The Brent Pension Board convened to discuss key aspects of the fund's performance, administration, and future strategy. The board noted the overall positive state of the fund, highlighting its strong valuation, cash-flow positivity, and good investment returns, while also addressing areas needing attention, such as help desk performance and employer representation.

• Pension Administration Update
• Chair's Annual Report 24-25
• LGPS Update - 22 July 2025
• Risk Register
• Training Update
• Q1 2025-26 Investment Monitoring Report
• LGPS Consultation Outcome
• Draft Accounts 24-25
• LAPFF Report
• 2025 Triennial Valuation and Actuarial Assumptions FINAL

Pension Administration Performance

The board reviewed the pension administration performance, noting that overall service had stabilised with key performance indicators within service level agreements. However, there was concern about the help desk, with average call wait times increasing.

Chris Batts, Senior Client Relationship Manager at LPPBA, attributed the help desk delays to seasonal peaks and the implementation of the McLeod remedy¹ in police and fire schemes. He assured the board that new recruits were undergoing intensive training to improve response times.

Sarsha, Head of Finance, added context by noting that while the increase in help desk wait times was undesirable, the current wait times were still fairly low compared to other organisations.

Councillor Bola George raised concerns about the rising help desk wait times, stating:

It's such a shame that rather than getting better, it seems to be getting worse.

Local Government Pension Scheme Update

John Smith, the Pensions Manager, presented an update on the Local Government Pension Scheme (LGPS), focusing on the consultation on access and fairness. Key proposals included:

• Equalisation of spouses' benefits to comply with legal precedents like Walker v Innerspec and Goodwin v Secretary of State for Education.
• Removal of the requirement to pay death grants to personal representatives, which attracts a higher tax rate.
• Changes to how members can buy back leave, including child-related leave.
• Removal of the five-year limit on refunds.

Councillor Bola George asked if the proposals were likely to become part of the pension fund, and if so, when. John Smith responded that he expected most, if not all, of the proposals to be implemented, given that they are playing catch-up with existing legislation and best practices.

Risk Register

George Patsolidis, Finance Analyst at the Brent Pension Fund, presented the updated risk register, highlighting the decrease in the cyber security risk rating due to the implementation of a 24/7 endpoint detection and response service. He also noted the successful transition of the pensions payroll from Oracle to LPPBA.

Councillor Sandra Kabir asked whether the government's discussions about amalgamating schemes and encouraging less overseas investments posed a risk. Saywan Shah, Head of Finance, clarified that while the government wants to see more investment in the UK, it is not mandating specific asset allocations.

Training Update

George Patsolidis reported that all but one member of the board had completed the LOLA training modules. He emphasised the importance of training, especially following the fit for the future consultation, which places more emphasis on technical knowledge.

The board agreed to note the report and continue the learning programme.

Subcommittee Reports

Saywan Shah summarised reports from the Pension Fund Subcommittee meeting, including the Q1 2025 investment monitoring report, the outcome of the LGPS fit for the future consultation, the draft annual accounts, and the 2025 tri-annual valuation.

• Q1 2025 Investment Monitoring Report: The fund posted negative returns over the quarter, but had largely recovered by the end of May.
• LGPS Fit for the Future Consultation Outcome: The government confirmed its intention that while funds will continue to set investment strategy, the implementation of that strategy will be delegated to the pool.
• Brent Pension Fund Draft Annual Accounts 2024/25: The audit seems to be progressing well.
• 2025 Triennial Valuation: The actuaries have recommended increasing the prudence level to 80% to reflect increased volatility in the markets.

Councillor Sandra Kabir asked whether the government's treatment of Access and Brunel was surprising. Chris Bala, Pension Scheme Members Representative, responded that it was shocking, especially in Brunel's case.

Councillor Chris Bala asked Saywan Shah where he thought we were in respect to our preparedness for implementation of the changes. Saywan Shah responded that he was confident that we were in a good place.

Other Business

The board noted that the next meeting would be on 6 November, and closed the meeting.