The Local Pension Board of Havering Council was scheduled to discuss the latest pensions administration update, review feedback from recent Pensions Committee meetings, and consider the overall performance of the Local Pensions Partnership Administration (LPPA).

Pensions Administration Update Q3 2025-26

The Board was set to receive an update on the pensions administration performance for the third quarter of the 2025-26 financial year, covering the period from October to December 2025. This report, authored by Caroline Guyon, Pensions Projects and Contracts Manager, detailed the performance of the Local Pensions Partnership Administration (LPPA) against agreed service levels.

Key areas of focus included:

• Casework Performance: The report indicated that overall operational casework performance was 98.7% against Service Level Agreements (SLAs), exceeding the 95% target. Specific performance figures for retirement (active and deferred) and death cases were provided, showing high completion rates within target timescales.
• Long-Term Cases: The report detailed ongoing monitoring and progress on cases outstanding for more than six months, with a focus on those initiated before January 2024 and those commenced after.
• Satisfaction Surveys: Retirement satisfaction survey results were noted as disappointing due to a limited number of responses. However, contact centre satisfaction scores remained positive, with 97.8% satisfaction for overall service and 69.2% for individual call handlers.
• Complaints: LPPA received two complaints during the quarter, with one upheld. The report also highlighted improvements in data quality scores, with common data at 98.2% and scheme-specific data at 93.2%.
• Projects and Initiatives: Updates were scheduled on the McCloud Remedy, Pensions Dashboard connection, and the Efficiency and Service Improvement Programme (ESIP), which included the rollout of a new Message Centre and an online Leaver Form.

The report recommended that the Board note its contents.

Feedback from Recent Pensions Committee Meetings

The Board was scheduled to receive feedback from the Pensions Committee meeting held on 17 March 2026, as detailed in a report prepared by Tara Haroon, Pensions Manager. This report aimed to assure the Board of the Fund's adherence to governance and administration standards.

Key discussions from the Pensions Committee meeting were expected to include:

• 2025 Actuarial Valuation: The Committee had approved the Draft 2025 Valuation Report, which included the rates and adjustments certificate prepared by the fund actuary, Hymans Robertson. The final version was to be published by 31 March 2026, along with the 2026 Funding Strategy Statement (FSS). The valuation showed a surplus of £13m and a funding level of 101%, a significant improvement from the previous valuation.
• 2026 Investment Strategy Report: A revised draft Investment Strategy Statement (ISS) was presented, incorporating updated advice from Hymans Robertson. The Committee approved the draft ISS, which was undergoing consultation. Changes to the strategic asset allocation included increases in Private Equity, Property/Real Estate, and Private Credit, with corresponding decreases in Other Alternatives, Credit, and UK Government Bonds.
• Fund Performance – Q4 2025: The Committee reviewed the investment portfolio's performance for the quarter ending 31 December 2025. The Fund's asset value increased to £1,118.9m. While the Fund delivered positive returns over the quarter and the 12-month period, it lagged behind both tactical and strategic benchmarks.
• Voting and Engagement Report 2025: Managers continued to exercise over 99% of voting rights, with themes focusing on climate, social responsibility, and supply-chain issues.
• Fit for the Future – Governance and Regulation: The Committee received a summary of legislative and regulatory changes expected from 1 April 2026, including requirements for appointing an LGPS Senior Officer and an Independent Person. Updates on asset pooling and the Investment Management Agreement (IMA) with London CIV were also discussed.

The Board was recommended to note the contents of this report.

Other Scheduled Items

The agenda also included standard procedural items such as Chair's announcements, apologies for absence, and the disclosure of interests. The minutes of the previous meeting held on 16 December 2025 were also scheduled for approval.