Waltham Forest Council is set to gift
property assets, estimated to be worth £196 million, to its pension fund in a move aimed at bolstering the fund's financial health. The council's Pension Committee discussed the annual confirmation of this property gift at a meeting on 26 November 2025.
The council will transfer its capital return allocations, less any outstanding debt financing, from More Homes Waltham Forest LLP, a joint venture between the council and Mears Group. Upon the winding up of More Homes Waltham Forest LLP, expected in 2058, these allocations will be transferred to the pension fund. This property gift
is intended to help the council meet its pension obligations.
The Pension Committee was asked to accept the confirmation from the council regarding the property gift and to approve an updated review policy document. The updated policy incorporates a requirement for the fund to obtain an independent valuation of the properties underlying the property gift, a recommendation made following discussions with MHCLG/GAD after the 2022 actuarial valuation exercise.
The council has confirmed that there have been no changes to More Homes Waltham Forest LLP or to the council's intentions regarding the capital return allocations that might impact the value or validity of the property gift. The Property Gift Report Nov 25 confirms the council's commitment to the arrangement.
To mitigate potential risks associated with relying on property assets over the long term, the council is following a review policy. This policy, outlined in the LBWF - Policy for reviewing Property Gift Nov 25 Update, includes annual confirmation by the council that there have been no changes to the Property Gift arrangement that would impact its validity. By adhering to this policy, the council aims to minimise the risk to the Fund of the Gift not being available at the end of the agreed term, and also minimises the risk to the Council of higher contributions being payable if the Actuary is unable to take the Property Gift into account in their triennial valuation assessment.
