The Pension Fund Committee of Barnet Council is scheduled to convene on Thursday 18 June 2026 to review key updates regarding the Local Government Pension Scheme (LGPS) and assess the fund's financial performance and risk management. Discussions are expected to cover upcoming legislative changes, the fund's investment strategy, and its overall risk profile.

Fit for the Future Update

A significant portion of the meeting is expected to focus on the Fit for the Future initiative, which addresses key legislative and regulatory changes affecting the Local Government Pension Scheme (LGPS). This includes the implications of the Pension Schemes Act 2026, which received Royal Assent in April 2026, and changes due to take effect from 30 June 2026. The report outlines the key requirements, implementation deadlines, and compliance actions for the Fund, such as the requirement for assets to be under pool management by 30 September 2026 and the appointment of an LGPS Senior Officer and an Independent Person by 31 December 2026. The report also details the upcoming publication of the first Investment Strategy Statement by 31 March 2027 and the need to prepare and maintain Governance and Training Strategies. The committee will be asked to note these changes and consider areas the Fund needs to address to ensure compliance.

Risk Management Review

The committee is scheduled to review the Pension Fund's risk registers, which detail the risks associated with the management of the scheme. This includes updated administration and governance risk registers for June 2026. The report highlights that the Pensions Regulator's General Code of Practice recommends maintaining a Risk Management Policy covering risk appetite, aims, measurement, management, and responsibilities. The LBB Pension Fund evaluates risks on a four-point scale for likelihood and impact, with immediate action required for risks in the red zone. An update on the administration risk ADM07, The Local Pensions Board and Pension Fund Committee do not have the level of pension knowledge to perform their role effectively, notes an increase in its risk score from 2 to 4, reflecting changes made by the Pensions Act 2026. A Training Strategy Policy was approved in March 2026, and a Training Needs Analysis is planned to determine future training requirements. The committee will be asked to note the most recent updated administration and governance risk registers.

Administration Report

This report will provide the Pension Fund Committee with updates on the West Yorkshire Pension Fund's (WYPF) administration performance, recent legislative and operational developments, and an exit credit payment following the cessation of an employer. The report includes a summary dashboard of key administration metrics, showing improved SLA performance and a reduction in the backlog of work in progress. It also details compensation payments made to members experiencing poor service or complaints, with a new payment to Member D noted since the last committee meeting. Updates on legislative matters include the LGPS 'Access and Protections' consultation, which has led to the Local Government Pension Scheme (Elected Member Pensions) Regulations 2026 allowing councillors and mayors to opt into the LGPS from 11 May 2026. The report also covers the 2025 Triennial Valuation, which concluded with a funding level of 130%, and provides an update on the progress of the 2025/26 Report and Accounts. A key item is the cessation of an exiting employer, which has resulted in an exit credit payment, with details provided in an exempt appendix. The committee will be asked to note the administration performance and legislative updates, and approve the recommendation for the exit credit payment.

Investment Performance Report

The committee will receive an update on the Pension Fund's investment performance and activity for the quarter ending 31 March 2026. The Fund's investment portfolio was valued at £1.86 billion as at 31 March 2026, achieving a net negative return of -0.8% over the quarter, underperforming its benchmark by -0.4%. The report notes that the Investment Management Agreement with London CIV was signed in May 2026, formalising the transfer of the Fund's assets to the pool. The strategic asset allocation, approved in March 2025, is detailed, along with a comparison of the Fund's current asset allocation against this benchmark. The report also provides an update on the progress of recent investment strategy decisions, including the modification of the cash management strategy and the introduction of an Index Linked Gilts allocation. The committee will be asked to note the Pension Fund's investment performance and activity for the quarter.

The meeting is scheduled to be chaired by Councillor Elliot Simberg, with Councillor Andreas Ioannidis serving as Vice Chair. Other attendees include Councillor Richard Barnes, Councillor Ezra Cohen, Councillor Nick Mearing-Smith, and Councillor Paul Roberts.