Request support for Havering

We're not currently able to provide detailed weekly summaries for Havering Council. We need support from the council to:

  • Ensure we can reliably access and process council meeting information
  • Cover the costs of processing and summarizing council data
  • Maintain and improve the service for residents

You can help make this happen!

Contact your councillors to let them know you want Havering Council to support Open Council Network. This will help ensure residents can stay informed about council decisions and activities.

If you represent a council or business, or would be willing to donate to support this service, please contact us at community@opencouncil.network.

AI Generated

Weekly updates

Havering Council Approves 2024-25 Pension Budget & Cleantech Fund Transfer

This week, the Havering Council held a Pensions Committee meeting on Tuesday, 25 June 2024. The committee discussed several important matters related to the London Borough of Havering Pension Fund. Here are the key decisions and discussions from the meeting:

Pension Fund Accounts 2023-24

The committee reviewed the audited accounts for the Pension Fund for the fiscal year 2023-24. The accounts revealed that the fund had a market value of £1.84 billion at the end of March 2024. Unfortunately, the fund returned -1.2% during the year, underperforming its custom benchmark return of -0.5%. Despite this underperformance, the accounts were noted by the committee.

Pension Administration Budget 2024-25

The committee approved the Pension Administration Budget for the upcoming fiscal year 2024-25. This budget, which covers costs such as staff, office, and IT expenses, totals £1.904 million. This represents a 7.3% increase (£129,000) from the previous year.

Administration of the Cleantech Fund

A significant decision was made to transfer the administration of the Cleantech Fund to the Pension Fund team. This move aims to provide members of the Cleantech Fund with the same high level of administrative support currently enjoyed by Pension Fund members. The committee approved this transfer.

This will provide a number of advantages. Primarily it will give members of the Cleantech fund access to the same high level of administrative support that is currently enjoyed by members of the Pension Fund.

Pension Fund Monitoring Report

The committee received a performance report for the first quarter of 2024-25. The report indicated that the Pension Fund had outperformed its benchmark during this period, a positive sign amidst the previous year's underperformance.

Pension Fund Business Plan

The committee reviewed the Pension Fund's Business Plan for 2023-24. This plan outlines the fund's objectives, investment strategy, and risk management framework, providing a roadmap for future operations.

Review of Pension Fund Administration Policy

Lastly, the committee considered a report recommending changes to the Pension Fund's Administration Policy. These changes were mainly administrative and did not affect the overall policy. For example, one change updated the notification timeline for applicants:

To change the wording 'The Pensions Manager will notify the applicant in writing of the decision within 10 working days' to 'The Pensions Manager will notify the applicant in writing of the decision as soon as possible.'

Understanding the workings of the Pensions Committee is crucial as it impacts many residents relying on the Pension Fund for their future financial security. The decisions made in these meetings shape the administration and performance of the fund, affecting its sustainability and reliability.

Recent meetings
Governance Committee

Governance Committee - Tuesday, 6th May, 2025 7.00 pm

12 attendees, 9 documents, 0 media files

May 06, 2025
Appointments Sub Committee

Assistant Director of Planning, Appointments Sub Committee - Thursday, 1st May, 2025 9.30 am

7 attendees, 2 documents, 0 media files

May 01, 2025
People Overview & Scrutiny Sub Committee

People Overview & Scrutiny Sub Committee - Tuesday, 29th April, 2025 7.00 pm

14 attendees, 16 documents, 1 media files

April 29, 2025
Planning Committee

Planning Committee - Thursday, 24th April, 2025 7.00 pm

7 attendees, 10 documents, 2 media files

April 24, 2025
Audit Committee

Audit Committee - Thursday, 17th April, 2025 7.00 pm

16 attendees, 21 documents, 0 media files

April 17, 2025
Overview & Scrutiny Board

Overview & Scrutiny Board - Wednesday, 16th April, 2025 7.00 pm

16 attendees, 12 documents, 1 media files

April 16, 2025
Joint Health Overview & Scrutiny Committee

Joint Health Overview & Scrutiny Committee - Tuesday, 15th April, 2025 4.00 pm

15 attendees, 18 documents, 2 media files

April 15, 2025
Strategic Planning Committee

Strategic Planning Committee - Thursday, 10th April, 2025 7.00 pm, WITHDRAWN

0 attendees, 0 documents, 0 media files

April 10, 2025
Cabinet

Cabinet - Wednesday, 9th April, 2025 7.00 pm

13 attendees, 52 documents, 2 media files

April 09, 2025
Local Pension Board

Local Pension Board - Tuesday, 8th April, 2025 4.00 pm

11 attendees, 36 documents, 0 media files

April 08, 2025
Upcoming meetings
Cabinet

Cabinet - Wednesday, 7th May, 2025 7.00 pm

May 07, 2025
Health & Wellbeing Board

Health & Wellbeing Board - Wednesday, 7th May, 2025 1.00 pm

May 07, 2025
Strategic Planning Committee

Strategic Planning Committee - Thursday, 8th May, 2025 7.00 pm

May 08, 2025
Council

Annual Council, Council - Wednesday, 21st May, 2025 7.30 pm

May 21, 2025