This meeting of the Hackney Council Pensions Committee included a number of training sessions for committee members, and reports on the Hackney Pension Fund's performance and activities.

Training on Fiduciary Duty and Contribution Rate Modelling

The committee were scheduled to be provided with a training session on fiduciary duty by Joanne Donnelly of the Local Government Association. The training session covered the role and purpose of the Scheme Advisory Board, and an overview of the future direction of travel of the Local Government Pension Scheme.

The committee were also scheduled to be provided with training on contribution rate modelling by Steven Scott of Hymans Robertson. The report introducing the session describes the training as focusing on the committee's:

fiduciary duty to obtain an actuarial valuation of the assets and liabilities of the pension fund as at 31 March 2025, a report by an actuary in respect of the valuation and a rates and adjustments certificate prepared by an actuary.

Monitoring Reports

The committee were scheduled to receive two monitoring reports, one for high level monitoring, and the other a quarterly update.

The high level monitoring report was an update on a number of key strategic activities of the Pension Fund, including the development of a refreshed business plan, strategic objectives scorecard, risk register and breaches register. It provides information about the position of the fund as at the end of September 2024.

The quarterly update report provides an update on the performance of the Pension Fund during the previous quarter (July-September 2024), covering:

• Governance, including updates from the Scheme Advisory Board (SAB).
• Investment, including the performance of the fund's investment managers.
• Administration, including the transition of the third party administration provider to the Local Pensions Partnership Administration (LPPA).

The report included a presentation on the performance of the financial markets from Redington.

Business Planning 2024-26

The committee were scheduled to be asked to approve the proposed road map for the development of the 2024-26 business plan. The report also includes a draft version of the business plan itself.