Barnet Pension Board is seeking to recruit a new member to join its ranks, playing a crucial role in overseeing the effective governance and administration of the Barnet Pension Fund.
The Local Pension Board, established by Act of Parliament, provides independent oversight of the Pension Fund's management and administration. Its duties include ensuring compliance with Local Government Pension Scheme (LGPS) regulations and guidance, as well as overseeing the Pension Fund's risk registers and financial reporting. The board's 2025/26 annual report highlights several key areas of focus, including monitoring compliance with LGPS Regulations and guidance, oversight of the Pension Fund risk registers, review of compliance with The Pensions Regulator's General Code of Practice, regular review of administration performance reports, and monitoring progress against the Data Improvement Plan.
Professor Geoffrey Alderman, Chair of the Local Pension Board, highlighted the rigorous and independent nature of the board's work in his foreword to the board's annual report. He also thanked fellow board members and council officers for their contributions.
Prospective members are expected to possess the appropriate skills, knowledge, and understanding to fulfil their role effectively. This includes sufficient knowledge to make informed decisions, scrutinise information, and challenge professional advice where necessary. Key areas of understanding encompass governance, funding, investment administration, and the wider LGPS framework. Specifically, individuals must be conversant with LGPS rules, understand the Fund's key governance, funding, investment, administration, and communications policies, and possess knowledge of pensions law and related governance matters, maintaining this knowledge on an ongoing basis.
The board's terms of reference were updated following recent appointments. These updates were approved at the Full Council meeting on 7 July 2026, following the Local Elections in May 2026. An additional Councillor was appointed to ensure appropriate political representation, and recommendations were made to appoint a second Independent Member and a substitute Independent Member due to the high quality of applications received.
The board's annual report for 2025/26 details its activities, including governance and compliance matters, training undertaken by members, and its forward work plan. The report also notes a current vacancy on the board, which officers are working to fill. Training is provided to ensure ongoing compliance with regulatory requirements.
Regarding time commitment, while the Training Strategy and Policy for the London Borough of Barnet Pension Fund
document outlines a minimum of 18 hours per year for training for Pension Fund Committee Members, this implies a commitment beyond just attending meetings.
Board members are entitled to an allowance of £127 for attending meetings and training. Payments for attendance are met from the Members Allowances budget, which holds a provision of £10,000 in total for payments to Board Members, Co-Opted Members, Independent Members, and Advisors to committees and boards.
The Risk Management Review
report identifies the highest residual risks requiring ongoing monitoring as 'Investment Strategy, Asset Allocation and Performance', 'Cyber Security Breach', 'Strategic Suppliers, Advisers and Third-Party Providers', 'Business Continuity and Operational Resilience', 'Employer Contributions', and 'GDPR Compliance'. The report also highlights ongoing exposures relating to administration processes, data quality, maladministration, workforce capacity, funding, inflation, actuarial assumptions, legislative and regulatory change, responsible investment, climate change, ESG considerations, liquidity management, cash flow forecasting, fraud prevention, unauthorised payments, financial reporting, and statutory accounts compliance.
