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Pensions Board - Wednesday, 8 July 2026 - 10.00 am
July 8, 2026 at 10:00 am Pensions Board View on council website Watch video of meeting Read transcript (Professional subscription required)Summary
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The Hackney Pension Board met on Wednesday 8 July 2026. Catherine Pearce was appointed as Chair for the Municipal Year 2026/27, and the Board noted its Terms of Reference for the same period. A training session on the Triennial Valuation was delivered by Hymans Robertson.
Appointment of Chair
Catherine Pearce was appointed as the Chair of the Pensions Board for the Municipal Year 2026/27. The Board noted the Terms of Reference for the Municipal Year 2026/27.
Training Session: Triennial Valuation
Rhys Notman from Hymans Robertson delivered a training session on the Triennial Valuation. The session provided a refresher on how pension funds operate, explaining the equation that balances contributions and investment returns against benefit payments. It was highlighted that while employee contributions are fixed by LGPS regulations, the fund has some control over employer contributions, which are set as part of the valuation process. Investment returns, however, are subject to market movements and are therefore an unknown factor. The training also covered the 2025 valuation results, the funding strategy set for individual employer types within the Hackney Pension Fund, and the governance audit trail of decisions made throughout the valuation process.
The valuation results for the London Borough of Hackney Pension Fund showed an improved funding level of 138% at the 2025 valuation, up from 106% at the 2022 valuation. This improvement was attributed to a reduction in the Fund's liabilities, largely driven by expectations of higher future investment returns due to changes in the economic environment and interest rates. The Fund also increased its prudence margin associated with the discount rate assumption to reflect market volatility.
The training also touched upon the Funding Strategy Statement (FSS), which governs how employer contribution rates are set. It was noted that the Hackney Pension Fund's FSS was largely compliant with new guidance aimed at improving accessibility. Consultation with employers on the FSS had taken place, as required by regulations. Different funding strategies were outlined for the three types of employers participating in the Fund: the Council, academies, and admitted bodies (TABs). The Council benefits from a contribution stability mechanism with managed reductions, while academies are now also participating in this mechanism. Admitted bodies have an end goal of leaving the Fund, with contribution rates set to meet a 100% funding level at their point of exit.
Review of Pensions Committee Papers
The Board noted the report following a review of public papers from the Pensions Committee meetings held on 30 March and 24 June 2026. Miriam Adams, Assistant Director of Pension Fund Investments and Administration, provided an overview of the main themes and outcomes.
Key points from the 30 March meeting included the receipt of an unqualified audit opinion on the 2024/25 Pension Fund accounts, and the publication of these accounts by the statutory date. A system glitch on journals, which had been raised by auditors, was confirmed as resolved. The Committee also reviewed the triennial valuation report, funding strategy statement, and policies. It was noted that the Committee does not approve the valuation report itself, as this is a regulatory requirement signed off by the scheme actuary. Training sessions on the valuation process, scenario testing, and assumption reviews had been provided. An employer forum was held, although attendance was low, with those who attended finding it interactive. The DfE was consulted on the funding strategy statement regarding academies, and a guarantee provided by the DfE strengthens the position for academies, preventing them from offering pass-through contracts.
The Committee also reviewed the bulk transfer of assets from Brookhouse Sixth Form College to New City College, which was approved by the Secretary of State in August 2024. The transfer value was estimated at £13 million, but the final value was under £12 million due to market conditions on the day of calculation. The Committee also considered the Treasury Management Strategy statement for the Pension Fund, which now covers only operational cash due to London CIV's responsibility for investment management. A quarterly administration and projects update report was also reviewed, and the Debt Grant Policy was approved.
From the 24 June meeting, the Committee considered the draft audit plan issued by Mazars, noting that auditors had already requested working papers, indicating the audit had commenced. Updates on administration and projects were also provided, with LPPA scheduled to attend the next meeting. Regulatory changes in the administration space, including those from The Pensions Regulator (TPR), were being reviewed. The committee also noted the registration with TPR and the ongoing work on data improvement. The quarterly investment performance strategy and responsible investment newsletter were also considered. The committee approved the updated Conflict of Interest Policy and the training strategy.
Project/Work Updates
Verbal project and work updates were noted, covering areas such as the 2024/25 Pension Fund Accounts and Audit Outcome report, the 2025 triennial Valuation, Funding Strategy Statement and Policies, the London Borough of Hackney Pension Fund Treasury Management Strategy, Quarterly Administration and Projects Update, Data Improvement Plan, Risk Register, and Fit for the Future Update.
Training Update
A verbal update on training was noted.
Urgent Unrestricted Business
The Board reviewed the contents of the draft annual report and agreed to its presentation at the next Pensions Committee.
Exclusion of the Public and Press
It was resolved that the press and public be excluded from the proceedings during the consideration of exempt items on the agenda due to the likely disclosure of exempt information.
Date of Next Meeting
The next meeting was scheduled for 15 October 2026.
Delegated decisions linked to this meeting
Decision summaries below are AI-generated from the council’s published record. Check the council source or the full decision page before relying on them.
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Training update - Discussion Item Only
Recommendations ApprovedThe Pensions Board of Hackney Council noted the verbal update on 08/07/2026. Recommendations were approved.
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Appointment of the Chair of the Pensions Board for the Municipal Year 2026/27
Recommendations ApprovedThe Pensions Board of Hackney Council on Wednesday 08 July 2026 resolved that Catherine Pearce be appointed to the position of Chair of the Pensions Board for the Municipal Year 2026/27.
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Review of Pensions Committee Papers – Public papers - Attached
Recommendations ApprovedThe Pensions Board of Hackney Council noted the report on 08/07/2026. The report reviewed work undertaken by the Pensions Committee.
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Training -Triennial Valuation (To be delivered by Hymans Robertson)
Recommendations ApprovedThe Pensions Board of Hackney Council on Wednesday 08 July 2026 noted the Triennial Valuation training delivered by Hymans Robertson.
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Apologies for Absence
Recommendations ApprovedThe Pensions Board of Hackney Council approved recommendations on 08/07/2026. There were no apologies for absence.
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Restricted Minutes of the previous meeting 26 March 2026 (Exempt) Attached
Recommendations Approved -
Review of Pensions Committee Papers – Private papers (Exempt) Attached
Recommendations Approved -
Urgent Restricted Business
Recommendations Approved -
Pensions Board Quarterly Monitoring Report (Exempt) Attached
Recommendations Approved -
Declarations of Interest - Members to declare as appropriate
Recommendations ApprovedThe Pensions Board of Hackney Council resolved to approve recommendations on 08/07/2026. There were no declarations of interest.
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To note the Terms of Reference of the Pensions Board 2026/27 Attached
Recommendations ApprovedThe Pensions Board of Hackney Council noted the Terms of Reference for the Municipal Year 2026/27 on 08 July 2026. The Board will assist Hackney Council in securing compliance with LGPS Regulations and ensuring effective governance and administration of the Pension Fund. The Appointments Panel will oversee the appointment process for the Pensions Board.
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Urgent Unrestricted Business
Recommendations ApprovedThe Pensions Board of Hackney Council approved recommendations on 08/07/2026. The Board agreed to review the draft annual report and present it to the Pensions Committee.
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Minutes of the Previous Meeting 26 March 2026 Attached
Recommendations ApprovedThe Hackney Pensions Board agreed the minutes of the previous meeting held on 26 March 2026. They also noted a report and a verbal update on training.
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Date of next meeting - 15 October 2026
Recommendations ApprovedThe Pensions Board of Hackney Council decided the next meeting will be held on 15 October 2026. This was approved on 08 July 2026.
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Project/work updates (where not already covered in Committee papers)
Recommendations ApprovedThe Pensions Board of Hackney Council noted verbal project and work updates on 08/07/2026.
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Exclusion of the Public and Press
Recommendations ApprovedHackney Council's Pensions Board resolved to exclude the press and public from agenda items 10-14 on 08/07/2026. This exclusion was based on the likelihood of disclosing exempt information under the Local Government Act 1972.
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