Havering's Pension Committee is set to review its Climate Risk Policy, a move highlighting the council's increasing focus on environmental considerations within its financial strategies. The review is part of a broader effort to ensure the pension fund aligns with effective decision-making principles and addresses long-term financial risks and opportunities presented by climate change.
The review is outlined in the Annual Report on the Work of the Pensions Committee during 2024/25 and 2025/26-2027/28 Business Plan, which the committee will consider at its meeting on Tuesday, 24 June 2025. The business plan demonstrates compliance against Myners' principles for effective decision making.
Beyond climate risk, the committee will address a packed agenda, including the Pension Administration Budget 2025/26, which proposes a budget of £0.740m. This represents a £92,000 increase on the original budget set for 2024/25. According to the report, the increase is due to a rise in membership numbers and an increase in the price per member.
Also on the agenda is the Pension Fund Performance Monitoring for Quarter Ended March 2025. The report notes that the total value of the fund's assets was £1,007.9m as at 31 March 2025, a decrease of £10.7m over the quarter. The overall fund performance of -1.24% underperformed the tactical benchmark by -0.57% and underperformed against the strategic benchmark by -.25%.
Finally, the committee will consider and note the unaudited Havering Pension Fund Accounts as at 31st March 2025. The report stated that the net assets of the fund had increased to £1,008m in 2024/25 from £969m in 2023/24, an increase of £39m.
Attendees at the meeting include Stephen Wild, Debbie Ford, Caroline Guyon, Sarah Bryant, Luke Phimister, Councillor Keith Darvill ( Leader of the Labour Group), Councillor Joshua Chapman, Councillor Viddy Persaud, Councillor James Glass, Councillor John Crowder, Councillor Stephanie Nunn, and Derek Scott UNISON - Non-voting Trade Union Observer.