Members are invited to disclose any interest in any of the items on the agenda at this point of the meeting.

Members may still disclose any interest in any item at any time prior to the consideration of the matter.

There were no disclosures of interests.

To approve as correct the minutes of the meeting held on 18^th March 2025 and authorise the Chairman to sign them.

The minutes and exempt minutes of the previous meeting held on 18^th March 2025 were agreed as a correct record.

To consider whether the public should now be excluded from the relevant parts of the meeting on the grounds that it is likely that, in view of the nature of the business to be transacted or the nature of the proceedings, if members of the public were present during those items there would be disclosure to them of exempt information within the meaning of paragraph 3 of Schedule 12A to the Local Government Act 1972; and, if it is decided to exclude the public on those grounds, the Committee to resolve accordingly on the motion of the Chairman.

The committee agreed to exclude members of the public and press for any necessary items.

The Committee received a report on the Fund’s performance up to March 2025.

The Fund decreased by £11million however had since increased in value to pre-tariff levels. The Fund would undergo many changes however the details of those changes were still to be presented. A Bill was in Parliament for a second reading.

Individual Fund requirements and resources to manage local investment request were still to be confirmed. However it was noted the LCIV would need growth to meet all requirements. Employer contribution rates were reviewed based on their ability to meet obligations. The Fund accepted the evidence presented to it and reduced its rates by £2million. It was noted there would be no effect on cash flow.

Members noted that voluntary training would be made mandatory from April 2026.

The Committee:

1)    Considered Hymans Performance Report (Appendix A Exempt)

2)    Received presentation from the Funds Currency Hedging Manager Russell for an overview on the Hedging mandate (Appendix B – Exempt)

3)    Considered the quarterly reports sent electronically, provided by each fund manager.

4)    Noted the analysis of the cash balances.

The Committee were presented with the Pension Fund Accounts for 2024/25.

The documents presented was an extract from the Havering Statement on Accounts. The Key bottom line was an increase of market value of £21million with £20million investment income being received. The audit on the accounts had started. The Committee suggested the Audit Committee should take actions to review internal controls and link them to the wider audit process.

The Committee considered and noted the Havering Pension Fund Accounts (unaudited) as at 31st March 2025.

The Committee received a report on the work undertaken by the Committee and its 2025-28 Business Plan.

The report on the work undertaken was backwards looking on the previous year and was a general update for members to note. The Business Plan was outlined and no concerns were raised.

The Committee:

1)    Noted the report on the work of the committee for 2024/25

2)    Agreed the Business Plan for the three year rolling period 2025/26 - 2027/28 Business Plan.

3)    Considered any additions to the work plan for the Committee for 2025/26 and beyond.

The Committee received a report on the Pensions Administration Budget for 2025/26.

Havering and Lancashire had a shared service agreement and the budget had increased by 14.14% to £740k. It was explained the LPPA was a non-profit making organisation and officers had met with LPPA representatives to understand why the increase was needed which were the numbers of members had increased and the cost per member had also increased.  The cost per member increase was due to many factors including inflation and the additional National Insurance employer costs. Officers expressed optimism that costs would reduce in future years.

The Committee approved the 2024/25 budget of £0.740m for the provision of the LPPA pension administration service.