The Local Pension Board of Redbridge Council met on Monday 29 June 2026 to review the current state of the pension fund and its investments, and to consider the board's work programme for the upcoming year. The meeting's agenda included a detailed update on pension fund matters as of 31 March 2026, alongside a review of the board's work programme.

Current Update on Pension Fund Matters

A significant portion of the meeting was dedicated to a comprehensive update on the pension fund's status as of 31 March 2026. This included an overview of the performance of the Pension Fund's investments. The report highlighted that the total value of the Fund at the end of March 2026 was £1,160 million, a decrease of £21 million from the previous quarter.

The report indicated that the Fund had underperformed its benchmark over the reporting quarter, with a return of (1.47)% compared to the benchmark's (0.25)%. Over a twelve-month period, the Fund also lagged its benchmark by (0.54)%. However, over a ten-year period, the Fund had achieved an annual return of 6.74%, outperforming its benchmark by 0.29% per annum.

The update also covered various topical issues, including ongoing work related to the McCloud Judgement, which aims to identify and remedy eligible members within the Local Government Pension Scheme (LGPS). Councillors had recently regained eligibility to join the LGPS, with information sessions and packs provided to them. The report also touched upon the upcoming changes from the LGPS (Pooling, Management and Investment of Funds) Regulations 2026 and the LGPS (Amendment) Regulations 2026, which introduce new governance requirements.

Furthermore, the report noted that certain calculations, including non-club transfers and cash equivalent values for divorce, had to be suspended due to an announced increase in SCAPE (Superannuation Contribution Adjusted for Past Experience) discount rates. The Pension Dashboard was also mentioned, with data now being loaded daily in preparation for its go-live in October.

In terms of administration performance, the team met three out of four key performance indicators for the quarter, demonstrating continued efficiency in meeting statutory obligations. The report detailed the Fund's asset allocation, noting that it was broadly aligned with the strategic benchmark, although some mandates were slightly overweight or underweight. The cash balances held on behalf of the Pension Fund at 31 March 2026 were £8.985 million.

Work Programme

The board was also scheduled to review its work programme for the 2026/2027 period. This forward plan outlines the reports and topics that the Local Pension Board is expected to consider in upcoming meetings, aligning with its Terms of Reference. The draft work programme was presented for the board to note.

The meeting also included standard agenda items such as apologies for absence, declarations of interest, and the draft minutes of the previous meeting held on 16 March 2026. A motion to exclude the public was also listed, indicating that an exempt appendix related to the pension fund matters would be discussed in private.

The Local Pension Board is responsible for overseeing the governance and administration of the Redbridge Council Pension Fund. The board's membership includes employer representatives and scheme member representatives, ensuring a balanced perspective on pension matters. The meeting was scheduled to take place at the Town Hall, High Road, Ilford IG1 1DD.