The Local Pension Board was scheduled to meet to discuss the administration and governance of the London Borough of Barnet (LBB) Pension Fund, including performance reports, risk management, and compliance with regulations. The Board was also scheduled to review decisions made by the Pension Fund Committee and receive updates on consultations and audits.

External Audit and Accounts

The Local Pension Board was scheduled to receive an update on the annual accounts and external audit for the 2024/25 financial year. Grant Thornton are the appointed external auditors for the Pension Fund, and they have submitted an audit progress report, included as an appendix to the External Audit and Accounts report.

The key points from the audit progress report were scheduled to be discussed, including:

• The fieldwork for the 2024/25 audit was scheduled to take place between 16 June 2025 and 30 September 2025.
• Draft financial statements were received from management on 30 June 2025.
• A number of changes were required, which were communicated to management on 8 July 2025 and were under discussion.
• Supporting workpapers began to be shared by management from 8 July 2025 onwards.
• The commencement of final audit procedures was deferred by approximately three weeks from the original planned start date of 16 June 2025.
• The auditors aimed to complete the remaining testing by the end of September 2025.
• An Audit Findings Report was scheduled to be brought to the next GARMS¹ meeting in November 2025.

Anisa Darr, Executive Director of Strategy and Resources and S151 Officer, met with the auditors on 16 April 2025 and 21 July 2025 as part of regular liaison meetings.

Pension Fund Risk Registers

The Board was scheduled receive an update on the Pension Fund Risk Registers. The report pack included the Pension Fund Risk Registers and two appendices:

• Appendix A - LBB Pension Fund - Pensions Administration Risk Register - updated September 2025
• Appendix B - LBB Pension Fund - Pensions Non-Administration Risk Register - updated September 2025

The risk registers detail the risks associated with the management of the scheme, including current assessment and planned actions and targets. The risk velocity, defined as the time to impact, is classified using a traffic light system. Risk scores are based on a four-point scale, and prompt action is planned for risks in the red zone, with consideration for yellow risks. Green risks are regarded as acceptable, with sufficient mitigation in place.

Updates to the administration risks included:

• ADM05 – the risk score has been reduced from 6 to 4, as the number of employers that do not pay contributions to the Fund is minimal and the LBB Pensions Team have drafted a process, in conjunction with WYPF, to improve the monitoring of contribution payments.
• ADM07 – this risk has been retitled to Failure to adhere to pensions knowledge / training requirements from Failure to interpret rules or legislation correctly to take into account the Local Pensions Board current knowledge requirements and incorporate going forward the new requirements for the Pension Fund Committee following the Fit for the Future consultation.
• ADM21 – the risk score has been reduced from 6 to 3, as there are now tighter controls in place for Fund Officers when making payments from the Fund, which reduces the likelihood of unauthorised payments being made to and from the Fund.

Updates to the non-administration risks included:

• INV01 – the risk score has changed from 6 to 2, as the signatory list have been updated.
• INV02 - The LBB Pensions Team have decided that this risk should be deleted as the Redemption Protocols would be determined by the Investment Managers rather than the Fund.
• INV06 – the name of this risk has been changed to Education to Training .

Update on the Local Government Pension Scheme (England and Wales): Fit for the Future Consultation

The Board was scheduled to discuss an update on the government's Fit for the Future consultation for Local Government Pension Schemes (LGPS). The core proposals included in the Update on the Local Government Pension Scheme England and Wales - Fit for the Future Consultation report were:

• Asset Pooling - The government has mandated that all LGPS investments in England and Wales must be managed by their respective asset pools by 31 March 2026. As of 30 June 2025, 78% of the Barnet Pension Fund's strategic asset allocation is already pooled, with 64% invested in London CIV (LCIV) sub-funds.
• Local Investment Objectives - LGPS funds and pools will be expected to set explicit local investment objectives, aligning with broader government ambitions to stimulate regional economic growth.

• Governance Requirements - The government's proposals also introduce a series of governance reforms, to be implemented by 31 March 2026. These include:

  • Appointing a senior LGPS officer with overall responsibility for the management of the Fund.
  • Preparing and publishing a governance and training strategy.
  • Appointing an independent advisor.
  • Conducting an independent governance review once every 3 years.
  • Preparing and publishing an administration strategy for the Fund.
  • Representation on London CIV Board.

Administration Performance Report

The Board was scheduled to review the Administration Performance Report and an update on other administration and legislative matters. The report included the West Yorkshire Pension Fund (WYPF) monthly report for September 2025, the Pensions Ombudsman's (TPO) Redress for non financial injustice factsheet, and the percentage of My Portal registrations per employer as of 29 September 2025.

According to the West Yorkshire Pension Fund (WYPF) monthly report for August 2025:

• WYPF processed 1,141 cases, with 88.2% completed within the agreed Key Performance Indicator (KPI) targets.
• Member registrations for the WYPF My Pension portal continue to grow slowly, with 45.3% of all Fund members registered.
• WYPF had issued 99.2% of Annual Benefit Statements (ABS) for active members.
• The Fund received £29.54 million in contribution payments.

The report also provided updates on new academies/schools, new admission bodies, employers ceasing participation, and other employer work.

Data Improvement Plan and Historical Leavers

The Board was scheduled to receive an update on the Data Improvement Plan and Historical Leavers. Accurate and complete data is essential to ensure pension benefits are calculated and paid correctly. Since 2021, West Yorkshire Pension Fund (WYPF) and the Barnet Pensions Team have collaborated to correct and update historical data, including records of leavers inherited by WYPF.

The Pensions Dashboards Programme (PDP) aims to provide individuals with a secure digital platform to view all their pension entitlements, including the State Pension, in one place. All UK pension schemes must be connected by 31 October 2025.

WYPF provides monthly data quality reports to the Pensions Team. Initially, around 28,500 data items required review and updates. As of 9 September, this number had reduced to approximately 6,250.

As of 6 October, only 14 historical leaver cases remain, none of which relate to former Council employees.

Knowledge and Understanding

The Board was scheduled to discuss Knowledge and Understanding of pension matters. The Local Pension Board has a statutory duty to maintain up-to-date knowledge and understanding of pension matters and to keep a record of training undertaken. The LBB Pensions Team has identified mandatory training essential for Board members to fulfil their duties, and recommended training designed to further enhance the skills and knowledge of both Board and Committee members. Board members are expected to complete The Pensions Regulator's (TPR) online Toolkit. Board members have access to Hymans Robertson's LGPS Online Learning Academy (LOLA), which offers a range of training modules.

Pension Fund Committee Decisions

The Board was scheduled to review the decision-making processes of the Pension Fund Committee. The Board was scheduled to consider the minutes of the Committee meetings held on 2 April and 16 June 2025, and the agenda pack from the meeting held on 15 September 2025.