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Summary
The Newham Pensions Board met to discuss the recent performance of the Newham Pension Fund. The board noted the submitted reports, but no decisions were made during the meeting.
Investment Performance
The most recent valuation of the Newham Pension Fund assets was £1.824 billion on 31 March 2024, which was up from £1.767 billion at the end of the previous quarter.
Pension Administration
The meeting received a report on the administration of the Newham Pension Fund, including:
- An update on the McCloud Judgement.1
- An update on the progress of the implementation of a pensions dashboard.
The main result of these regulations was to confirm the removal of the phased staging dates for schemes, replacing it with a final deadline of 31st October 2026. However, the regulations allowed for the DWP2 to issue guidance which dictated when individual schemes must connect to the dashboard, and this guidance must be complied with.
- An update on the performance of the fund administrators, Local Pensions Partnership Administration (LPPA)
Risk Register
The committee reviewed the Newham Pension Fund Risk Register. The register was noted, but no decisions were made during the meeting.
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The McCloud Judgement found that the way in which pension ages were changed for firefighters, judges and police officers in their pension schemes amounted to unlawful age discrimination. The government has decided that all public sector pension schemes, including the LGPS, should be reformed to remove this discrimination, and to ensure that everyone is treated fairly. The McCloud remedy is complex because it involves comparing the benefits members would have received under both the old and new schemes, and awarding them the better outcome. ↩
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DWP stands for the Department for Work and Pensions. It is the UK government department responsible for welfare, pensions and child maintenance policy. ↩
Attendees
Topics
No topics have been identified for this meeting yet.
Meeting Documents
Minutes
Additional Documents