The Local Pension Board was scheduled to discuss payments into and from the pension fund, administration performance, data improvement plans, risk registers, decisions made by the Pension Fund Committee, compliance with The Pensions Regulator's new code of practice, knowledge and understanding, and external audit and accounts.

Payments to the Pension Fund

The Local Pension Board was scheduled receive a verbal update on historic prepayment of pension contributions by the council following the 2019 actuarial valuation, and the issues arising from subsequent repayments from the London Borough of Barnet Pension Fund back to the council. The report to all elected members of London Borough of Barnet stated that:

Members of the Council are asked to consider this Joint Report from the Monitoring Officer and the Section 151 Officer. This Report is made under Section 5(2)(a) of the Local Government and Housing Act 1989 and Section 114(2)(a) of the Local Government Finance Act. This Report has been prepared following statutory consultation between the two officers, and with the Chief Executive (Head of Paid Service). The report is made as the statutory officers are concerned that at the date of this Report the Council has made unlawful payments into and from the Pension Fund. No money has been lost to date as a result of these transactions.

The report also set out actions which the officers recommended the Council to accept.

Compliance with the Pensions Regulator's Code of Practice

The Local Pension Board was scheduled to discuss an action plan drafted by officers in the Barnet Pensions Teams, setting out the tasks required for the Barnet Pension Fund to comply with The Pension Regulator’s (TPR) General Code of Practice.

The report pack included a summary assessment report undertaken by Aon on how the Barnet Pension Fund currently complied with The Pension Regulator's new Code of Practice, and the initial actions that Officers in The Barnet Pensions Team planned to take.

The report pack noted that there would be some crossovers in work areas between both the Government’s “Fit for the Future” consultation for Local Government Pension Schemes Recommendations and the TPR’s new Code of Practice.

Administration Performance

The Local Pension Board was scheduled to discuss the West Yorkshire Pension Fund (WYPF) pensions administration performance report for March 2025, along with an update on other administration and legislative matters.

The report pack noted that in February, WYPF processed 1,061 cases with just under 90% cases being completed within the agreed Key Performance Indicators (KPIs) targets. It also noted that WYPF performance had been over the 90% mark for the last few months before January.

The report pack stated that officers would start a ‘push’ to get more members registered on the WYPF “My Pension” member portal as the production of the 2025 benefit statement to active and deferred members and the issuing of P60’s to pensioners commences by WYPF.

The report pack also included an update on the Local Government Pension Scheme (England and Wales): Fit for the Future Consultation, noting that the consultation closed on 16 January 2025, and that the Government are now considering the responses and will no doubt provide an update in due course.

Data Improvement Plan and Historical Leavers

The Local Pension Board was scheduled to receive an update on the data improvement plan and historical leaver exercise.

The report pack noted that since 2021, West Yorkshire Pension Fund (WYPF) and Officers in the Barnet Pensions Team have been working together to correct and update historical data and leavers inherited by WYPF.

The report pack stated that Capita Payroll had confirmed that the process of handing over all LBB data to the Council, including pre 2017 data, would be completed shortly.

Pension Fund Risk Registers

The Local Pension Board was scheduled to note the most recent risk registers.

The report pack stated that a new risk had been added to the non-administration risk register, relating to the Government’s LGPS Fit for Future consultation which may result in legislation making changes to pooling requirements, local investment and LGPS governance.

Knowledge and Understanding

The Local Pension Board was scheduled to note the contents of a report and the training options available, as well as a draft Training Strategy.

The report pack stated that officers recently arranged for training on the TPR Regulator’s general Code of Practice on 11 March for members of the Board and Committee, and that the slides and recording from this training have been sent to Members.

Decisions Made by the Pension Fund Committee

The Local Pension Board was scheduled to consider the procedures applied by the Pension Fund Committee when reaching decisions at recent meetings, whether any issues associated with those procedures and decisions arise, and whether any recommendations to the Pension Fund Committee should be made regarding future decision-making processes.

The report pack noted that since the last Local Pension Board meeting on 11 February 2025, there have been two meetings of the Pension Fund Committee.

Annual Accounts and External Audit Update

The Local Pension Board was scheduled to note the content of the Audit Findings Report for 2023/24 and the Management Reponses to the Grant Thornton’s Action Plan recommendations.

The report pack noted that Grant Thornton's Audit Findings Report sets out their key findings and other matters arising from the audit, including that the pre-payment and repayment contribution issue is, at the date of the Audit Findings Report, still unresolved, and that depending on the conclusion of this issue, there may be an adjustment to the Fund’s reported financial position.

The report pack also noted that Grant Thornton anticipates issuing a disclaimed audit opinion due to some outstanding issues where they have not had time to complete the testing before the 28 February 2025 backstop date for financial statements.