The Pensions Committee of Havering Council met on Tuesday 12 September 2023. The committee reviewed the performance of the council's pension fund and discussed investment strategies.

Pension Fund Performance and Investment Strategy

The committee reviewed the performance of the Havering Pension Fund, which is managed by the London Borough of Havering. The fund's investments are overseen by a team of investment managers, and the committee receives regular reports on their performance. The discussion focused on the fund's asset allocation and its performance against benchmarks. The committee also considered potential adjustments to the investment strategy to align with long-term objectives and market conditions. This included a discussion on the role of responsible investment principles within the fund's strategy.

Actuarial Valuation

The committee received an update on the latest actuarial valuation of the pension fund. This valuation assesses the fund's assets against its liabilities to determine its funding level. The actuarial valuation is a crucial process that informs contribution rates for both the council and its employees, ensuring the long-term solvency of the pension scheme. The discussion covered the key assumptions used in the valuation and their implications for the fund's future financial health.

Governance and Compliance

The meeting also included a review of the pension fund's governance arrangements and compliance with relevant regulations. This ensures that the fund is managed effectively and in accordance with legal requirements. The committee discussed the internal controls in place and any recent changes to pension legislation that might affect the fund.