The Havering Pension Fund saw a slight dip in value, settling at £1.008 billion as of March 31, 2025. The news came to light during the Havering Council Pensions Committee meeting on Tuesday, June 24, 2025, where members reviewed the fund's performance and future plans.
The fund's performance was -1.24%, underperforming against the tactical benchmark by -0.57% and the strategic benchmark by -0.25%. According to the Pension Fund Performance Monitoring report, this decrease was primarily due to negative performance in equity allocations within the 'Growth' assets.
Despite the slight dip, the Pension Fund Accounts 2024/25 report showed that the net assets of the fund had increased to £1.008 billion in 2024/25 from £969 million in 2023/24, an increase of £39 million. The committee considered and noted the unaudited accounts.
Looking ahead, the committee also discussed the Annual Report on the Work of the Pensions Committee and its business plan for 2025/26 to 2027/28. Key areas of focus include restating investment beliefs, developing a climate risk policy, and considering local investment opportunities. The committee also approved the proposed budget of £0.740m for the pension administration service provided by the Local Pensions Partnership Administration (LPPA), as detailed in the Pension Admin Budget 25-26 Report.pdf. This represents a £92,000 increase on the original budget set for 2024/25, driven by rising membership numbers and inflationary pressures.