The LGPS Local Pension Board of Lincolnshire Council met on Thursday 22 January 2026 to review the fund's performance and administration. Key discussions included the Pension Fund Update Report, Pensions Administration Report, TPR Data Quality Report, Annual Policies Review, and the Annual Employer Monitoring and Engagement Report.

Pension Fund Update Report

The Board received an update on the fund's performance for the quarter ending 30 September 2025. No material breaches of regulations were reported. The Funding Strategy Statement consultation had concluded with only one response, necessitating no changes. Preparations for the Fit for the Future reforms were progressing, with integration work for seven new partner funds joining Border to Coast from April 2026 underway. Local Government Reorganisation (LGR) was noted as an ongoing risk, with early planning for its implications in progress. The Board resolved to note the report and support the current Business Plan for 2026/27, requesting additional information on LGR outcomes and planning.

Pensions Administration Report - 1 July 2025 to 30 September 2025

This report detailed current administration issues, with officers explaining that performance targets below target were due to resourcing issues, training needs, and manual processing for the McCloud remedy. Backlogs in interfund transfer cases had been significantly reduced. Recruitment was ongoing, including for a Continuous Improvement Manager and additional staff. Budget monitoring showed an underspend, and administrative costs per member had decreased. Work continued on closing temporary bank accounts, and the Pensions Dashboard connection was live, though public access was still pending. A new member portal had been launched, with ongoing development and marketing. Benchmarking data indicated that administrative costs were lower than peer averages, while service performance was above sector averages. The Board resolved to note the report and requested updates on discussions with HMRC regarding temporary bank accounts and clarification on core administration costs.

The Pensions Regulator (TPR) Data Quality Report

The Board reviewed the data quality scores for Lincolnshire Pension Fund, which were reported to The Pensions Regulator. The scores for common data were 96.67% and for scheme-specific data were 89.57%. When legacy data was excluded, these scores rose to 98.87% and 98.75% respectively. Officers explained that legacy data would be fully corrected when benefits were calculated. Issues such as missing addresses and inconsistent start dates were noted, with assurances that these were investigated before benefits were paid. The Board requested clarification on the impact of missing address information on the Pensions Dashboard and how tracing activity was being managed. The Board resolved to note the report and the actions being taken.

Lincolnshire Pension Fund Annual Policies Review

The Board reviewed two key Fund policies: the updated Pensions Administration Strategy and a new Cybersecurity Policy. The Pensions Administration Strategy had been updated to align Key Performance Indicators (KPIs) with Scheme Advisory Board guidance and to reflect individual shared service partner needs. The new Cybersecurity Policy was developed in collaboration with West Yorkshire Pension Fund's IT department and Lincolnshire County Council's Cyber Security Team to meet The Pensions Regulator's General Code of Practice. The Board discussed the importance of cybersecurity and was reassured about the security measures in place. The Board agreed to recommend that the updated Pensions Administration Strategy and the new Cybersecurity Policy be approved by the Pensions Committee.

Annual Employer Monitoring and Engagement Report

This report provided an overview of employer activity and engagement over the past year. The Fund had seen an increase in the number of employers, including new academies and town and parish councils, while four employers exited. The most frequent issue encountered was the late submission of monthly data by employers. The full rollout of the MC3 portal was completed, requiring employers to provide accurate contribution data at the point of submission. Work was ongoing to improve employer reporting of deaths in service and retirements. Only one fine was issued to an employer during the reporting year for late payments or data submissions. Employers received their 2025 valuation results and were offered meetings with the Fund for further assistance. The Board noted the report.

Work Plan and Training Needs

The Board reviewed its training policy and work programme. Members confirmed progress on mandatory training modules, with no immediate additional training needs identified. Officers reported that a review of the Board's Terms of Reference had commenced, with proposed revisions to be shared for consideration. The Board agreed to the Work Plan and approved the training policy. They also agreed that a draft Terms of Reference would be prepared and circulated.

Consideration of Exempt Information and Training: Member and Employer Digital Services and Interactions

The Board resolved to exclude the press and public for the discussion of an exempt report concerning training on member and employer digital services and interactions. Following a detailed discussion of the report and presentation, the Board resolved to note the report.