The meeting was about the administration of the Tower Hamlets Council Local Government Pension Scheme.¹ The report pack included several reports on the scheme's performance, risks, liquidity, and legislative changes. It also proposed holding a Pension Fund Information Forum for scheme employers and members in January 2025.

Risk Register

The Pension Fund Risk Register was scheduled to be considered by the Board. The report pack explains that:

Risk Management is the practice of identifying, analysing and controlling in the most effective manner all threats to the achievement of the strategic objectives and operational activities of the London Borough of Tower Hamlets Pension Fund (“the Fund”). A certain level of risk is inevitable in achieving the Fund objectives, but it must be controlled.

Liquidity and Cashflow

A report on Liquidity and Cashflow Monitoring was included in the report pack. It suggested that:

The Fund is forecasting a £10.6 million positive net cashflow by 2025/26 without divesting from investments.

Scheme Engagement and Communications

The report pack included a report on Scheme Engagement and Communications. The report proposed holding a Pension Fund Information Forum for scheme employers and members in January 2025. The report explains that:

The Pension Fund Information Forum provides a formal means for communication and consultation about the activities and governance of Tower Hamlets Pension Fund.

Pensions Administration

The report pack included a report on the administration of the scheme. The report provided an update on a range of administration issues and projects. These included employer admissions, data quality, the transition from 'Member Self Service' to 'Engage', and the scheme's preparations for pensions dashboards. The report also outlined ongoing work to improve the quality of pensions data, including:

• GMP Reconciliation
• Data Audit
• Payroll Reconciliation
• GMP and Payroll Rectification Project

Work Programme

The report pack included a report on the work programme for the Pension Board and Pensions Committee for 2024/25. The report explains that the Work Programme:

clarifies the proposed agenda items for future Pensions Committee and Pension Board meetings over 2024/25.

It also suggested that the:

Work Programme also provides information pertaining to other work programmes outside of the main meetings, such as sub-Committees, Panels and working groups if any, proposed training and requests made by the Committee and Board.

Unrestricted Minutes

The unrestricted minutes from the previous meeting of the Pension Board on 16 September 2024 were included in the report pack. They recorded that the Board were given a presentation on the 2025 Triennial Actuarial Valuation by Barry Dodds, an actuary at Hymans Robertson. They also discussed training for Board members on the LGPS Online Learning Academy.