The Local Pension Board of Havering Council was scheduled to convene on Tuesday 14 April 2026 to review updates on pension administration and receive feedback from recent Pensions Committee meetings. The meeting's agenda included a detailed look at the third quarter of the 2025-26 financial year for pension administration and a summary of discussions from the Pensions Committee.

Pensions Administration Update Q3 2025-26

The Board was scheduled to receive a comprehensive update on pension administration for the third quarter of the 2025-26 financial year, covering the period from October to December 2025. This report, prepared by Caroline Guyon, Pensions Projects and Contracts Manager, details the performance of the Local Pensions Partnership Administration (LPPA) against agreed service levels.

Key areas of focus within the report included:

• Casework Performance: The report was expected to show overall operational casework performance against Service Level Agreements (SLAs). For Q3, the overall performance was reported at 98.7%, exceeding the 95% target. Specific data was to be presented on the completion times for retirement (active and deferred) and death cases, with targets of 5 working days. The report also detailed ongoing casework, including the progress on cases commenced prior to 1 January 2024 and those commenced since.
• Contact Centre Performance: Information was scheduled to be presented on the performance of the LPPA's contact centre, including the average wait time for callers and the number of calls answered. For Q3, the average wait time was reported as 3 minutes and 09 seconds, which was under the 4-minute target.
• Customer Satisfaction: The report was to include customer satisfaction scores from surveys related to retirement experiences and contact centre interactions. Satisfaction levels for active retirements were reported at 60.0% and for deferred retirements at 43.8% of those who responded. Contact centre agent satisfaction was notably higher at 97.8%.
• Data Quality: The report was to provide an update on data quality, including scores from The Pensions Regulator (TPR) for common and scheme-specific data. The common data score at the end of Q3 was 98.2%, and the scheme-specific data score was 93.2%.
• Projects and Initiatives: Updates were expected on ongoing projects such as the McCloud Remedy, the Pensions Dashboard, and the Efficiency and Service Improvement Programme (ESIP). The ESIP has seen the implementation of new features like a Message Centre for members via PensionPoint and a new Leaver Form for employers.
• Complaints: The report was to include an overview of the Complaints Board, detailing complaint handling performance and key themes. It was noted that 0.33% of SLA processes had resulted in a complaint in the past 12 months, with 66% of complaints resolved within 30 days. Key themes identified included employer response times and clarity around trivial commutation processes.

The report recommended that the Board note its contents.

Feedback from Recent Pensions Committee Meetings

The Board was also scheduled to receive feedback from the Pensions Committee meeting held on 17 March 2026. This report, authored by Tara Haroon, Pensions Manager, provides a summary of the key discussions and decisions made by the Pensions Committee, ensuring the Local Pension Board is aware of the Fund's adherence to governance and administration standards.

Key items from the Pensions Committee meeting that were scheduled for discussion included:

• 2025 Actuarial Valuation – Final Results: The Committee had approved the Draft 2025 Valuation Report, which included the rates and adjustments certificate prepared by the fund actuary, Hymans Robertson. The report indicated a significant improvement in the funding level to 101% as of 31 March 2025, compared to 80% as of 31 March 2022. This improvement was largely attributed to higher future investment return assumptions. The Committee also approved the 2026 Funding Strategy Statement (FSS).
• 2026 Investment Strategy Report: The Committee had approved a revised draft Investment Strategy Statement (ISS), which was undergoing consultation. This statement was updated in accordance with draft 2026 regulations and informed by advice from Hymans Robertson. Changes to the strategic asset allocation included an increase in Private Equity and Property/Real Estate, and Private Credit, with corresponding decreases in Other Alternatives, Credit, and UK Government Bonds.
• Fund Performance – Q4 2025: The Committee reviewed the investment portfolio's performance for the quarter ending 31 December 2025. The Fund's asset value had increased to £1,118.9m. However, the Fund's return of 2.04% for the quarter was behind both tactical and strategic benchmarks. Over the 12-month and 3-year periods, the Fund had outperformed the strategic benchmark but lagged the tactical benchmark.
• Voting and Engagement Report 2025: The report indicated that managers continued to exercise over 99% of voting rights, with themes dominated by climate, social responsibility, and supply-chain issues.
• Fit for the Future – Governance & Regulation: The Committee received a report summarising legislative and regulatory changes expected from 1 April 2026. This included updates on asset pooling, with approximately 40% of assets directly invested through London CIV and further transitions planned. The Committee also noted requirements for Fund Governance, including the appointment of an LGPS Senior Officer and an Independent Person by 30 September 2026.

The recommendation was for the Board to note the contents of this report.