Havering Council is set to review its actuarial services for the pension fund, following discussions at recent Pensions Committee meetings. The estimated cost of the new 10-year actuarial services contract, commencing July 2026, is £1 million. The document does not provide information on the current actuarial service costs.
The review comes as the council prepares to join the LGPS National Framework for Actuarial Services, anticipated to launch in January 2026. The decision was noted at the Pensions Committee meeting on 11 November 2025, according to the Review of Pension Committee Papers presented to the Local Pension Board on 16 December 2025.
The council aims to secure a 10-year contract through the framework. A long-term contract ensures continuity and a comprehensive understanding of the fund's structure and long-term objectives, especially given the need for consistent interpretation of member data for accurate valuations.
At the 11 November meeting, the Committee reviewed the performance of the current Actuarial Service, noting that all meetings, feedback, and actions were carried out on time and to a high standard. This included valuation updates, McCloud remedy data work, employer-specific advice, accounting disclosures, and governance support.
The 'McCloud remedy data work' involves reviewing member data to rectify unlawful discrimination against younger scheme members. The document does not specify the potential financial impact on the pension fund.