The Local Pension Board of Havering Council was scheduled to meet on Tuesday 14 April 2026 to review updates on pension administration and receive feedback from recent Pensions Committee meetings. The meeting's agenda included a review of the previous meeting's minutes and a detailed update on pension administration performance for the third quarter of the 2025-26 financial year.

Pensions Administration Update Q3 2025-26

The Board was scheduled to receive a comprehensive update on the administration of the Havering Pension Fund for the period of October to December 2025. This report, provided by the Local Pensions Partnership Administration (LPPA), detailed the performance against agreed service levels. Overall operational casework performance was reported at 98.7%, exceeding the 95% target set in the shared service contract. The report highlighted specific performance metrics for retirement (active and deferred) and death cases, all of which met or exceeded their respective service level agreements (SLAs).

The report also addressed ongoing work to manage cases outstanding for more than six months, with a focus on those initiated before 1 January 2024 and those commenced since. Progress was being made in processing these older cases. Customer satisfaction surveys for retirements indicated a mixed response, with a low number of members responding. However, contact centre satisfaction remained positive, with an average wait time of 3 minutes and 09 seconds, well within the 4-minute target. The report also detailed complaint handling performance, noting that LPPA received two complaints in Q3, with one upheld. Data quality scores from The Pensions Regulator (TPR) were also presented, showing a common data score of 98.2% and a scheme-specific data score of 93.2%.

The report also touched upon several ongoing projects, including the McCloud Remedy, which aims to rectify discrimination against younger scheme members, and the Pensions Dashboard, which will allow members to access their pension information online. The Efficiency and Service Improvement Programme (ESIP) was also mentioned, with new features for members and employers being implemented, such as a new Message Centre and an improved online leaver form.

Feedback from Recent Pensions Committee Meetings

The Board was scheduled to receive feedback from the Pensions Committee meeting held on 17 March 2026. This report provided a summary of key discussions and decisions made by the Pensions Committee, focusing on the fund's adherence to governance and administration standards.

Key items for discussion included the final results of the 2025 Actuarial Valuation, which indicated a surplus of £13 million and a funding level of 101%, a significant improvement from the 80% funding level in 2022. This improvement was largely attributed to higher future investment return assumptions. The Committee had approved the Draft 2025 Valuation Report, the Funding Strategy Statement (FSS), and delegated authority to finalise and publish these documents.

The Board was also to be updated on the 2026 Investment Strategy Statement (ISS), which had been revised in accordance with draft regulations. The Pensions Committee had approved the draft ISS, which included a revised strategic asset allocation, with increases in Private Equity and Property/Real Estate, and decreases in Credit and UK Government Bonds. The report also covered the Fund's investment performance for Q4 2025, noting a positive return of 2.04% for the quarter, although this was behind the tactical benchmark. The Voting and Engagement Report for 2025 was also to be reviewed, highlighting that managers continued to exercise over 99% of voting rights on themes such as climate, social responsibility, and supply-chain issues.

Finally, the report was to summarise the Fit for the Future governance and regulation updates, including legislative and regulatory changes expected from 1 April 2026, and the progress on asset pooling and the Investment Management Agreement (IMA) with London CIV. The Board was also to be informed of forthcoming governance requirements, such as the appointment of an LGPS Senior Officer and an Independent Person.