The Redbridge Council Pension Fund Committee convened on 19 November 2025, to discuss the administration of the council's Local Government Pension Scheme¹ (LGPS) function and to review the pension fund's investment performance. The committee approved the content of a report on pension administration and noted the fund managers' current performance.

Pension Fund Quarterly Update

The committee reviewed the Pension Fund's investment performance for the period ending 30 September 2025. According to the Public reports pack, the fund's investments outperformed the benchmark over all measurable periods with the exception of the 5 year period.

Global equity markets rose, influenced by announcements on US trading tariffs, while bond yields showed mixed results, with the US remaining primarily flat and the UK experiencing a slight decrease.

The fund's asset allocation strategy, revised in February 2024, included commitments to invest £48m into the LCIV UK Housing Fund, with £25.468m invested to date, and £30m into the Nature Based Fund, with £16.670m drawn down as of 30 September.

A table in the Public reports pack details the fund's value, showing the bid-market values by investment mandate on 30 June and 30 September 2025, alongside the strategic asset allocation.

The Whole Fund performance is summarised in the Public reports pack:

The report also noted that the fund had outperformed its benchmark over the quarter and 3 years but underperformed over the longer period.

At 30 September 2025, the cash balances held on behalf of the Pension Fund was £4.987m.

Administration of the Council's LGPS Function

The committee reviewed a report providing an update on pensions administration for the period ending 30 September 2025.

The pension administration function is responsible for the calculation and payment of pensions and benefits, the collection of contributions, providing information on pension issues and maintaining pension records.

The team includes a newly-created deputy manager post and a technical officer post.

The team continues to work with the Corporate Fraud Team, and there have been no new cases of significant overpayment of pensions identified.

The council is migrating from Member Self Service (MSS) to Engage as the member portal into a members own record in January 2026.

As part of a push to get members registered on MSS / Engage, the decision has been taken to cease paper annual benefit statements sent in the post, in order to comply with the council's digital programme and to save costs.

Work is ongoing to identify members in scope of the McCloud Judgement² and those who need the remedy applied. The final pensions data was loaded on the actuary's data portal at the beginning of October.

The team met their targets for 3 performance indicators: PEN01, PEN02, and PEN04.