The Pension Board of Waltham Forest Council scheduled a meeting to discuss the pension fund's annual report and accounts, investment performance, risk management and administration. They were also scheduled to discuss training and a consultation on scheme improvements.

Pension Fund Annual Report and Accounts

The Pension Board were scheduled to note the draft Pension Fund Annual Report for 2024/25, which included the Pension Fund Accounts, the Investment Strategy Statement, the Funding Strategy Statement, and the draft Risk Register. According to the draft report:

• As of 31 March 2025, the Pension Fund investments were valued at £1,079.5m, an increase of £10.4m since the previous year end.
• The Fund underperformed against benchmarks by 6%.
• As at March 2025 LB Waltham Forest Pension Fund was ranked 92nd in the LGPS universe, which is no change from 2024.

The annual report included a Governance Compliance Statement and a Statement of Compliance with the CIPFA Skills & Knowledge Framework¹.

Pension Expenses and Performance

The Pension Board were scheduled to receive a report providing a summary of expenses for the quarter ended June 2025, with a forecast outturn, and an update on the performance of the fund's investments for the same period. According to the report, as of 30 June 2025, the Pension Fund investments were valued at £1,138.8m, which is an increase of £50.5m since 31 March. The report also noted that the Fund was not currently on target to meet its overall strategic target.

Risk Management

The Pension Board was scheduled to consider the Pension Fund Risk Register. According to the Risk Management Report, the Pension Officer was scheduled to discuss the Amber and Yellow risks in detail, to ensure that the Pension Board was familiar with these risks and mitigations. The report included tables showing the 11 Yellow risks and the 4 Amber risks. The Amber risks were:

• Funding Risk
• Investment Pooling Risk
• Manager Performance Risk
• Responsible Investment, Environmental, Social and Governance (ESG) Risk

Pension Administration

The Pension Board was scheduled to receive a report setting out developments in relation to the pension administration partnership with the Pension Shared Service (PSS). The report covered performance statistics, complaints and Quality Questionnaires for Q1 June 2025 and Q2 September 2025 along with other key items during this period. The report also included an update on Pension Dashboards².

Training

The Pension Board was scheduled to receive a Training Report setting out developments in relation to the training that members of the pension board, Committee and Officers have undertaken. The report asked Pension Board members who have not already done so to complete their Training Needs Assessments. Training was scheduled to be provided on administration and current topics, and on the LGPS Consultation: Scheme Improvements (access and Protections).

LGPS Consultation

The Pension Board was scheduled to receive information concerning the government consultation on Local Government Pension Scheme England and Wales: Scheme Improvements (access and protections). The proposals included:

• proposals to amend the normal minimum pension age to 57
• proposals to extend access to the scheme for councillors and mayors in England
• proposals to put criteria for application for direction into legislation
• proposals to implement Fair Deal protections in the LGPS