Middlesbrough Council has published its new Teesside Pension Fund Business Plan for 2026-2029, outlining key updates for the local authority pension scheme as it enters a new three-year cycle.
The Teesside Pension Fund, which is administered by the council, provides retirement benefits for more than 83,000 members across approximately 150 different employer organisations. As of the last major financial check in March 2022, the fund held assets worth over £5 billion, putting it in a strong position to meet its long-term financial obligations to members.
A significant change in the coming months involves the implementation of a new valuation report. This report is due by 31 March 2026, and any resulting changes to the contribution rates paid by employers will take effect from 1 April 2026. The fund is also continuing its shift in investment management by working with the Border to Coast Pensions Partnership. This partnership is one of the largest of its kind in the United Kingdom, and in line with new national requirements, oversight of almost all fund assets is now moving to this pool.
Separately, the council is continuing its broader Recover, Reset, Deliver strategy led by Mayor Chris Cooke. This wider plan focuses on four main areas: increasing economic growth and employment, improving health and life expectancy, ensuring a safer environment, and modernising council operations to be more cost-effective.
The council’s budget for the 2026/2027 year includes over £6 million in new investments for community services. While there will be no rise in core council tax, a 2% increase specifically for adult social care is included. These financial efforts are part of the council’s ongoing work to improve its governance as it moves past previous administrative challenges and continues to work with the Middlesbrough Development Corporation on regenerating key areas such as the town centre, Middlehaven, and the historic Zetland Quarter.
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