The Newham Pensions Board met on Tuesday 24 June 2025 to discuss the pension fund's administration, performance, and budget, as well as updates on employer admissions. Key decisions included the approval of the 2025-26 pension administration budget and the proposed changes to the fund's admission policy.

Pensions Administration and Legislative Update

Jacqueline Andress, the Pension, Project & Contracts Manager, presented an update on the administration of the Newham Pension Fund and recent legislative changes. The Board was informed that the actuary's report on compliance with The Pensions Regulator's new code of practice is still pending. Discussions also covered the McCloud remedy, which addresses age discrimination in pension schemes by comparing benefits under old and new regulations, with one member having received an uplift of £356 per annum so far. The Pensions Dashboard, a government initiative to allow individuals to view all their pensions online, is on track for connection by October 2025. The Board noted that the consultation on new regulations to incorporate recent legal challenges and changes, such as equalising survivor benefits and removing the age limit for death grants, is ongoing and closes on 7 August. The triennial valuation process is underway, with efforts focused on improving data quality. The updated pensions administration strategy and charging policy have been sent to employers for consultation, with no comments received to date. The risk register was also discussed, with an update to the admissions policy noted as being covered later in the agenda. The Board agreed to note this report.

Performance Update

James Grafton, the Pension Administration Officer, presented the performance update for the period of January to March 2025. The overall membership of the fund has increased, and performance against Service Level Agreements (SLAs) has stabilised, remaining above the 95% target at 98.9%. While the number of cases completed by LPPA decreased, the number of cases received increased significantly. Helpdesk performance saw a slight dip, with 70% of calls answered within four minutes, and average wait times increased slightly. Customer satisfaction levels fluctuated but ended the quarter at 84.8%. The number of members registered to the online portal continued to grow, reaching 6,354. In April 2025, there were no complaints, and the volume of complaints per thousand members decreased to 1.1, though still above the target of one. Three breaches were reported in April: two related to data security and one to the code of practice. The Board agreed to note this report.

Pension Administration Service 2025-26 Budget Report

James Cocks, Assistant Director of Transactional People Services, presented the proposed budget for the pension administration service for 2025-26. The proposed budget from LPPA is £1,090,000, representing a 12% increase on the previous year. This increase is attributed to rising membership numbers, inflationary pressures, and the impact of changes to National Insurance rates. The report also highlighted the increasing volume of complex queries and cases being handled by LPPA, as well as ongoing legislative changes such as the McCloud recalculations and the implementation of the Pensions Dashboard. LPPA is investing in technology to improve efficiencies. Benchmarking data suggests that Newham's administration costs are within the medium range compared to other LGPS funds. Despite the significant increase, the recommendation was to approve the budget, with ongoing challenges to LPP regarding pricing and data quality. The Board agreed to approve the recommendations for this report.

Employer Update Report

James Cocks also presented an update on employer admissions into the fund. The report detailed proposed changes to the Newham Pension Fund's admission policy, aiming to streamline the process for academies by introducing a pass-through arrangement. This approach would allow letting authorities, such as schools, to share risk with employers, making it easier for academies to tender for contracts. The revised policy would favour a deferred pass-through arrangement, though traditional routes would still be available with Section 151 approval. The updated policy is planned to be in place from September, with a consultation period for schools and employers. The report also noted that progress on new employer admissions has been slow, with only one admission cleared since the last report. However, efforts to encourage completion through strongly worded letters and alternative admission routes are showing some progress, with expectations of more admissions in the coming months. The Board agreed to the recommendations and items presented in this report.

Next Meeting Date

The date for the next meeting was discussed, with the previously scheduled date of 23 September 2025 being unavailable for some attendees. A new date will be circulated.