contributions, benefits paid, management expenses, and changes in market value over the past five years. It highlighted a shift towards a negative cash flow position due to the fund's maturity, necessitating careful management of investment income and asset sales. The report also provided a breakdown of fund expenses, including administration, oversight, governance, and investment management costs.

LAPFF Quarterly Engagement Update

The board was scheduled to receive an update on the Local Authority Pension Fund Forum (LAPFF) quarterly engagement for the period ending 30th September 2025. This report, also presented by Ravi Lakhani, details the LAPFF's activities in promoting corporate social responsibility and high standards of corporate governance among companies in which the Fund invests. The Enfield Pension Fund is one of 71 local authority pension funds that are members of LAPFF, representing combined assets of over £210 billion. The update was expected to cover engagements on various Environmental, Social, and Governance (ESG) topics, including the cement sector, water stewardship, nature and biodiversity, conflict-affected and high-risk areas (CAHRAs), and executive remuneration. Specific company engagements were to be detailed, such as those with Heidelberg and CRH on decarbonisation strategies, Pennon and Severn Trent on water stewardship and sewage spills, and discussions with various companies regarding executive pay following shareholder dissent. The report was also to include LAPFF's response to the UK Sustainability Reporting Standards consultation and provide an overview of company progress reports and engagement data.

Whole Fund Results and Funding Strategy Statement

The board was scheduled to review the initial results of the 2025 triennial valuation for the whole Enfield Pension Fund. This report, presented by Ravi Lakhani, details the assessment of the Fund's assets and liabilities to determine its funding level and set employer contribution rates for the next three years. The valuation process, conducted by Hymans Robertson LLP, involves data collection, asset assessment, liability modelling, and assumption setting. The initial results indicated an improved funding level of 127% as at 31st March 2025, with a surplus of £339 million, reflecting prudent management and favourable economic conditions. The report was also to present the draft Funding Strategy Statement (FSS) for consultation with participating employers. The FSS outlines the Fund's approach to setting employer contributions, managing funding risks, and ensuring long-term solvency and cost efficiency, with key principles including a prudent long-term view, a balanced investment strategy, stable employer contribution rates, and reflection of employer characteristics. The draft FSS was to be issued to employers for comment before finalisation and approval by the Pension Policy & Investment Committee. The report was also to detail the proposed contribution rates for Enfield Council, with a primary rate of 17.9% and a secondary rate of -1.9%, resulting in a total of 16.0% of pay.

Minutes of the Pension Policy & Investment Committee

The board was scheduled to note the draft minutes of the last Pension, Policy and Investment Committee (PPIC) meeting held on 15th October 2025. These minutes would provide an overview of decisions and discussions from that meeting, which would have covered topics such as responsible investment, the Pension Regulator's self-assessment, gilts investment, private equity commitments, and divestment from M&G.

Dates for Future Meetings

The board was to be informed of the scheduled dates for future meetings, with the next meeting noted as 3rd December 2025, and a further meeting on Wednesday 11th March 2026. A workshop on responsible investment was also planned for December.

Exclusion of Public and Press

The agenda indicated that if necessary, a resolution would be considered to exclude the press and public from the meeting for any items of business moved to Part 2 of the agenda, should they involve the likely disclosure of exempt information.

Whole Fund Results and FSS - Part 2

This item, scheduled for Part 2 of the meeting, would allow for the noting of the initial results of the 2025 valuation for the whole Fund and comment on the draft Funding Strategy Statement. This section would likely contain more detailed, potentially sensitive, financial information.