The Local Pension Board of Redbridge Council met on Monday 16 September 2019 to review the work of the Board, consider the Pension Fund's Annual Report and Accounts for 2018/19, and receive updates on current pension fund matters. The meeting also included a review of the Board's terms of reference and the development of a work and training plan for the upcoming year.

Review of the Work of the Local Pension Board 2018/19

The Board was scheduled to review its activities during the 2018/19 period. This review, detailed in the Review of the work of the Local Pension Board 2018/19 document¹, aimed to assess the Board's effectiveness in assisting the Administering Authority, the London Borough of Redbridge Pension Scheme², in complying with relevant regulations and requirements from The Pensions Regulator³. The report highlighted that the Board had held four meetings during the year, with full attendance from all members: Councillor Neil Zammett (Employer Member), Pauline Brown (Scheme Member Representative), Ian Coleman (Independent Member and Chair), Laura Kirman (Scheme Member Representative), and Iain Varah (Employer Member). The work undertaken included reviewing internal controls, key risks, the Board's terms of reference, investment strategy, and the Pension Fund Business Plan.

Pension Fund Annual Report and Accounts 2018/19

The Board was presented with the Pension Fund Annual Report and Accounts for 2018/19⁴. This report, which had been approved by the Governance and Assurance Committee⁵, detailed the Fund's financial performance, governance, investment, and administration arrangements for the year. Key financial highlights included a net return on investments of £46,609m and net assets of the scheme totalling £803.468m, representing an increase of approximately 4.1% on the previous financial year. The report also included policy documents such as the Pension Administration Strategy, Communication Policy Statement, Governance Compliance Statement, Investment Strategy Statement, and Funding Strategy Statement.

Current Update on Pension Fund Matters

An update on current pension fund matters was provided, covering various aspects of the scheme's operation. This included information on the dispatch of Annual Benefit Statements, which had been delayed due to the triennial valuation process, with an anticipated completion by the end of September. The report detailed the ongoing work of the Pension Administration Function, including efforts to improve member self-service through the Altair platform, data quality initiatives in preparation for the valuation, and team training. The Board was also informed about the 2018 Annual Governance and Administration Survey by The Pensions Regulator, highlighting key observations such as the importance of administration, data quality, and cyber security. Additionally, updates were provided on the Good Governance Report commissioned by the Scheme Advisory Board⁶ and the publication of The LGPS Community document by the Local Government Association⁷. The report also included an overview of the Pension Fund's investment performance as at 30 June 2019, noting an increase in the Fund's value to £834.539m.

Local Pension Board Terms of Reference

The Board was scheduled to review its Terms of Reference⁸, which were established following the Council's agreement on 19 March 2015. These terms outline the Board's constitution, membership, duties, and operational procedures, including its role in assisting the Administering Authority in securing compliance with regulations and ensuring effective governance and administration of the Local Government Pension Scheme⁹. No amendments were proposed to the existing Terms of Reference.

Pension Board Work and Training Plan 2019/20

An indicative work and training plan for the Pension Board for the 2019/20 year was presented for agreement. The work plan covers areas such as Governance and Compliance, Fund Administration, Pension Fund Investments, and topical matters. The training plan for Board Members includes updates on the Fund's policy statements, regulatory developments, governance, administration, investment management, and other topical issues. Training is to be delivered through various methods, including in-house sessions, external providers, and self-learning, and will be coordinated with the Pension Fund Committee where appropriate.