The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines.

Pension Administration Performance Update

The meeting received an update on the performance of the pensions administration team, noting a slight increase in outstanding processes from 604 to 623 as of the end of May 2026, rising to 625 by the end of June. Tom Taylor, Head of Pensions Administration, explained that this increase was mainly due to the annual return exercise, a yearly process where employers provide data for member statements. While the overall number of overdue cases increased slightly, no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date.

Members acknowledged the positive overall performance, noting that despite a recent slight rise in overdue cases, the situation was significantly improved compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures and investment in the team. Mr. Taylor confirmed that the team's targets are in line with the pensions administration strategy and are often shorter than legal deadlines. He also mentioned that the team's long-term model and resourcing requirements will be influenced by the upcoming procurement of a new system contract.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, leaving sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update. This exercise aims to rectify age discrimination in the Local Government Pension Scheme (LGPS) reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, there were concerns about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). This was attributed to delays in software releases from the provider, Civica, with a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and that any statements with slightly undervalued amounts would be corrected later.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants, with a decision to process lump sums manually due to the small number of cases. However, the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register, noting one red risk related to the software provider's ability to deliver compliant software. This risk remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15), and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, with a comprehensive training programme being developed.

Updates on governance changes included the fact that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark. However, three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June.

The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with the high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV.

Key appointments required under the Fit for the Future regulations were discussed, including a senior LGPS officer and an independent person, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The need to report on training completion for committee members was highlighted as a new requirement under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

---

The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and all priority cases, such as deaths and retirements, were up-to-date. Board members acknowledged the overall positive performance, noting significant improvements compared to the previous year. The discussion also touched upon the team's capacity and the potential need to review its permanent structure in light of ongoing project pressures. Mr. Taylor confirmed that the team's targets align with the pensions administration strategy and are often more stringent than legal deadlines. He also indicated that the upcoming procurement of a new system contract would influence the team's long-term model and resourcing requirements.

Pension Administration Projects Update

Tom Taylor provided an update on several key administration projects. The annual returns exercise was reported to be on schedule, with all 76 expected returns received and the majority loaded onto the system, ensuring sufficient time to issue annual benefit statements by the 31 August deadline.

A significant portion of the discussion focused on the McLeod Remedy update, an exercise to rectify age discrimination in the LGPS reforms. While data collection and validation were complete, with 89.17% of data loaded onto the system, concerns were raised about meeting the 31 July deadline for pensioner reconciliation and issuing McLeod-compliant Annual Benefit Statements (ABS). These concerns stemmed from delays in software releases from the provider, Civica, creating a risk of reporting a breach of the law to the regulator. The board was reassured that all members would still receive an annual statement, and any statements with slightly undervalued amounts would be corrected retrospectively.

The Access and Fairness update detailed new legislation aimed at tackling age and gender discrimination within the LGPS. All members had been notified of the scheme changes by the 30 June deadline, and members in scope had been identified. The project involves recalculating survivor pensions and death grants. A decision was made to process lump sums manually due to the small number of cases, but the recalculation of 690 survivor pensions relies on software from Civica, with a deadline of spring 2027. Updates on the financial impact of these changes will be provided in future reports.

Governance and Risk Update

The board reviewed the fund's risk register. A red risk was identified concerning the software provider's ability to deliver compliant software, which remains red due to ongoing concerns about further software upgrades needed for the McLeod Remedy and the new Access and Fairness regulations. Several amber risks were discussed, including the potential financial and resource strain from retrospective legislative changes (Risk 15) and the need for committee and board members to possess adequate skills and knowledge (Risk 10). The latter is particularly relevant due to recent local elections and changes in board membership, prompting the development of a comprehensive training programme. Updates on governance changes included the confirmation that elected members can now access the LGPS, with over 20 having opted in. A change in the SCAPE discount rate was also noted, which is expected to reduce early retirement reductions. The board was informed that the fund is awaiting software releases from Civica to implement these new factors.

Pension Committee Update

Katherine Gray, Head of Pensions Investments and Treasury, provided an update on the Pension Committee's activities. The fund experienced a difficult quarter for investment performance, with a negative return and underperformance against the benchmark, although three-year returns remained positive. Discussions at the committee meeting focused on the actions being taken by the London Collective Investment Vehicle (LCIV) to address underperformance in active equity managers, including the launch of a multi-manager equity fund. Positive performance was noted for the end of June. The committee's role in scrutinising the LCIV's implementation of the investment strategy was highlighted, with high-level asset allocation decisions remaining with the committee. The funding level had reduced since the last actuarial valuation, and the fund is expecting to become cash flow negative this year, making investment income crucial. The fund has complied with the Fit for the Future requirement to have all assets managed by the CIV. Key appointments required under the Fit for the Future regulations, including a senior LGPS officer and an independent person, were discussed, with deadlines of 30 September. The committee's new scrutiny role over the CIV was acknowledged, particularly given the recent changes in committee membership. The performance of the fund's asset allocation was also discussed, with a commitment to provide more detailed timings on when asset allocations are expected to return within strategic ranges. The expectation of the fund becoming cash flow negative this year was reiterated.

Work Programme Update

Tom Taylor presented the draft work programme for the Pension Board's meetings over the next year. It was noted that the programme is indicative and may change due to evolving priorities. Key items include training sessions on pensions legislation and governance, regular performance and project updates, and discussions on the annual report and accounts, budget, and the Fit for the Future reforms. The requirement to report on training completion for committee members was highlighted as a new development under the reforms.

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The Pension Board meeting on Thursday 16 July 2026 reviewed the performance of the pension administration team, noting a slight increase in outstanding processes primarily due to the annual return exercise. Significant discussion also took place regarding pension administration projects, including updates on the McLeod Remedy and Access & Fairness regulations, with concerns raised about potential delays in software releases impacting statutory deadlines. The board also reviewed the fund's risk register, noting a red risk related to software provider performance, and received an update on investment performance and the implementation of Fit for the Future reforms.

Pension Administration Performance Update

The Pension Board received an update on the performance of the pensions administration team. Tom Taylor, Head of Pensions Administration, reported a slight increase in outstanding processes from 604 to 623 between the last report and the end of May 2026, with the figure rising to 625 by the end of June. He explained that this was largely due to the annual return exercise, a yearly process where employers provide data for member statements. Despite a slight increase in overdue cases, Mr. Taylor reassured the board that no cases were overdue by more than 31 days, and