The Local Pension Board meeting scheduled for 3 February 2026 was set to review the performance of the West Yorkshire Pension Fund's administration, discuss progress on data improvement and historical leaver exercises, and consider the implications of the Fit for the Future consultation for the Local Government Pension Scheme. The board was also scheduled to examine the Pension Fund's risk registers and review decisions made by the Pension Fund Committee.

Administration Performance Report

The board was scheduled to consider the West Yorkshire Pension Fund (WYPF) pensions administration performance report for September 2025, alongside updates on other administrative and legislative matters. This included a review of Key Performance Indicator (KPI) targets, with a recommendation that the board note WYPF's performance levels and the updates provided. The report detailed performance in various work types, including AVC in-house, change of address, and retirement quotes, with a reported overall KPI target met percentage of 92.73% for December 2025. Compensation payments made to members for poor service were also outlined, with a notable payment of £7,640.87 to Member M due to a significant delay in AVC disinvestment and payment. Updates on the WYPF member portal, My Pension, indicated a slow but steady growth in registrations, with 45.8% of all fund members registered. The report also covered the status of Annual Benefit Statements (ABS), noting that 99.2% had been issued by the deadline, with efforts ongoing to resolve the remaining cases. Automation of pension processes by WYPF was also discussed, with progress on this initiative being shared. A finance update detailed contributions received between April and October 2025, highlighting unreconciled amounts due to missing or incorrect returns. The report also touched upon the Local Government Pension Scheme (LGPS) in England and Wales, referencing ongoing consultations regarding Fit for the Future and Access and Protections, with a summary of proposed changes to survivor pensions, death grants, and the gender pension gap. A triennial valuation update was also included, noting that draft contribution rates and funding positions had been shared with employers.

Data Improvement Plan and Historical Leavers

This agenda item was scheduled to provide the Local Pension Board with an update on the data improvement plan and the historical leaver exercise. The report highlighted that accurate and complete data is crucial for the correct calculation and payment of pension benefits. Since 2021, WYPF and the Barnet Pensions Team have collaborated to correct and update historical data, including records of leavers inherited by WYPF. The report indicated that significant progress had been made since the introduction of the Data Improvement Plan, with a small number of historical leavers and data corrections remaining outstanding. Officers were working with WYPF to establish a timeline for completing this project, aligning it with the Pensions Dashboard launch. The report also noted that The Pensions Regulator requires funds to report on data quality in their annual scheme return. The Pensions Dashboard Programme (PDP) aims to provide individuals with a secure digital platform to view all their pension entitlements. Updated guidance from the Department for Work and Pensions (DWP) required all UK pension schemes to connect to the dashboards ecosystem by 31 October 2025. Bravura, the ecosystem provider for WYPF, was undergoing operational acceptance testing with PDP, with the connection of all schemes expected upon completion. The report indicated that schemes would not be penalised for missing the deadline due to external factors, and individual access to dashboards was anticipated in late 2026 or early 2027. The Data Improvement Plan section detailed that approximately 28,500 data items initially required review, reduced to around 6,300 by November 2025. A bulk address tracing exercise was underway to update missing addresses and postcodes for approximately 930 Barnet Fund members. The report also presented TPR data scores for common and conditional data, noting that the common data score was above the TPR's acceptable threshold of 95%. Finally, regarding historical leavers, it was reported that out of approximately 1,950 inherited records, only 3 cases remained outstanding as of 22nd December, none of which related to former Council employees.

Fit for the Future Consultation

This report was scheduled to provide the Pension Fund Committee with a summary of key legislative and regulatory changes to the Local Government Pension Scheme (LGPS) effective from 1 April 2026, subject to the passage of the Pension Schemes Bill. The report detailed the government's reform of the LGPS, initiated by a Call for Evidence in September 2024, followed by the Fit for the Future consultation. The government's final report confirmed the implementation of core proposals through legislation, with the Pension Schemes Bill progressing through Parliament. A technical consultation sought views on draft statutory instruments concerning the Pooling, Management and Investment of Funds and Amendment regulations. Officers had responded to this consultation, and the Pooling, Management and Investment of Funds regulations were expected to replace the current 2016 LGPS Regulations, mandating the delegation of investment strategy implementation to asset pools and requiring all assets to be controlled and managed by these pools. The Amendment regulations were set to implement proposals from the governance chapter, requiring administering authorities to publish governance and training strategies, appoint a senior LGPS officer, and appoint an independent non-voting member to their committee. An Independent Governance Review (IGR) was also to be required by 31 March 2028. The report noted that approximately 64% of the Pension Fund's assets were directly invested through London CIV, with further assets considered under pooled management. Officers were engaged with London CIV to agree on a transition plan to ensure all assets were pooled by 31 March 2026.

Pension Fund Risk Registers

The board was scheduled to review the Pension Fund Risk Registers, which detail the risks associated with the management of the scheme, including current assessments and planned actions. The Pensions Administration and Non-Administration Risk Registers were provided, with the most recent review completed in December 2025. Risk velocity, defined as the estimated timeframe for a risk to materialise, had not changed since the last committee meeting. Risk scores are calculated by multiplying the likelihood of occurrence by the potential impact, with immediate action required for risks in the red zone. Updates on administration risks included a reduction in the risk score for ADM06 (Failure of non-public sector employers) to 4, reflecting a new arrangement where new admitted bodies join on a pass-through basis. ADM08 (Appropriate personnel in place) also saw its risk score reduced to 4, attributed to successful recruitment by WYPF. ADM13 (Negative media exposure and member experience) had its risk score reduced to 3, due to WYPF's consistent track record without negative publicity. ADM18 (Failure to produce annual report and accounts within deadline) saw its risk score reduced to 4, as the 2024/25 report and accounts were completed within the required timescales. Updates on non-administration risks included the introduction of GOV05, a new risk arising from the Fit for the Future consultation and the Pensions Bill, with a risk score set at 6. GEN03 (Advisors) and GEN04 (Charges and Fees) were also discussed, with potential reductions in risk scores anticipated following the appointment of an Independent Advisor and the pooling of assets, respectively.

PFC Decisions

This item was scheduled to allow the Local Pension Board to review recent decisions made by the Pension Fund Committee. The report aimed to summarise the rationale behind these decisions, the processes followed, and their alignment with policy documents and regulations. The board's role in this regard was to ensure that decisions were well-founded, compliant with regulatory requirements, and made after considering appropriate advice. The report noted that since the last board meeting, one Pension Fund Committee meeting had taken place on 13 January 2026, with formal minutes not yet published. Members were encouraged to review the agenda packs and minutes of both this meeting and the previous one held on 15 September 2025 to ensure appropriate scrutiny.

Committee Work Programme

The board was scheduled to review the Local Pensions Board Work Programme, which outlines the reports to be considered and the decisions requested for the period of January 2025 to July 2026. This included regular items such as the Administration Performance Report, Data Improvement Plan, Training Plan, Administration Risk Register, Pension Fund Risk Registers, and updates on Pensions Regulator Code Compliance. The programme also included the review of decisions made by the Pension Fund Committee.