The Pension Committee of Waltham Forest Council met on Wednesday 25 March 2026 to discuss a range of important financial and governance matters relating to the council's pension fund. Key topics included updates on the London CIV, the fund's business plan, funding strategy, and investment strategy, alongside reports on training and administration services.

Tributes to John Turnbull and Rob Manning

The meeting was scheduled to begin with verbal tributes to John Turnbull and Rob Manning.

Update on the London CIV

A verbal report was scheduled to provide an update on the London CIV (Collective Investment Vehicle). This organisation pools assets from various Local Government Pension Schemes to achieve economies of scale and enhance investment returns. The report was expected to cover recent developments and activities of the London CIV.

Training Report

A report detailing the progress of training undertaken by members of the Pension Committee, Pension Board, and relevant officers was scheduled for discussion. This report, which includes an appendix from Hymans, was intended to highlight completed training modules and outline any outstanding requirements, with a recommendation for members to complete further modules by the next committee meeting.

General Code Update

A report was scheduled to provide an update on the Pension Fund's compliance with The Pensions Regulator's (TPR) General Code of Practice. This update, authored by Satwinder Chandla, Pensions Manager – Governance and Compliance, was expected to detail progress against an action plan aimed at ensuring full compliance with the code's requirements for the pension fund's governance and administration.

Business Plan

The committee was scheduled to consider the Pension Fund's Business Plan for the period 2026-2028. This plan, detailed in Appendix 1, outlines the fund's objectives, targets, and timescales for the coming years, with the aim of improving governance, monitoring, and overall effectiveness. The plan is intended to be reviewed and updated annually.

Funding Strategy Statement

A significant portion of the meeting was dedicated to the Funding Strategy Statement (FSS) for the London Borough of Waltham Forest Pension Fund. This statement, prepared in accordance with the Local Government Pension Scheme Regulations 2013 and updated guidance from the Scheme Advisory Board, sets out how the fund's liabilities will be met. The report, with closed appendices detailing the draft FSS and key changes, was presented by Debbie Drew, Assistant Director of Pensions and Treasury Management. Consultation with employers and third parties on the draft FSS had taken place, and a presentation from Mercer was scheduled to summarise the responses received. The committee was recommended to agree the proposed draft FSS and delegate minor changes to officers.

Presentation from Mercer: Valuation

A verbal report was scheduled from Mercer, the fund's actuary, focusing on the pension fund's valuation process. This presentation was expected to cover the regulatory context, including the role of the Government Actuary's Department (GAD) in Section 13 reviews, and the implications of the valuation for the committee's investment strategy. The presentation was also likely to touch upon the independent review of property values related to the joint venture with Mears.

Investment Strategy Statement

A report was scheduled to present the Investment Strategy Statement and the associated strategy. This document outlines the fund's approach to investing its assets to meet its long-term objectives, taking into account risk appetite and market conditions. The strategy is closely linked to the funding strategy, ensuring that investment returns align with the required funding levels.

Administration Services Update

A report on the pension administration service, provided in partnership with the Pension Shared Service (PSS), was scheduled for discussion. This report, authored by Nadia Rabah and Martin Doyle, was expected to cover performance statistics for Q3 2025/26, including key work items, customer satisfaction levels, and complaints. It was also to provide an update on the implementation of new member portals and data quality reports, as well as the progress on pension dashboards.

Pension Performance and Management Expenses Update

This report, presented by Satwinder Chandla, was scheduled to provide an update on the performance of the pension fund's investments for the quarter ending December 2025. It was also to summarise management expenses for the same period, provide a forecast outturn, and present the proposed expense budget for the fund for the year 2026/27. The report included appendices detailing performance statistics, market background, and management expenses. The committee was recommended to note the performance and market background appendices, note the management expenses, and agree the proposed budget for 2026/27.

Exclusion of Press and Public

The agenda noted that the committee might resolve to exclude the press and public from the remainder of the meeting if consideration of certain items would involve the disclosure of exempt information, as defined in the Local Government Act 1972.