The Pensions Committee of Newham Council met on Thursday 5 February 2026 to review the Pension Fund's Business Plan for 2025/26 and discuss updates to the investment strategy. Key decisions included the approval of the Draft Funding Strategy Statement and the Draft Pension Fund Annual Report for 2024-25.

Business Plan Update

The committee received an update on the Newham Pension Fund's Business Plan for 2025/26. This included information on the London Collective Investment Vehicle (LCIV), which is the designated asset pool manager for the Fund, with a deadline of March 2026 for full implementation. Updates were also provided on new government regulations and consultations, including the extension of Fair Deal protections and technical consultations on pooling and investment management. The committee noted that the funding strategy statement would be circulated for consultation and added to the committee's agenda. The annual report was deferred to the next meeting, with printed papers to be circulated. Members also agreed to attend training for the annual accounts within the annual report.

The committee was asked to approve the Draft Funding Strategy Statement (FSS) for 2025, which sets out how the Fund's pension liabilities will be met. The FSS was prepared in conjunction with the Fund's Actuary, Barnett Waddingham, and in accordance with the LGPS Regulations 2013. The committee was also asked to approve the Draft Pension Fund Annual Report for 2024-25, which includes the Pension Fund Accounts. Any changes arising from the audit of the annual report would be delegated to the s.151 Officer in consultation with the Chair.

Investment Strategy Update

An update was provided on the Fund's investment strategy and its implementation. The Fund achieved its highest-ever valuation in the last quarter, exceeding £2 billion, driven by strong equity markets. However, active equity managers had slightly lagged the market. The next funding valuation was expected in the new year, with the subsequent one scheduled for March 2028. The annual pension increase was confirmed at 3.8%, based on September CPI, with no adverse impacts on long-term funding expected. Future training on funding strategy and annual accounts was scheduled. Members requested clearer guidance on changes in lengthy reports, and officers were tasked with ensuring all future Pension Committee and Quarterly Strategy Review (QSR) dates were added to Council Members' calendars.

The committee noted the report and specifically Appendix 1, which detailed the Barnett Waddingham report on the Fund's investment performance and funding update as at 30 September 2025.

Date of Next Meeting

The next meeting of the Pensions Committee is scheduled for 19 March 2026 at 6.30 pm in Newham Town Hall.