Issue - meetings

Following on from Agenda Item 11, the Board will be provided with details of the update provided for the Pension Fund Sub Committee on the Triennial Valuation Whole Fund results.

Sawan Shah (Head of Finance, Pensions and Housing Companies, Brent Council) introduced a report detailing the presentation received by the Council from the Pension Fund’s Actuary in October 2025. This provided a report on the 2025 Triennial Valuation, as well as the proposed changes to the funding strategy statement. It was noted by the Board that this was a statutory process, conducted every three years to assess the health of the fund and to ask how well suited the fund was to meet future obligations.

In considering the update provided, the Board commended the work conducted by officers and recommendations made within the report. With no further questions and in noting the report had been subject to detailed review at the Brent Pension Fund Sub Committee on 8 October 2025, the Board RESOLVED to note and endorse the decision made by the Sub Committee to approve the recommendations as detailed in Section 2. of the report.

Following on from Agenda Item 8, the Sub Committee is asked to consider and review the update provided on the Triennial Valuation Whole Fund results.

Following on from the initial outline provided under Item 7 in the open session of the meeting George Patsalides (Finance Analyst) provided a brief introduction to the initial results of the Actuarial valuation on 31 March 2025, as had been circulated as an exempt appendix to the main report.

The Sub Committee then received a presentation from Craig Alexander (Hymans Roberston Fund Actuary) on the timetable, key assumptions, risks and sensitives (including levels of prudence, current demographic, investment and economic outlook) relating to the future expectations and the valuation process.

Issues highlighted in response to the presentation included further clarification on the approach taken towards the levels of prudence outlined, employer contribution rates and treatment of schools and Academy Trusts within the Funding Strategy Statement.

Having thanked Craig Alexander for the outline provided in relation to the initial results of the Actuarial Valuation the Sub Committee RESLOVED to note the update provided along with timescales for completion of the valuation process, engagement and sign off of the Funding Strategy Statement.