The Pension Board meeting scheduled for Tuesday, 17 March 2026, was set to cover a range of topics related to the management and performance of the Waltham Forest Pension Fund. Key discussions were anticipated around investment performance, training, governance updates, and the fund's business plan.

Pension Fund Business Plan 2026-2028

The Board was scheduled to review the proposed Pension Fund Business Plan for 2026-2028. This plan aims to outline the fund's objectives, targets, and timescales for the upcoming years, with the intention of improving governance, monitoring, and effectiveness. The plan is to be reviewed and updated annually by the Pension Fund Committee.

Pension Board Letter

A significant item on the agenda was the Pension Board letter, which included correspondence between the Pension Board Chair and the Chair of the Pension Committee. This report was intended to provide information concerning the letter sent to the Pension Committee Chair in November 2025 and the response received in February 2026, regarding concerns about the investment performance of the Waltham Forest Pension Fund.

Training Report

The Board was to receive an update on the training undertaken by members of the pension board, committee, and officers. The report highlighted the progress on completing Training Needs Assessments, with a recommendation for members who had not yet done so to complete them by 31 March 2026. The agenda also included a training session on Cyber Security.

Management Expenses and Performance Report

This report was scheduled to provide a summary of expenses for the quarter ended December 2025, along with a forecast outturn. It was also to update the Board on the performance of the fund's investments for the same period. As of 31 December 2025, the Pension Fund investments were valued at £1,202.4m. The report detailed individual manager performance against benchmarks, highlighting areas of underperformance, particularly with the LCIV Global Equity Focus Fund and the Darwin Leisure Property Fund.

Pension Expenses and Performance Report

Similar to the Management Expenses and Performance Report, this item was to provide a summary of expenses for the quarter ended September 2025 and update the Board on investment performance for that period. As of 30 September 2025, the Pension Fund investments were valued at £1,180.6m. The report noted underperformance against benchmarks for several funds, including the LCIV Global Equities Focus Fund and the Darwin Property Leisure Fund.

Fit For the Future

The Board was to receive information concerning the outcome of the Fit for the Future proposals, which relate to pooling, local investment, and the governance of funds and pools within the Local Government Pension Scheme (LGPS). This report outlined draft LGPS Regulations and Statutory Guidance, detailing proposed changes to investment frameworks and fund governance, including requirements for appointing a Senior LGPS Officer and an Independent Person.

The Pension Regulator General Code of Practice Update

This report was intended to update the Pension Board on the Pension Fund's compliance with the General Code of Practice, as demonstrated by progress against an action plan. The report noted that the Business Plan had been updated to 2026-2028 and that procedure notes and internal controls had been documented.

Pension Administration Service Report

This report focused on the pension administration partnership with the Pension Shared Service (PSS). It included performance statistics, complaints, and Quality Questionnaire responses for Q3 of the 2025/26 financial year. The report indicated that overall performance was maintaining a high standard, ahead of targets. Updates were also provided on the Pension Dashboards initiative and the implementation of a new member portal called Engage.

Pension Fund Business Plan 2026-2028

This item was to request the Board to consider the attached Pension Fund Business Plan Objectives for 2026-2028, which was to be presented for approval to the Pension Committee. The plan aims to provide an overview of priorities, targets, and timescales for the fund.

Action Tracker

The Board was scheduled to consider the Pension Board Action Tracker, which provides a status update on previous actions agreed by the Board.