The Pension Board of Harrow Council met on Thursday 4 December 2025 to discuss updates on pension administration, the review of Pension Fund Committee items, and compliance with The Pensions Regulator's (TPR) Code of Practice. Key decisions included noting the pensions administration update and agreeing to scrutinise reports on TPR compliance.

Pensions Administration Update with Key Performances

The Board received an update on the administration performance of the fund for the quarter ending 30 September 2025. A total of 2,566 tasks were completed, with 71.32% finished within the Key Performance Indicator (KPI) target time. This represents a slight decrease in KPI compliance compared to the previous quarter, despite an increase in the total number of tasks completed. The report noted that there were no new complaints during the period and one Pension Ombudsman appeal was being progressed. A life certificate exercise identified 413 pensioners who had not responded, with their pensions set to be suspended from January 2026 if no response is received. Work has also commenced on procuring a new pensions administration system, with approval obtained from Cabinet and the use of the National LGPS Framework. The Board noted the report.

Review of Pension Fund Committee Items

The Board reviewed matters considered by the Pension Fund Committee at its meeting on 17 November 2025. This included a summary of the draft Funding Strategy Statement, an update on the London CIV and LGPS pooling, the Pension Fund Key Risk Register, and monthly fund valuations. The Committee had approved a draft Responsible Investment Policy, which commits to a net zero 2050 target. The Board noted the report and was asked to provide comments.

The Pensions Regulator (TPR) Code of Practice

The Board was presented with a report detailing the Harrow Pension Fund's compliance with The Pensions Regulator's (TPR) new General Code of Practice (GCOP), which came into effect in March 2024. A self-assessment, supported by consultants Hymans Robertson, identified areas where compliance was not yet complete. The report highlighted that while the Fund was fully compliant with the Advisers and Service Providers chapter, there were areas of partial or incomplete compliance in other chapters, including Knowledge & Understanding, Risk Management, and Scheme Governance. The Board was asked to scrutinise these reports and provide feedback to the Pension Fund Committee. Actions to achieve full compliance include reviewing and updating various policies, such as the Terms of Reference for the Pension Board and Committee, the Risk Management policy, and the Breaches policy. These updates are planned for the next municipal year, with a target completion date to be provided.

The Board also noted the Pensions Administration Update with Key Performances report, which detailed the fund's performance for the quarter ending 30 September 2025. The report indicated that 71.32% of tasks were completed within KPI targets, and there were no new complaints during the period.

The Board was also presented with the Review of Pension Fund Committee Items report, which summarised the Pension Fund Committee's meeting on 17 November 2025. This included updates on the draft Funding Strategy Statement, the London CIV and LGPS pooling, the Pension Fund Key Risk Register, and monthly fund valuations. The Committee had approved a draft Responsible Investment Policy with a net zero 2050 target.

Finally, the Board reviewed the report on compliance with The Pensions Regulator's (TPR) General Code of Practice (GCOP). The self-assessment, conducted with Hymans Robertson, identified areas requiring further action, including policy reviews and the development of written procedures. The Board agreed to scrutinise these reports further and provide feedback to the Pension Fund Committee.