Here is a summary of the scheduled discussions for the Pension Board meeting. The meeting was scheduled to cover a review of the pension fund risk register, considerations around changes to the Local Government Pension Scheme (LGPS), and an update on the fund's annual report and accounts. Some items were marked for discussion in a session excluding the press and public due to their confidential nature.

LGPS Access and Protections Consultation

The board was scheduled to discuss the government's consultation on proposed changes to the LGPS, as detailed in the LGPS Access and Protections Consultation document. The consultation, which was launched by the Ministry of Housing, Communities and Local Government (MHCLG) on 13 October 2025, includes proposals for amendments in four key policy areas.

The report to be considered by the board, summarised the proposals, assessed their implications for the Tower Hamlets Pension Fund and participating employers, and outlined recommended actions for the Pensions Committee.

The key proposals in the consultation included:

• Normal Minimum Pension Age (NMPA): This involves increasing the NMPA in the LGPS from 55 to 57 from 6 April 2028, aligning with changes in the Finance Act 2022. The proposals also clarify the treatment of Protected Pension Age (PPA) for members who had the right to access benefits before age 57, distinguishing between Category 1 and Category 2 protections.
• Access for Mayors and Councillors: The consultation proposes to restore and extend access to the LGPS for elected councillors and mayors in England, aligning England with Wales, Scotland and Northern Ireland. Councillors and mayors elected after a specified implementation date would be allowed to join the Scheme on an opt-in basis, with transitional provisions for individuals who previously had access before 2014.
• Multi-Academy Trusts (MATs) and Applications for Directions: The government proposes to place the criteria for MAT directions into legislation and standardise the process for MATs wishing to have all academies participate in the same LGPS Fund.
• Strengthened New Fair Deal Protections: The government intends to ensure that employees who are outsourced from local government employers retain continuous access to the LGPS, requiring that subsequent outsourcing or retendering of contracts does not disrupt LGPS membership.

The report stated that if the government's proposals are implemented, the fund would need to update its:

• Funding Strategy Statement
• Employer Contribution Rates Policy
• Admissions and Terminations Policy
• Outsourcing and New Fair Deal guidance
• Pensions Administration Strategy
• All relevant member and employer communications
• Pensions Committee and Pension Board governance documents

Pension Fund Risk Register

The board was scheduled to review the Pension Fund Risk Register. The register is a document that identifies risks to the fund, assesses their likelihood and impact, and sets out control measures to mitigate them.

The Cover Report for Pension Fund Risk Register noted that the Pensions Regulator's revised General Code of Practice 2024 recommends that a Pension Fund has a Risk Management Policy in place and reviewed periodically, covering:

• The Fund's attitude to, and appetite for risk
• Aims
• Risk measurement and management
• Responsibility

The report also noted recent risk movements in the risk register, including:

• The removal of the risk of failure to make appropriate decisions by those charged with governance.
• Changing the risk of real yields falling, which increases the liabilities, from ORANGE to RED due to heightened geopolitical tensions that could lead to higher oil prices and increased inflationary pressures in the medium term.
• Changing the risk of mandated transition of assets to London CIV under the Fit for the Future reforms, from ORANGE to RED because of misalignment between Pool and Fund-specific investment goals.
• The removal of the risk of employers not fulfilling their responsibilities towards the Pension Fund.

The report also summarised emerging pension fund risks across legislative, economic, financial, and geo-political categories.

Other Business

The agenda included several other items for discussion:

• Approval of the unrestricted minutes from the previous meeting held on 15 September 2025.
• Updates on the draft Pension Fund Annual Report and Accounts 2024/25.
• Review of the Pension Board Work Plan, as detailed in the TH Pension Board Work Programme - 2025-26_October2025Final document.
• Discussion of training events for board members.
• Review of the agenda for the upcoming Pensions Committee meeting.

Items for Exclusion of Press and Public

The agenda also included a number of items to be discussed in a closed session, excluding the press and public:

• Approval of the restricted minutes from the previous meeting.
• An update on LGPS Pooling and Fund Performance, as detailed in the supplementary agenda 3 document.
• An update on the 2025 Actuarial valuation.
• An update on leveraging Tower Hamlets Pension Fund Assets to address Temporary Accommodation needs in LBTH.
• A pensions administration report for September 2025.
• A governance report.
• A review of liquidity and cashflow monitoring as of 30th September 2025.
• Discussion of training.

These items were marked for discussion in a closed session due to the inclusion of exempt information as defined in the Local Government Act 1972.