The Local Pension Board of Barnet Council met on Monday 23 March 2026 to review the West Yorkshire Pension Fund's administration performance and discuss updates on legislative changes affecting the Local Government Pension Scheme. The Board approved the Local Pension Board Annual Report for 2025/26, and reviewed, commented on, and noted its Terms of Reference and Forward Work Plan for 2026/27.

Local Pension Board Annual Report 2025/26

The Board approved the Annual Report for 2025/26. Key highlights noted during the presentation included the successful completion of a recruitment process resulting in new members joining the Board, and the updating of the Board's terms of reference. The report also noted the Board's engagement with the Pension Fund Committee and its role in overseeing the Fund's administration and compliance. The Board also resolved to review, comment, and note its Terms of Reference as highlighted within Appendix B, and to note and comment on the Forward Work Plan 2026/27 attached at Appendix C. The Board considered any additional issues they would like to be reported to the Pension Fund Committee and Full Council, and noted that this report will be submitted to the next possible meetings of the Pension Fund Committee and Full Council.

Administration Performance Report

The Board received an update on the administration performance of the West Yorkshire Pension Fund (WYPF). WYPF processed 989 cases in January 2026, with 95.5% completed within Key Performance Indicator (KPI) targets. Case volumes have reduced, contributing to improved performance levels. The Board noted that complaints and Internal Dispute Resolution Procedure (IDRP) cases remain low. Compensation payments were offered to members experiencing poor service, with details provided for four cases. The Board was also updated on the progress of the WYPF member portal, My Pension, with 45.9% of all Fund members now registered. Annual Benefit Statements (ABS) for active members were largely issued by the deadline, with efforts ongoing to complete the remaining statements. WYPF is continuing to enhance automation across its processes, although this was temporarily paused due to system upgrades. A finance update indicated that between April 2025 and January 2026, the Fund received £60.0m in contributions, with £71.6m in employer returns, leaving £11.6m unreconciled. Monthly checks are conducted by WYPF and Officers to ensure robust reconciliation. The Board was informed that the Barnet Pensions website is being reviewed for format and user-friendliness, and ongoing engagement activities include pension 'surgeries' and school visits. The Board noted West Yorkshire Pension Fund's performance levels along with the updates on other administration and legislative issues and the data improvement plan and historical leavers.

Fit for the Future Update

The Board was updated on the key legislative and regulatory changes affecting the Local Government Pension Scheme (LGPS) due to take effect from 30 June 2026. These changes stem from the government's Fit for the Future reforms, which aim to strengthen governance and introduce new requirements for LGPS administering authorities. The report detailed proposed amendments to the LGPS Regulations 2013, including the appointment of a Senior LGPS Officer and an Independent Adviser by October 2026, and the requirement for biennial Independent Governance Reviews. The Board noted that the Fund's Investment Strategy Statement (ISS) is being reviewed to align with these new regulations.

Pension Fund Committee Decisions

The Board received a report summarising recent decisions made by the Pension Fund Committee. The report detailed the rationale behind these decisions, the processes followed, and their links to policy documents and regulations. The Chair confirmed attendance at the last Pension Fund Committee meeting. The Board noted the report.

Pension Fund Risk Registers

The Board noted the Pension Fund Risk Registers, which detail risks associated with the management of the scheme, including current assessments and planned actions. It was noted that future reports will combine appendices A and B, which was welcomed by members.

Investment Performance Report

The Board was provided with an update on the Pension Fund's investment performance and activity for the quarter ended 31 March 2026. The Board noted the report.

Local Pension Board Terms of Reference and Forward Work Plan

The Board reviewed and commented on its Terms of Reference, as highlighted within Appendix B of the presented report. The Board also noted and commented on the Forward Work Plan for 2026/27, attached at Appendix C. The Board considered any additional issues they would like to be reported to the Pension Fund Committee and Full Council.

External Audit and Accounts

The Board noted the signed Annual Report and Accounts for 2024/25 and the contents of Grant Thornton's Audit Findings Report, along with management's responses to the findings and recommendations. The report highlighted that Grant Thornton issued a disclaimer of opinion on the accounts for 2024/25 due to an inability to form an opinion on the opening balances and an inability to conclude work on membership data testing for the 2022 triennial valuation. Management is taking steps to rectify these issues.

Training Strategy and Policy

The Board noted the updated Training Strategy and Policy, which has been revised to comply with new LGPS regulations and statutory guidance on Fund Governance. The updated policy strengthens governance arrangements, clarifies training responsibilities, and introduces enhanced monitoring and reporting requirements.

PFC Decisions

The Board received a report detailing recent decisions made by the Pension Fund Committee, summarising the rationale, processes followed, and links to policy documents and regulations. The Board noted the report.