The Local Pension Board of Enfield Council met on Wednesday, 3 December 2025, to review the performance of the Enfield Pension Fund and discuss upcoming developments. Key discussions included the quarterly monitoring report on pensions administration, the Enfield Pension Fund Annual Report and Accounts for 2024/25, and an update on the Local Authority Pension Fund Forum (LAPFF).

Quarterly Monitoring Report of Pensions Administration Performance Targets and Indicators

Tim O'Connor, Exchequer Manager Pensions, presented the quarterly monitoring report. He highlighted that the Local Government Association (LGA) had advised that the government's response to the 'Access and Fairness' consultation would be delayed and introduced in two phases during 2026. Phase one changes include the removal of the age 75 limit for death grant eligibility and the equalisation of survivor benefits, both backdated. Members will have 12 months to elect to buy back lost pension, and basic gender pensions gap reporting will become mandatory from the 2025 valuation. The McCloud remedy regulations will be corrected with backdated effect from 1 October 2023. The abolition of the Lifetime Allowance was also noted.

A second consultation on LGPS 'Scheme improvements' was also discussed. Proposals include protections for certain members regarding the Normal Minimum Pension Age increase, an opt-in scheme for Councillors and Mayors to access the LGPS, and removing the requirement for Secretary of State consent for Academies to substitute LGPS funds under specific criteria. The 'New Fair Deal' proposals aim to extend protections for staff transferred or outsourced from public service to the LGPS. It was noted that the government had revised its position on Inheritance Tax changes, significantly reducing complexity, although challenges remain for deferred member and pensioner death grants.

The Board discussed the need for better representation across age, gender, ethnicity, and disability on the Board, with Ravi Lakhani agreeing to explore this with Governance. The report was noted.

Enfield Pension Fund Annual Report and Accounts 2024/25

Ravi Lakhani, Head of Pension Investments, presented the Enfield Pension Fund Annual Report and Accounts for 2024/25. Key headlines from the report indicated that fund membership increased to 26,146. Over the last five years, the number of pensioners has increased at an annualised rate of 4.91%. The value of the fund at 31 March 2025 was £1.61 billion. Investment performance over one year was +2.0%, compared to +8.8% in 2023/24. For three and five years, the annualised return was 1.6% and 6.8% respectively. The report was noted.

LAPFF Quarterly Engagement Update

Ravi Lakhani also highlighted key points from the LAPFF Quarterly Engagement update for the quarter ending September 2025. LAPFF, which comprises 71 local authority pension funds with combined assets exceeding £210 billion, engaged with various companies on environmental, social, and governance (ESG) issues. Highlights included engagements on the cement sector, focusing on decarbonisation strategies and the credibility of Carbon Capture and Storage (CCS) projects with companies like Heidelberg and CRH. Water stewardship engagements with Pennon and Severn Trent explored responses to sewage spills and PFAS contamination. LAPFF also engaged on nature and biodiversity, including leading an investor meeting with Pfizer as part of Nature Action 100, and expanded engagements on conflict-affected and high-risk areas (CAHRAs) with banks and oil and gas companies. Executive remuneration was also a focus, with engagements on companies experiencing significant shareholder dissent, including Prysmian, Infineon, Genmab, Besi, and Pandora. The report was noted.

Whole Fund Results and Funding Strategy Statement

Ravi Lakhani presented the initial results of the 2025 triennial valuation for the whole Fund. The funding level as at 31 March 2025 had improved to 127%, representing a surplus of £339 million, up from 104% and a surplus of £53 million at the 2022 valuation. Fund assets stood at £1,605 million and liabilities at £1,266 million. This improvement was attributed to higher expected investment returns, favourable asset performance, and updated financial assumptions, which outweighed the impact of high inflation and salary increases.

The report also detailed the proposed contribution rate for Enfield Council, with a primary rate of 17.9% of pay and a proposed secondary rate of -1.9%, resulting in a total employer contribution rate of 16.0% of pay. This reduction is expected to be manageable for the Fund and reflects the strong funding position. The report also outlined proposed contribution rate approaches for academies, colleges, and other new employers, generally aligning with the council's rate where modelling permits.

The draft Funding Strategy Statement (FSS) was also presented for comment. The FSS sets out the Fund's approach to employer contributions, risk management, and long-term solvency. It was noted that the FSS would be revised to reflect employer comments before final approval. The report and draft FSS were noted.

Other Matters

The Board also noted updates on the Pension Administration Strategy and the Communications Strategy, both of which aim to ensure effective and compliant service delivery to members and employers. The Board approved its work programme, budget, and terms of reference for 2026-27, with a particular focus on scrutinising London CIV, pooling, responsible investment, and governance. The minutes of the Pension Policy & Investment Committee meeting held on 19 November 2025 were also noted.

The next meeting dates were to be agreed at the Council Meeting in May 2026.