The Pensions Committee of Tower Hamlets Council is scheduled to meet on 11 December 2025 to discuss pension fund administration, Local Government Pension Scheme (LGPS) access and protections, the pension fund register, the annual report and accounts, and the annual training plan. The meeting will also include submissions from the Pension Board.

Key Discussion Points

LGPS Access and Protections Consultation

The committee will consider a report on the Ministry of Housing, Communities and Local Government (MHCLG)'s consultation on scheme improvements, specifically regarding access and protections. The consultation, titled Local Government Pension Scheme in England and Wales: Scheme Improvements (Access and Protections), proposes amendments in four key policy areas.

The report pack states that the key proposals are:

• Normal Minimum Pension Age (NMPA): Increasing the NMPA from 55 to 57 from 6 April 2028.
• Access for Mayors and Councillors: Restoring and extending access to the LGPS for elected councillors and mayors in England.
• Multi-Academy Trusts (MATs) and Applications for Directions: Placing the criteria for MAT directions into legislation and standardising the process for MATs wishing to have all academies participate in the same LGPS Fund.
• Strengthened New Fair Deal Protections: Ensuring that employees who are outsourced from local government employers retain continuous access to the LGPS.

The report recommends that officers prepare a formal response to the consultation, in consultation with Councillor Ana Miah, Chair of Pensions Committee, to be lodged by the deadline of 22 December 2025.

Pension Fund Risk Register

The committee is expected to discuss the pension fund risk register, with a report noting that work is ongoing to rationalise the register following a request from the Pension Board and Pensions Committee. A redesigned risk register is expected to be provided to the next committee meeting for consideration.

The report pack mentions 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.

The report also notes that the 'LGPS: Access and Protections' consultation, the 'LGPS: Access and Fairness' consultation and the UK Government's 'Fit for the Future' response introduce structural, administrative, and investment reforms to the LGPS, and that all three consultations provide the opportunity to redesign the Tower Hamlets Pension Fund risk register.

Pensions Administration Report

The committee is scheduled to receive an update on the administration and performance of the scheme for the quarter to 30 September 2025. The report will include details of scheme membership, tasks completed, and performance against CIPFA¹ benchmarks. The report pack states that, as of 04 June 2025, there were 531 outstanding tasks, and that this number has since decreased to 100. It also notes that recruitment is currently underway, with three new posts having been approved by the People Resourcing Board Panel.

The report will also provide an update on employer admissions and exits, data quality, and scheme and legislative updates, including the transition of 'Member Self Service' (MSS) to 'Engage' and the Pensions Dashboards Programme.

Pension Fund Annual Report and Accounts 2024/25

The committee will receive the final draft of the Pension Fund Annual Report and Accounts for 2024/25. The report pack states that the final draft accounts incorporate audit comments from EY² and is being presented to the committee for noting. The report pack states that the Statement of Accounts, which can be found in Appendix 1 of the Annual Report and Accounts, has been prepared under International Financial Reporting Standards (IFRS).

LGPS 'Fit for the Future' Technical Consultation

The committee will consider a report providing an overview of the MHCLG's technical consultation on the Local Government Pension Scheme in England and Wales: Fit for the Future. The consultation seeks views on two draft statutory instruments intended to implement the government's previously stated policy objectives relating to investment pooling, management and governance, and scheme technical regulatory amendments.

The report pack states that the key elements include:

• Mandatory pooling requirements clarifying the regulatory expectation that administering authorities must implement investments through their designated asset pool unless specific exceptions apply.
• Governance and oversight of pool operators formalising the requirements relating to the governance structure of pool companies.
• Transfer of legacy assets setting out frameworks for the transition of assets not yet moved to pools.
• Strategic versus implementation roles confirming that strategic asset allocation remains the responsibility of administering authorities, and that investment implementation must be executed through the pools.

The report recommends that officers prepare a formal response to the consultation, in consultation with Councillor Ana Miah, Chair of Pensions Committee, to be lodged by the deadline of 2 January 2026.

Annual Training Plan – 2026/27

The committee will review and approve the proposed annual training plan for 2026/27. The report pack states that the training plan provides a comprehensive, structured and forward-looking programme to equip the committee and the board with the knowledge and skills needed to effectively govern the fund.

The report pack notes that the training plan is structured around six core training sessions essential for all committee and board members, and six specialist training sessions (masterclasses) targeted deep-dive sessions.

Pension Board Submission

The committee will consider a submission from John Jones, Independent Chair of the Pension Board, summarising the Board's meeting on 24 November 2025. The submission covers discussions on the Risk Register, the Fit for the Future proposals and LGPS pooling, and Pensions Administration.

The submission notes the potential increase in administration costs and complexity arising from the government's consultation on LGPS Access and Protections, and the importance of Knowledge and Skills training for all Committee and Board Members in the context of the new Fit for the Future framework.

Other Matters

The agenda also includes:

• Declarations of interest
• Unrestricted minutes of the previous meeting
• Petitions
• Training events
• Pensions Committee work plan
• Any other business considered to be urgent
• Exclusion of press and public to discuss restricted items
• Restricted minutes of the previous meeting
• Quarterly Investment Review - September 2025
• Investment Strategy Training
• Triennial Actuarial Valuation 2025 Update
• Governance Report
• Pension Fund Quarterly Liquidity and Cashflow Monitoring