The Redbridge Council Local Pension Board met to discuss current pension fund matters, including investment performance and scheme administration. The board reviewed the performance of the Pension Fund's investments as of June 30, 2025, and noted the progress of the Pensions Dashboard roll out. The board also agreed to exclude the public to discuss exempt information.

Current Update on Pension Fund Matters

The Local Pension Board received an update on pension fund matters as of 30 June 2025. The report provided an overview of the performance of the Pension Fund's investments and scheme administration.

Pension Fund Investment Performance:

• As of June 30 2025, the Pension Fund was valued at £1,094.180 million.
• The Fund's performance for the quarter ending June 30, 2025, was 4.04%, outperforming the benchmark return of 3.31%.
• The Fund has outperformed its benchmark over the quarter and 3 years but under-performed over 1 and 5 years.
• The report detailed the fund's investment managers and their performance objectives, including Schroders, LCIV, Baillie Gifford, Legal & General, Stepstone, Aviva, Insight Investment, Pimco, CQS, CBRE, and Octopus Investments.
• The report included tables and charts illustrating the fund's performance, asset allocation, and strategic asset allocation.

Pension Scheme Administration:

• The report included performance indicators for key administrative tasks, such as sending confirmation to new members, calculating deferred pension benefits, and issuing retirement benefits.
• The team is meeting targets for sending out confirmation to new members and issuing statutory notices, achieving 100% for both.
• There has been improvement in calculating deferred pension benefits, with performance rising from 32% to 78%.
• Issuing of retirement benefits is at 92%.
• The report noted that the Pensions Dashboard roll out was progressing well and on target to meet the deadline.
• The report also noted the possibility of retaining independent advice in relation to LCIV Pooled investments, despite the Pool providing their own investment advice from next year, and that there would be a cost to this.

Fairness Implications:

• The report stated that there were no implications arising from the report with regard to fairness, equality and diversity.
• The report detailed the council's duty under section 149 of the 2010 Act¹ to have 'due regard' to the need to eliminate discrimination, advance equality of opportunity and foster good relations between people who share a relevant protected characteristic and those who do not.

Report of Previous Meeting

The board approved the minutes of the meeting held on 5 June 2025, agreeing that they were an accurate record. Apologies for absence were received from Councillor Neil P. Zammett and Doreen Daly.