The Local Pension Board of Enfield Council met on Wednesday, 11 March 2026, to review the performance of pension administration, discuss the pension administration and communications strategies, and approve the work programme and budget for the upcoming year. Key discussions also included an update on the triennial valuation and feedback from employers, as well as the Local Authority Pension Fund Forum's quarterly engagement report.

Quarterly Monitoring Report of Pensions Administration Performance Targets & Indicators

The Board received an update on the quarterly monitoring report for pensions administration performance targets and indicators, which included the risk register. This report detailed various developments within the Local Government Pension Scheme (LGPS), such as proposed government changes allowing certain members to access benefits before age 57, and the eligibility of councillors and mayors to join the LGPS from April 2026. The report also highlighted proposed changes to rules for academies seeking to substitute administering authorities, and the extension of protections for LGPS members transferred during outsourcing contracts. Statistics on employer contributions showed a reduction due to advance payments. The September 2025 Consumer Prices Index (CPI) rate was noted as 3.8 per cent. Guidance from the Pension Administration Standards Association (PASA) on Artificial Intelligence (AI) in pensions administration was published, and The Pensions Regulator (TPR) issued scheme return notices. A key milestone for the Pensions Dashboards Programme (PDP) was reached, with the London Borough of Enfield Pensions Team successfully uploading its data by the statutory deadline. Updates were also provided on the Scheme Advisory Board and the transfer of pension benefits for Oasis Academy. The Enfield Pension Administration Team reported being fully staffed, with good team performance and progress on various projects. Key Performance Indicators (KPIs) showed an increase in completed tasks compared to the previous year, and the risk register, while still extensive, was noted to have some items nearing completion or with amended risk levels.

Pension Administration Strategy

The Board was presented with an update on the review of the Pension Administration Strategy. The strategy's purpose is to establish a clear framework for the effective and efficient management of pension scheme administration, ensuring compliance with legislation and best practice. It sets out standards, procedures, and responsibilities for administering the Enfield Pension Fund to deliver high-quality services to members and employers, promote transparency, and maintain the integrity of fund operations. The strategy was due for review in March 2026 to ensure it remained up-to-date with current best practices and legislation. An updated version was presented for the Board's feedback. The strategy aligns with the Council's plans and strategies by ensuring the Enfield Administering Authority complies with LGPS regulations and associated legislation, as well as requirements set by The Pensions Regulator.

Communications Strategy

An update was provided on the review of the London Borough of Enfield Pensions Communication Policy. The policy aims to ensure clear, accurate, and timely information is provided to all stakeholders, including scheme members and employers, promoting transparency and understanding of the Fund's operations, procedures, and benefits. It also outlines the methods and frequency of communications in line with statutory requirements and best practices. The policy was due for review in March 2026 to align with current best practices and legislation. The updated policy was presented for the Board's feedback and aligns with the Council's plans and strategies by ensuring compliance with LGPS regulations and requirements from The Pensions Regulator. The policy details communication objectives for scheme members, employers, senior managers, elected members, and union representatives, emphasizing clarity, accessibility, and engagement. It also outlines access to communication, including digital and paper formats, and future developments such as the Pensions Dashboard project and enhanced employer engagement.

Pension Board Work Programme, Budget and Terms of Reference 2026-27

The Board was asked to note the contents of the report outlining the Pension Board work plan for 2026-27, the operating budget for the Pension Fund, and the Board's terms of reference. The work plan, presented in Appendix B, details planned activities for the upcoming financial year, including reviews of committee meetings, administration performance, investment strategy, and various policy documents. The Pension Fund budget for 2026-27 was presented, totalling £14.7 million, with significant allocations for investment management expenses. The Board was encouraged to provide comments on the budget. The Board's terms of reference for 2026-27 were also presented in Appendix A, outlining the Board's role in assisting the Administering Authority to secure compliance with regulations and ensure effective governance and administration of the LGPS.

Triennial Valuation Update (Including Funding Strategy Statement and Feedback from Employers)

The Board received an update on the 2025 triennial valuation, which assesses the financial health of the Fund by reviewing its assets, liabilities, and long-term funding position. The report detailed feedback received from participating employers, specifically Southgate School and Ivy Learning Trust, regarding their contribution rates and the rationale for maintaining a 16% employer contribution floor as part of the Funding Strategy Statement (FSS) for the 2025–2028 valuation cycle. Both employers queried the modest reductions in their contribution rates compared to other LGPS funds and highlighted their improved funding positions. The report explained that cross-fund comparisons can be misleading due to differences in membership demographics, investment strategies, and funding levels. It was emphasised that the Fund's modelling framework is designed to deliver stable and affordable employer contribution rates, and the 16% minimum rate is considered prudent to protect the Fund's long-term solvency and avoid sharp rate movements driven by short-term market conditions. The report concluded that maintaining the 16% floor aligns with the FSS objectives of prudence, stability, long-term cost efficiency, and inter-employer fairness.

LAPFF Quarterly Update

The Board received an update on the Local Authority Pension Fund Forum (LAPFF) quarterly engagement report for the quarter ending December 2025. LAPFF, comprising 71 local authority pension funds, aims to promote investment interests and maximise shareholder influence for corporate social responsibility and good governance. The report highlighted engagements on climate transition plans, with a letter sent to FTSE 100 companies urging shareholder votes on their climate transition strategies. Engagements also covered the steel industry's progress in commercialising low-carbon steel, and the Energy Transition Platform's work in Asia, focusing on financial institutions and coal-exposed power companies. Social and governance issues, including human rights in mining, employment standards, and supply-chain due diligence in electric vehicles, were also discussed. The report noted ongoing work on the Employment Rights Act 2025 and its implications for zero-hours contracts, as well as engagements with electric vehicle manufacturers regarding supply chain due diligence.

Minutes of PPIC

The draft minutes of the Pension Policy and Investment Committee (PPIC) meeting held on 19 November 2025 were noted. These minutes covered discussions on the consultation for councillor membership in the LGPS, the progress of investment transfers to London CIV, and the Enfield Pension Fund Annual Report. The PPIC also reviewed the whole fund results and Funding Strategy Statement, approving the draft FSS for consultation with employers.

The meeting concluded with members noting the dates for future meetings and the exclusion of the press and public from any Part 2 agenda items.