This meeting was scheduled to include training sessions on climate risk disclosures and the triennial valuation process, as well as the annual report on the committee's activities. The meeting also included the potential exclusion of the press and public for some items.

Pension Fund Annual Report 2023/24

The committee was scheduled to review the draft annual report, which was presented to the council for noting. The report included:

• information about the committee's membership and attendance.
• governance and administration matters, including updates on performance under the pension administration contract with Equiniti, progress on the McCloud Programme, the gender pensions gap, and the Pensions Dashboard project.
• a review of the strategic asset allocation, including allocations to three new asset classes: Multi-Asset Credit, Nature-Based Solutions and Impact Property.
• a discussion of Local Government Pension Scheme (LGPS) consultations and the London CIV.
• a review of responsible investment matters, including the UK Stewardship Code and the Task Force on Climate Disclosures (TCFD).
• updates on financial monitoring, including the 2023/24 Pension Fund Annual Report and Accounts.
• details of the committee's training programme, which aimed to ensure that members were able to meet the requirements of the CIPFA Knowledge and Skills Framework.

Triennial Actuarial Valuation Training - Climate Change Scenario Analysis by Hymans Robertson

This was the first session in a series of training sessions by Hymans Robertson, the scheme actuary, on the triennial valuation process. The session included:

• an explanation of why the council undertakes asset liability modelling and scenario analysis: Meeting professional and regulatory requirements (climate related modelling -> TCFD); Improving understanding; Identifying and measuring potential risks; Understanding resilience and ‘weak spots’ of strategy; Making better informed decisions.
• a review of proposed regulations on climate risk, and how they apply to the triennial valuation: Two or more climate related scenarios, at least one of which must be a scenario of 2°C or lower temperature rise.
• an analysis of different climate change scenarios, including a ‘Green revolution’, a ‘Delayed transition’, and a ‘Head in the sand’ scenario.
• an explanation of how narrative-based scenario analysis can be used to assess climate risk.
• an examination of a specific scenario involving a climate-induced food shock, and its potential impact on the fund.
• discussion of how to use the results of climate scenario analysis to improve decision-making.

Training - Introduction to TCFD Strategy Training

This was the second training session on the Task Force on Climate-related Financial Disclosures (TCFD).

• This session covered the TCFD’s strategy component which is one pillar within its four-pillared framework. The remaining three pillars - governance, risk management, and metrics & targets - were due to be covered in subsequent meetings.
• The training also aimed to meet the government's requirement for public sector bodies to disclose climate-related financial risks: In December 2024, MHCLG issued updated TCFD - aligned disclosure application guidance. The guidance explains how public sector bodies should use the guidance, as well as why TCFD-aligned disclosure is being pursued in UK public sector annual reports and accounts. These obligations are currently voluntary to the LGPS.
• Redington Consultants, who delivered the training, would compile each section of the Hackney Pension Fund TCFD report following each training session.
• The final report was due to be submitted in September 2025.

Exclusion of The Press And Public

The committee was scheduled to consider excluding the press and public from parts of the meeting relating to:

• a McCloud Update
• the Pension Administration Function Migration Update and presentation by Equiniti.
• the consideration of the exempt minutes of the previous meeting.

This was because the discussion of these items was likely to involve the disclosure of exempt information, as defined in the Local Government Act 1972.