The Pension Committee of Waltham Forest Council was scheduled to meet on 26 November 2025 to discuss a range of issues, including the performance of the pension fund, a review of investment strategy, and a consultation on proposed changes to the Local Government Pension Scheme (LGPS). The committee was also scheduled to consider the admission of Buckinghamshire Pension Fund as a shareholder in the London CIV¹.

Pension Expenses and Performance

The committee was scheduled to review a report on pension expenses and the performance of the fund's investments. As of 30 September 2025, the pension fund investments were valued at £1,180.6m, an increase of £41.8m since the previous quarter.

The report noted that the fund's strategic performance target is the Consumer Price Index² + 3.1% + 2.25% (5.35%), as set out in the funding strategy agreed after the 2022 triennial valuation³. The fund's three-year return was 6.2% against a benchmark of 12.2% per annum as of 30 September 2025, meaning that the fund was not on track to meet its strategic target.

The report included a table of fund manager performance, with commentary on those managers who were underperforming.

The committee was scheduled to note the pension fund expenses and appendices relating to performance and market background.

London CIV Shareholder Agreement

The committee was to consider a report regarding Buckinghamshire Pension Fund (BPF) potentially becoming a shareholder in the London CIV⁴. The London CIV had submitted its 'Fit for the Future' plan to the government in February 2025, addressing minimum standards for LGPS investment pools, stronger governance, local investment expectations, and full asset pooling by March 2026.

The government had expressed support for maintaining six out of the eight LGPS investment pools, but judged that Access and Brunel's business cases did not meet its vision. Partner funds in those pools were required to decide which of the other approved pools they would move into.

A formal approach was made by BPF on 11 September 2025 to join the London CIV. The committee was asked to agree to Buckinghamshire Pension Fund becoming a shareholder in the London CIV and to approve the Strategic Director of Resources signing the revised Shareholder and Articles of Association, following legal consultation.

More Homes JV1: Gifting to the Pension Fund

The committee was scheduled to discuss a confirmation relating to the property gift arrangement with More Homes Waltham Forest LLP[^6]. The council had entered into a joint venture with Mears Group to form More Homes Waltham Forest LLP, which would provide homes in the borough. The council agreed to gift its share of the capital return allocations from the joint venture to the pension fund upon the winding up of More Homes Waltham Forest LLP, expected in 2058.

The committee was asked to accept confirmation from the council concerning the property gift, and to accept the updated review policy document.

Consultation: LGPS in England and Wales

The committee was scheduled to discuss a government consultation on scheme improvements to the Local Government Pension Scheme (LGPS) in England and Wales. The consultation, issued on 13 October 2025, covered four key areas:

• Normal Minimum Pension Age: Proposals to amend the normal minimum pension age to 57, following the Finance Act 2022, and to ensure that members with Protected Pension Age can still take pension benefits at that age except for members that have transferred benefits into the LGPS.
• Access for Mayors and Councillors: Proposals to extend access to the scheme for councillors and mayors in England.
• Academies: Proposals to put criteria for application for direction into legislation and to remove Secretary of State consent where all criteria are met.
• New Fair Deal: Proposals to implement Fair Deal protections in the LGPS, ensuring continued access to the LGPS for outsourced workers.

Pension Administration Service Report

The committee was scheduled to review a report on the pension administration partnership with the Pension Shared Service (PSS). The report covered performance statistics, complaints, and quality questionnaires for the second quarter of September 2025. The report indicated that overall performance was maintaining its high performance and was ahead of target.

The committee was also scheduled to receive an update on pension dashboards and the implementation of a new member portal called Engage .

Training Report

The committee was scheduled to consider a report setting out developments in relation to the training undertaken by members of the pension board, committee and officers. All Pension Committee Training Needs Assessments had been received. The committee was asked to note the Hymans Training Summary for the Pension Board, Committee and Officers.

Other items

The agenda also included:

• Minutes of the previous meeting
• Action tracker