The Local Pension Board meeting scheduled for Thursday 12 March 2026 was set to cover a range of topics concerning the management and administration of the Local Government Pension Scheme (LGPS). Key discussions were expected to include updates on pension administration, regulatory changes, and the implementation of the LGPS 'Fit for the Future' initiative.

Pension Administration Report

The Board was scheduled to receive a report on the Fund's pension administration and service provision to its members. This report aimed to provide an overview of key performance information, including Key Performance Indicators (KPIs) for services to scheme members. The report detailed performance in areas such as retirement processing, deferment cases, transfer requests, and estimate requests. It also highlighted the Fund's online services, with over 32,000 members registered for the Pensions Online portal. The report indicated no material breaches of law during the quarter and outlined the implementation of new 'Scheme-Standard' KPIs, which are intended to become standard across the LGPS in England and Wales. Updates were also planned on scheme employer communications, including the upgrade of the Fund's online Employer Hub, and scheme member annual communications, such as Annual Benefit Statements. The report also provided an update on Additional Voluntary Contributions (AVCs) and the ongoing work related to the McCloud judgement¹ and the Pensions Dashboard initiative.

Regulatory Update

A significant portion of the meeting was dedicated to a regulatory update, covering both LGPS-specific matters and other relevant developments. The report detailed the government's consultation on changes to the LGPS, aimed at improving fairness and access. Key proposals included addressing survivor pensions and death grants, tackling the Gender Pension Gap, collecting data on opt-outs, changes to forfeiture rules, and technical adjustments for the McCloud remedy. The government's response to this consultation confirmed the progression of most proposed changes, including the full equalisation of survivor pensions and the removal of the age 75 cap on death grants.

The report also covered a separate consultation on LGPS 'Scheme Improvements (Access and Protections)', which proposed changes to the Normal Minimum Pension Age, access to the LGPS for Councillors and Elected Mayors, the consolidation of Multi-Academy Trusts into single Pension Funds, and the 'New Fair Deal' for staff transferring under outsourcing arrangements. The government's partial response confirmed the extension of LGPS access to councillors and mayors in England, with a statutory instrument to be laid in March 2026.

Further updates were provided on the LGPS 'Fit for the Future' technical consultation, which sought views on regulatory changes related to pooling, management, and investment of funds. The report noted that the draft regulations were assessed as delivering the government's stated outcomes on pooling and were considered non-contentious. The ongoing work related to the McCloud judgement was also discussed, including the collection of data and the development of software solutions to implement the remedy. The report also referenced an updated summary statement from the LGPS Scheme Advisory Board (SAB) regarding the management and future of the LGPS, in response to commentary suggesting the scheme should be transformed into a sovereign wealth fund. Finally, an update on the Pensions Dashboard initiative was provided, noting a revised timetable for schemes to connect to the national dashboard.

LGPS 'Fit for the Future' Implementation

This item focused on the changes arising from the Pension Schemes Bill and the draft 2026 LGPS Regulations, and their impact on the Fund's investment arrangements and its relationship with Border to Coast Pensions Partnership. The report explained that the reforms formalise the requirement for administering authorities to work through a single pool, with Border to Coast becoming the principal strategic investment adviser. Funds would retain responsibility for setting investment strategy, while the pool would manage portfolio construction, manager selection, and stewardship. The report also outlined wider governance requirements for administering authorities, including new statutory roles and training expectations. The Board was asked to note the new legal and regulatory framework and the request for delegation to continue negotiations and implement an Investment Management Agreement with Border to Coast. The report also detailed the revised roles and responsibilities under the new framework, including those of the Pensions Committee, the Senior LGPS Officer, the Local Pension Board, and Border to Coast itself. The implementation timetable for these changes was also presented.