The Pensions Committee of Havering Council convened on Tuesday 25 June 2024 to discuss several key issues, including the approval of the Pension Administration Budget for 2024-2025, the administration of Cleantech investments to the Pension Fund, and a review of the Pension Fund Administration Policy. Decisions were made on the budget and the administration of Cleantech investments, while the review of the administration policy was noted for further consideration.

Pension Administration Budget for 2024-2025

The committee approved the Pension Administration Budget for 2024-2025. The budget outlines the financial plan for managing the pension fund, including administrative expenses and projected costs. The key arguments in favour of the budget highlighted the need for adequate resources to ensure efficient pension administration and compliance with regulatory requirements. No significant opposition was noted during the discussion.

Administration of Cleantech Investments to the Pension Fund

The committee also approved the administration of Cleantech investments to the Pension Fund. This decision aligns with the council's commitment to sustainable and responsible investing. Councillors discussed the potential benefits of Cleantech investments, including long-term financial returns and positive environmental impact. One councillor remarked, Investing in Cleantech not only supports our financial goals but also our environmental responsibilities, highlighting the dual benefits of this investment strategy.

Review of Pension Fund Administration Policy

A review of the Pension Fund Administration Policy was presented to the committee. The review aims to ensure that the administration of the pension fund remains effective and compliant with current regulations. The committee noted the review and agreed to consider the recommendations in future meetings. The discussion emphasized the importance of maintaining robust administrative practices to safeguard the interests of pension fund members.

Pension Fund Accounts and Monitoring Reports

The committee reviewed the Pension Fund Accounts for 2023-2024 and the Investment Monitoring Report. These documents provide a comprehensive overview of the fund's financial performance and investment activities. The committee acknowledged the reports and discussed the importance of ongoing monitoring to ensure the fund's financial health.

Business Plan for 2023-2024

The Business Plan for 2023-2024 was also reviewed. The plan outlines the strategic objectives and priorities for the pension fund over the coming year. The committee discussed the plan's alignment with the council's broader financial and strategic goals, noting the importance of clear objectives to guide the fund's management.