The Pensions Committee of Havering Council was scheduled to discuss a range of important matters concerning the management and performance of the Havering Pension Fund. Key topics included a review of investment consultancy services, the performance of the fund's custodian, and the actuarial service. The committee was also set to consider the annual report for the financial year ending March 2025, alongside the fund's risk register and a review of its governance compliance statement.

Investment Consultant Objectives

The committee was scheduled to review the performance of the investment consultant, Hymans Robertson (Hymans), for the period of 1 October 2024 to 30 September 2025. The report outlined recommendations to agree changes to the current objectives, note the views of officers on Hymans' performance against strategic objectives, and agree to commence procurement of Investment Management Consultancy Services via Lot 3 of the LGPS Investment Management Consultancy Services Framework. The report detailed Hymans's performance against six key objective themes, including demonstration of value added, delivery of specialist services, and proactivity of advice. It was noted that Hymans has provided investment advice to the Fund since April 2006. The report also highlighted the transition of assets to the London CIV asset pool and proposed adding three new objectives to support this transition.

Review of Custodian and Performance Measurement Service

A review of the custodial and performance measurement services provided by Northern Trust for the period 1 October 2024 to 30 September 2025 was scheduled for discussion. The report detailed the functions of the custodian, including the safe keeping and custody of assets, investment accounting and reporting, and performance measurement. Officers had assessed the service against a set of criteria using the RAG rating method, with all criteria assessed as GREEN . The committee was also asked to agree to the commencement of tendering for a new Custodial Services contract via the replacement LGPS 'National Framework for Global Custody Services'.

Review of Actuarial Service

The committee was scheduled to review the performance of the Havering Pension Fund's Actuary, Hymans Robertson, for the period 1 October 2024 to 30 September 2025. Hymans has been the Fund's Actuary since April 2010. The report detailed the various actuarial services provided, including valuation exercises, funding strategy statement preparation, accounting valuations, and ad-hoc advice. Officers expressed satisfaction with the service provided by Hymans, noting excellent response times and high quality of advice. The report also outlined the process for procuring a new Actuarial Services contract from the new National LGPS Framework.

Pension Fund Annual Report

The committee was to consider the draft Pension Fund Annual Report for the year ended 31 March 2025. This report, prepared in accordance with Regulation 57 of the Local Government Pension Scheme Regulations 2013, includes details on fund management, governance and training, financial performance, fund accounts, investments and funding, scheme administration, the actuarial report, and the external audit report. The report noted that the financial statements and external auditor's report would be inserted upon completion of the audit, with the draft report being published unaudited by the statutory deadline of 1 December 2025.

Pension Fund Risk Register

An update on the Havering Pension Fund Risk Register was scheduled for discussion. The register details potential risks the Fund may face and the controls in place to manage them, aligning with guidance from The Pensions Regulator and CIPFA. The report highlighted that the register is a live document, continually reviewed, and is a standing item on the Local Pensions Board agenda. The report also detailed the risk scoring matrix used, categorising risks by likelihood and impact, and provided an updated list of risks, including operational, strategic, and funding risks, along with their respective controls and recommendations.

Governance Compliance Statement

The committee was scheduled to review the Havering Pension Fund Governance Compliance Statement. This statement, prepared in accordance with Regulation 55 of the LGPS Regulations 2013, outlines the Fund's governance structure, delegation scheme, and the roles of the Pensions Committee and Local Pensions Board. The report noted that the Fund fully complies with best practice guidelines on governance issued by the Secretary of State, with areas of non-compliance being marked as n/a because the Fund does not operate secondary committees or panels. The committee was asked to approve amendments to the statement and consider the compliance checklist.