The Pension Fund Committee of Harrow Council is scheduled to convene on Monday 22 June 2026. The agenda includes a review of the fund's workplan for the upcoming year, an assessment of its actuarial funding position, and updates on pensions administration and investment performance. The committee is also expected to discuss compliance with The Pensions Regulator's (TPR) code of practice and review the fund's risk register.

Harrow Pension Fund Committee Workplan 2026-2027

The committee is expected to consider the Harrow Pension Fund Committee Workplan for 2026-2027. This report outlines the planned agenda items for the committee's meetings throughout the year, which are scheduled to take place quarterly. The workplan focuses on the approval of new and updated policies and strategies, alongside regular investment and risk monitoring.

Quarterly Actuarial Funding Position Update

A key item on the agenda is the Quarterly Actuarial Funding Position Update. This report will provide an estimated funding level for the London Borough of Harrow Pension Fund as of 31 March 2026, comparing it to the position at the triennial valuation on 31 March 2025. The report indicates a projected funding level of 100% as of March 2026, a decrease from 108% in March 2025. This update allows the committee to monitor the solvency of the pension fund between formal valuations.

Pensions Administration Update with Key Performances

The committee will receive an update on Pensions Administration performance for the quarter ending 31 March 2026. This report details the membership status of the fund, showing a slight increase in active and pensioner members. It also outlines key performance indicators (KPIs) for various administrative tasks, with an average of 72.95% of tasks completed within the target time during this quarter, an improvement from the previous quarter. The report also touches upon ongoing team reorganisation and legislative changes affecting the Local Government Pension Scheme (LGPS).

London Collective Investment Vehicle (LCIV) and Local Government Pension Scheme (LGPS) Update

An update on the London Collective Investment Vehicle (LCIV) and the Local Government Pension Scheme (LGPS) is scheduled for discussion. This report will cover the government's requirements for pooling pension investments and current developments within the LGPS. It highlights that the Pensions Schemes Act, implementing Fit for the Future reforms, has become law, with new regulations coming into force on 30 June 2026. The report also references an analysis of the 2025 triennial valuations for LGPS funds in England and Wales, showing a strengthening of funding positions and a reduction in average employer contribution rates.

Review of Pension Fund Risk Register

The committee will review the updated Pension Fund Risk Register for Q1 2026/27. This register identifies and evaluates risks associated with the fund's investment, funding, and administration workstreams. The report notes changes to the register, including the addition of a risk reflecting the shift in responsibility for Investment Strategy Implementation to the LCIV, and an increase in the risk associated with the long-term investment strategy not being a good fit for the scheme's liabilities due to this change in responsibility.

The Pensions Regulator (TPR) Code of Practice Compliance Update

A report on compliance with The Pensions Regulator (TPR) Code of Practice is on the agenda. This update details the fund's progress in meeting the requirements of the new General Code of Practice, which came into force in March 2024. The report includes a compliance assessment across 14 chapters of the code and outlines the actions being taken to achieve full compliance, such as updating policies and procedures, and enhancing training for committee members and staff.

Fund Valuation and Performance Monitoring Report March 2026

The committee is scheduled to review the Fund Valuation and Performance Monitoring Report for the quarter ending 31 March 2026. This report indicates that the fund returned -3.0% net of fees over the quarter, underperforming its benchmark by 2.9%. The market value of investments decreased by £36.4m to £1.15bn. The report also notes underperformance over a 12-month and 3-year period. The committee will also consider exempt appendices containing reports from the Independent Adviser and Mercer, the fund's investment advisor, as well as analytics for climate transition.

The meeting will also address routine procedural items, including the attendance of reserve members, the appointment of a Vice-Chair, and the receipt of public questions, petitions, and deputations.