The Brent Pension Board met on Thursday 06 November 2025 to discuss a range of updates on pension administration, the Local Government Pension Scheme (LGPS), investment monitoring, and the Fund's risk register. Key decisions included noting the pension administration update, approving the LGPS update, and noting the risk register.

Pension Administration Update

The Board received an update on the performance of Local Pensions Partnership Administration (LPPA) for the quarter ending 30 June 2025. Overall operational casework performance was 98.9% against Service Level Agreements (SLAs). The average contact centre wait time was 3 minutes and 58 seconds, slightly longer than the previous quarter, with 64% of calls answered within four minutes. Eight new complaints were received, a marginal improvement on the previous quarter.

Regarding Annual Benefit Statements (ABS), 99% of active ABS and 95.4% of deferred ABS were issued by the statutory deadline of 31 August 2025. However, due to complexities with the McCloud remedy¹ implementation, Brent exercised its discretion to defer the production of fully McCloud compliant ABS until 31 August 2026. The Pensions Dashboard² connection date of 31 October 2025 is at risk due to issues with the IT health check stage, with LPPA expecting to connect by the end of the year.

Local Government Pension Scheme (LGPS) Update

John Smith, Pensions Manager for Brent Council, provided an update on key developments within the LGPS regulatory environment. The Pensions Commission³ has been revived to take a holistic view of UK pension provision, aiming to improve retirement outcomes, particularly for lower-income individuals, and to encourage saving.

A consultation on Scheme improvements (access and protections) has been launched, proposing to increase the normal minimum pension age to 57 from April 2028, with protected pension ages for certain members. The consultation also covers reinstating LGPS pensions for councillors and mayors in England, with proposals to treat them as closely as possible to other LGPS members. Changes are also proposed regarding academies and New Fair Deal arrangements for outsourced workers, aiming to ensure continued access to the LGPS.

Risk Register

George Patsalides, Finance Analyst for the Brent Pension Fund, presented the updated Risk Register. Key changes included updates to commentary and risk scores for Payroll Migration, Pensions Dashboard, Annual Benefit Statements, Fund Solvency, and inflation. A new section for investment risks is being considered. The Board noted the report and the proposed changes.

Training Update

George Patsalides also provided an update on the LGPS Online Learning Academy (LOLA). All Pension Board members have completed the mandatory eight modules. Members were encouraged to periodically revisit the Current Issues module to stay updated on legislative changes and best practices.

Investment Monitoring Report - Q2 2025

Salman Shah, Head of Finance, presented the Brent Pension Fund Q2 2025-26 Investment Monitoring Update. The Fund posted positive returns over the quarter, with a valuation of £1.36 billion, an increase from £1.32 billion in March 2025. Global equities were the main driver of returns, with technology sectors performing particularly well. The Fund gained 3.2% over the quarter, slightly outperforming its benchmark. Yearly returns stood at approximately 5.7%. Government bond holdings were largely flat. Councillor Kabir raised a question about the forecast for government bonds, noting their volatility and the government's encouragement to purchase them. Salman Shah explained the complexities of predicting bond market performance but highlighted that current yields are more attractive than in previous years.

Brent Pension Annual Report & Accounts 2024/25

Salman Shah presented the draft Pension Fund Annual Report & Accounts for the year ending 31 March 2025. The value of the Pension Fund's investments increased to £1.31 billion. The report covers investments, performance, administration, governance, and risk management, and has been mapped against new guidance documents. The audit fieldwork for the pension fund accounts is substantially complete, pending the completion of the council's audit. No major issues have been identified, and a clean audit opinion is anticipated. The Board noted the report and expressed thanks to the officers for their work.

2025 Triennial Valuation Update & Funding Strategy Statement

Salman Shah provided an update on the 2025 Triennial Valuation. The valuation assesses the Fund's financial position, sets employer contribution rates, and reviews the Funding Strategy Statement (FSS). The initial results show an improvement in the Fund's funding position, with assets (£1.313bn) exceeding liabilities (£1.162bn), resulting in a surplus of £151m and a funding level of 113%. This is a significant improvement from the 87% funding level at the 2022 valuation. The FSS is being reviewed to align with updated guidance, and a draft will be consulted with employers before being presented for formal ratification in February 2026.

LAPFF Engagement Report

Salman Shah presented the LAPFF Engagement Report for Q2 2025. The report detailed LAPFF's engagement activities with companies on issues such as water stewardship in the mining sector (Glencore, Antofagasta, Anglo American, Freeport-McMoRan), climate transition planning with housebuilders (Taylor Wimpey), human rights in the luxury goods sector (LVMH, Moncler), decarbonisation in steelmaking (ArcelorMittal), and executive pay (Standard Chartered, IHG). The report highlighted both achievements and ongoing areas of engagement.

Next Steps

The Board noted the reports and the decisions made. The next meeting is scheduled for Monday 23 March 2026.