This meeting was scheduled to include a deputation from a group of Trade Unions - UNISON, Unite and GMB - asking the Pensions Committee to consider their views on engagement with the committee, worker representation, ethical divestment, and the results of a recent survey of the council's pension scheme members.

The meeting also included a number of reports for discussion, on the London Collective Investment Vehicle¹ and climate change.

Deputation from UNISON, Unite and GMB

Matthew Paul, from UNISON, was scheduled to lead a deputation to the Pensions Committee on behalf of UNISON, Unite and GMB, the three trade unions representing workers at the council.

The deputation was scheduled to ask the committee to:

hear, meaningfully consider, and respond to union views and concerns around

• recent scheme members survey
• engagement of the Committee and the wider Council with unions around pensions-related issues
• worker representation on the Committee ethical divestment from companies manufacturing weapons, those benefiting from human rights abuses, breaches of international law, and environmental damage & the climate crisis

Outcomes of the 2023/24 Stewardship Code Application and Improvement Plan for 2024/25

The committee was scheduled to discuss the outcomes of their application to the UK Stewardship Code for 2023/24 and their improvement plan for the 2024/25 application.

The UK Stewardship Code is a set of principles for asset owners and asset managers, such as the Hackney Council Pension Fund. It aims to ensure that they consider environmental, social and governance (ESG) issues in their investment decisions.

Quarterly Update Report

The committee was scheduled to discuss a report that provides a quarterly update on the Hackney Council Pension Fund. This report was not included in the meeting pack.

Scheme Member Survey

The committee was scheduled to discuss the results of a recent survey of scheme members. The report discussing the results of the survey is not included in the meeting pack.

Responsible Investment Policy

The committee was scheduled to discuss the Hackney Council Pension Fund's responsible investment policy.

The report pack contains a draft of the policy which sets out the following aims for the policy:

• To ensure the Council’s Pension Fund is invested in line with the Council’s values, as set out in the Council’s Constitution.
• To manage financially material Environmental, Social and Governance (ESG) risks and opportunities within the Pension Fund’s investments to protect and enhance long term value for our members and employers.
• To ensure best practice in responsible investment is embedded throughout the Pension Fund’s investment arrangements and is kept under review.
• To ensure transparency and accountability for the Council’s approach to responsible investment across the Pension Fund.

Investment Engagement Policy

The committee was scheduled to discuss the Hackney Council Pension Fund’s investment engagement policy.

This policy sets out how the Fund will engage, as part of a collaborative approach, with the companies and assets in which it invests to influence their corporate behaviour and encourage positive change on ESG risks and opportunities.

Quarterly Pensions Administration Update Report

The committee was scheduled to discuss a report on the latest quarterly update on the administration of the Hackney Pension Fund.

The report, which was not included in the meeting pack, was scheduled to include information about the:

• Transfer of the administration of the fund to a new provider, Equiniti²
• Implementation of the McCloud remedy, a change to the way public sector pensions are calculated.

The report pack includes the risk register for the pensions administration function, which shows that the highest level of risk for the committee is in relation to the Successful delivery and exit from the Pensions Administration Function migration to Equiniti. The risk register notes that This is a complex project with multiple stakeholders and Failure to successfully implement the project could result in reputational damage.