The Local Pension Board of Barnet Council was scheduled to consider a range of reports concerning the administration and performance of the Pension Fund. Key discussions were scheduled to include the administration and investment performance reports, updates on legislative changes affecting the Local Government Pension Scheme (LGPS), and the Fund's risk registers. The Board was also scheduled to review the training strategy and policy, and receive an update on the external audit and annual accounts.

Administration Performance Report

The Board was scheduled to receive an update on the pensions administration performance from the West Yorkshire Pension Fund (WYPF), alongside Barnet Pension Team Officers. The report was to detail Key Performance Indicators (KPIs) for the period of April to June 2026, highlighting areas where targets were not met. Reasons for underperformance were to be discussed, including the need for additional checks related to McCloud¹ retrospective pension amendments, staff vacancies, and the complexities introduced by the suspension of transfer factors due to SCAPE². The report was also to provide an overview of membership numbers, the age profile of the Fund, and updates on member and employer contact initiatives, including training sessions delivered to employers and councillors. Furthermore, the report was to detail shared service updates regarding staffing and resourcing across various teams, audits undertaken by Bradford Councils Internal Audit, and the performance of the WYPF member portal, My Pension. A significant point scheduled for discussion was a breach to be reported to The Pensions Regulator (TPR)³ concerning the retrospective recalculation of member benefits due to delays in software updates from WYPF's provider, Civica. This breach, while affecting a relatively small number of members, meant that some had not received additional pension due by the 31st August deadline. The report was also to cover compensation payments made to members for poor service and updates on legislative changes, including the Data (Use & Access) Act 2025 and the Local Government Pension Scheme (Elected Member Pensions) Regulations 2026.

Investment Performance Report

The Board was scheduled to review the Pension Fund's investment performance and activity for the quarter ending 30 June 2026. The report was to indicate that the Fund's investment portfolio was valued at £1.95 billion as at 30 June 2026, achieving a net positive return of +5.7% over the quarter, which represented an underperformance of +6.0% relative to the benchmark. The report was to detail the strategic asset allocation, including target allocations and tolerance ranges for various asset classes such as listed equity, private equity, property, infrastructure, and credit. It was also to provide a summary of the Strategic Implementation Plan agreed with London CIV⁴, detailing the transition of secured finance allocation and reinvestment of excess cash across LCIV credit funds. The report was to include commentary on market overview, historical returns for world markets, and regional equity returns, noting the impact of AI-related investment and sector performance. Manager performance for both growth and income mandates was to be presented, alongside a glossary of investment terms and a risk warning.

Pension Fund Committee Decisions

The Board was scheduled to receive a report summarising recent decisions made by the Pension Fund Committee. This report was to detail the rationale behind the processes followed by the Committee and their link with policy documents and regulations. The Chair was to confirm his attendance at the last Pension Fund Committee meeting held on 18 June 2026. The Board was invited to note the report and provide comments where required, with the aim of ensuring the effective governance of the Pension Fund by reviewing the decision-making processes of the Pension Fund Committee.

Fit for the Future Update: Pension Schemes Act 2026

An update was scheduled to be provided on the key legislative and regulatory changes affecting the Local Government Pension Scheme (LGPS), stemming from the Pension Schemes Act 2026, which received Royal Assent in April 2026. The report was to outline the final regulatory requirements now in effect, the Fund's current position in relation to these requirements, and the actions being undertaken to ensure compliance. Key requirements to be discussed included asset pooling deadlines, the appointment of an LGPS Senior Officer and Independent Person, the publication of the first Investment Strategy Statement, and the preparation of Governance and Training Strategies. The report was to provide a table detailing compliance requirements, implementation deadlines, the current status, and next steps for each requirement.

Pension Fund Risk Registers

The Board was scheduled to review the Pension Fund's Risk Registers, which detail the risks associated with the management of the scheme, including current assessments and planned actions and targets. The report was to note that the previous Administration and Governance risk registers had been merged into a single strategic Risk Register for easier monitoring and review. The Board was invited to note the updated register and provide feedback on its format, content, and operation. The report was to highlight key themes and the highest residual risks, including investment strategy, asset allocation and performance, cyber security breach, strategic suppliers, business continuity, employer contributions, and GDPR compliance.

Training Strategy and Policy

An update was scheduled on the new governance, training, and knowledge and understanding requirements introduced by the Pension Schemes Act 2026 and subsequent regulations. The report was to highlight the statutory requirement for administering authorities to maintain a Training Strategy, the formal knowledge and understanding requirements for individuals exercising delegated LGPS responsibilities, and the appointment of a Senior LGPS Officer. The report was also to provide an update on the Board's recent Training Needs Analysis exercise, with officers reviewing completed questionnaires to inform the Fund's future training programme and prioritise training activity for 2026/27.

Annual Accounts and External Audit Update

The Board was scheduled to receive an update on the progress of the Fund's Report & Accounts for 2025/26. The draft Statement of Accounts was published on 1 July 2026, with Grant Thornton⁵ commencing their audit on the same date and issuing their draft Audit Findings Report in mid-September 2026. The deadline for signing the Accounts was 30 November 2026. The report was to present the latest draft Statement of Accounts, detail the progress of the audit, and outline Grant Thornton's draft Audit Findings Report. Key points from the draft accounts were to include an increase in net assets, an increase in contributions and benefits payable, and a significant increase in the net return on investments. The audit findings were to note that while the auditors anticipated issuing an opinion that was not disclaimed, an except for opinion might be required due to issues with the membership data underlying the 2022 triennial valuation. One control recommendation was to be made regarding oversight of the administrator's membership process.

Local Pension Board Work Programme

The Board was scheduled to review its work programme. This item was to provide an overview of decisions requested and reports scheduled for future meetings, including updates on The Pensions Regulator Code Compliance, Administration Performance, Fit for the Future, Pension Fund Committee Decisions, Investment Reports, Risk Registers, Training Updates, and Breaches Log for upcoming meetings in February 2027, April 2027, and July 2027.