The Pension Board of Waltham Forest Council met on Monday 29 June 2026 to discuss the draft pension fund accounts, audit plan, and reports on pension administration and management expenses. The meeting also included training sessions and updates on the Fit for the Future regulations impacting the Local Government Pension Scheme (LGPS).

Draft Pension Fund Accounts and Audit Plan

The Board was scheduled to consider the draft Pension Fund Accounts for the year ended 31 March 2026, presented by Satwinder Chandla, Pensions Manager – Governance and Compliance. These accounts, detailed in Appendix 1 of the report pack, provide an overview of the fund's financial position, including the Pension Fund Account and Net Assets Statement. The report indicated that the total fund value as of 31 March 2026 was £1,138.6m, a decrease of £59.6m from the previous quarter. The accounts also detailed significant movements in investments, such as purchases for the LCIV Nature Based Solutions Fund and LCIV Private Debt II Fund, and redemptions from the LCIV Global Equity Focus Fund.

KPMG's Audit Plan for the year ending 31 March 2026 was also presented. The plan outlined the audit strategy, including the planned scope, materiality levels, and identified risks. Key risks highlighted included management override of controls, completeness and accuracy of investments, and the valuation of investments. The audit approach would involve substantive testing and direct confirmations from custodians and investment managers.

Pension Administration Service Report

A report on the Pension Administration Service, authored by Nadia Rabah (Principal Accountant - Pensions) and Martin Doyle (Assistant Director of Pension Shared Service), was scheduled for discussion. This report covered performance statistics, complaints, and Quality Questionnaire responses for the fourth quarter of the 2025/26 financial year. The report indicated that overall performance was maintaining a high standard, with 98.27% of key work items meeting targets, exceeding the target of 96.7%. A significant development highlighted was the move from a paper-based annual life certificate process for overseas pensioners to a digital proof of life / existence verification service provided by Mortality Manifest (MM). This change aims to reduce fraud risk, improve operational efficiency, and enhance member convenience. The report also detailed employer performance, noting that 17% of employers submitted zero-error data throughout the year, while 51% were in the red category for data quality. Invoices were raised for late or high error-rate submissions, with Waltham Forest accounting for £17,950.00 of the total £23,325.00 raised across all funds.

Management Expenses and Performance Report

Satwinder Chandla also presented a report on Management Expenses and Performance for the quarter ended March 2026. The report detailed the performance of the fund's investments, which were valued at £1,138.6m as of 31 March 2026. The report noted that the fund's overall strategic target was on track, with a 3-year return of 5.5% against a benchmark of 11.4% per annum. However, the fund underperformed its benchmark for the quarter and the preceding year, with specific underperforming managers identified, including LCIV (Longview) – Global Equity Focus Fund and LCIV (Baillie Gifford) – Global Alpha Growth Paris Aligned Fund. The report also provided a summary of management expenses for 2025-26, indicating a total expenditure that exceeded the budget by £223k, primarily due to increased actuarial fees and investment advisory services related to the new investment strategy, as well as software costs for the Pension Shared Service (PSS).

Fit for the Future Regulations

The Board was scheduled to receive information regarding the Fit for the Future Regulations, which are set to become effective on 30 June 2026. Debbie Drew, Assistant Director of Pensions and Treasury Management, was to provide an update on the government requirements stemming from these regulations. The report highlighted that the regulations mandate participation in asset pools, transfer of asset management to these pools by 1 July 2026, and the formulation and publication of updated Investment Strategy Statements (ISS) by 31 March 2027. Governance regulations require the publication of a Governance Strategy, Training Strategy, and a Conflicts of Interest Policy by 31 December 2026.

Training

The meeting agenda included training sessions, with a specific report on training provided by Debbie Drew. This report outlined that all Training Needs Assessments had been completed by Pension Committee members. Board members were recommended to complete Hymans training modules by the next Board meeting. The report listed various Hymans online training modules covering LGPS legislation, governance, funding strategy, administration, financial strategy, investment, risk management, procurement, and climate change. Members were required to complete all refreshed modules within three months of the meeting and revisit them annually.

The meeting was scheduled to be held in the Melsetter Suite at Waltham Forest Town Hall.