The Local Pension Board of Havering Council is scheduled to convene on Tuesday 13 October 2026. The meeting's agenda includes a comprehensive update on pension administration, a review of the draft investment strategy statement, and an examination of breaches, complaints, and dispute resolution procedures within the Havering Pension Fund. Additionally, the board will consider communication plans for the fund.

Pensions Administration Update

The board is scheduled to receive an update on pensions administration, covering the fourth quarter of the 2025-26 financial year and the first quarter of 2026-27. This update will detail the performance of the Local Pensions Partnership Administration (LPPA) against agreed service levels. Reports indicate that LPPA has consistently achieved performance levels above the 95% target for key case types, including active and deferred retirements, and death cases. However, satisfaction survey results for retirements remain a point of concern, with low response rates and mixed satisfaction levels reported. The report also details contact centre performance, data quality metrics, and complaint handling.

Draft Investment Strategy Statement Update

A significant item on the agenda is the review and consultation on the draft Investment Strategy Statement (ISS). This statement has been updated to align with the Local Government Pension Scheme (LGPS) Regulations 2026 and reflects the fund's updated investment strategy, funding objectives, and asset pooling arrangements. The ISS outlines four high-level investment objectives: a return objective of at least 5.5% per annum, a risk objective to maintain a funding level above 100% with at least a 75% likelihood over a 20-year horizon, a cashflow objective, and a local investment objective to invest up to 10% of funds in local assets that benefit the London Borough of Havering. The strategic asset allocation includes a target of 40% in listed equity, with other allocations to private equity, private credit, property, infrastructure, other alternatives, credit, and UK government bonds. The statement also details the fund's approach to responsible investment, stewardship, and local investment, with a target allocation of up to 10% for local investments within the London CIV pool area. The board's comments on the draft ISS will be provided to the Pensions Committee for consideration before its finalisation.

Havering Pension Fund Breaches, Complaints and IDRPs Review

The board is set to review the breaches, complaints, and Internal Dispute Resolution Procedure (IDRP) cases for the Havering Pension Fund during the 2025/26 period. A new Policy for Reporting Breaches of the Law, effective from 1 April 2025, replaced the previous Whistleblowing Policy. During 2025/26, three minor breaches were reported by LPPA, none of which were deemed material as they did not indicate a systemic issue and affected only one member on each occasion. A total of 25 formal complaints were received by LPPA concerning Havering Fund members, with the majority relating to delays in payment and a smaller number due to poor or inaccurate communication. Furthermore, five cases proceeded to stage 1 IDRP, with four concerning delays in benefit payments and one related to an incorrect increase applied to an Additional Regular Contribution (ARC) Contract.

Havering Pension Fund Communication Plans Review

The final review of the 2025/26 communications plan for members and employers will be presented, alongside the current progress against the 2026/27 plans. These plans aim to meet the criteria of the Communications Policy for the London Borough of Havering Pension Fund, focusing on communicating through appropriate mediums, educating stakeholders about the benefits of the LGPS, and improving member service. The report details key communications, their methods, and frequency, with appendices providing end-of-year positions against the 2025/26 plans and the progress made on the 2026/27 plans. While some gaps were noted in the 2025/26 communications, largely due to staff turnover, the overall requirements of the policy were met.