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Pensions Committee - Wednesday, 24 June 2026 - 6.30 pm
June 24, 2026 at 6:30 pm Pensions Committee View on council websiteSummary
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The Pensions Committee of Hackney Council met on Wednesday 24 June 2026 to discuss the fund's audit plan, governance, risk management, and investment performance. Key decisions included approving an updated Conflict of Interest Policy and noting the 2025/26 Pension Fund Audit Plan.
2025/26 Pension Fund Audit Plan
The committee noted the 2025/26 Pension Fund External Audit Plan prepared by Forvis Mazars. The plan outlines the scope, timing, and significant risks associated with the audit. Key dates include accounts preparation by 30 June, fieldwork from July to December 2026, and an expected audit completion report in January 2027. Hackney was highlighted as one of the few local authorities up-to-date with its accounts, avoiding disclaimed opinions. The audit plan identified two significant risks: a system and management of rights and controls issue related to journals, which has since been resolved, and the valuation of investments within the level 3 fair value hierarchy, a standard risk for non-quoted investments like property, which auditors will continue to monitor closely.
Quarterly Governance and Risk Update
The committee received a comprehensive update on the fund's governance and risk management framework. This included noting updates to committee training topics, wider LGPS regulatory environment updates, and changes to the risk register. The Fit for the Future
and 2026 LGPS regulatory updates were also noted, highlighting the ongoing implementation of new governance requirements. A key decision was the approval of the updated Conflict of Interest Policy, which has been revised to reflect the 2026 legislation and includes broader definitions and requirements for all involved in the fund's governance. The committee also considered and approved the Pension Fund Business Plan for 2026/27 to 2028/29, which details key priorities and financial estimates. The Governance Compliance Statement for 2025/26 was also noted, with plans to transition to a new Governance Strategy in line with regulatory changes.
The risk register was updated, with particular attention to governance risks, including the need for new committee members to complete training and the appointment of an Independent Person and Senior LGPS Officer by the revised deadline of 31 December 2026. Investment risks were noted as heightened while the London CIV transitions to implementing its new asset management model.
Quarterly Investment Performance and Strategy Update
The committee reviewed the fund's investment performance and strategy for the quarter ending 31 March 2026. The overall fund return was -2.2%, underperforming its benchmark by -1.8%. One-year performance also slightly underperformed the benchmark. The report highlighted that the London CIV's Global Alpha Growth Paris Aligned fund and Sustainable Equity Fund were significant detractors from performance during the quarter. The committee noted the economic environment, including geopolitical tensions in the Middle East impacting oil prices and inflation, and the mixed signals in climate policy. Updates were provided on the London CIV's progress with the Fit for the Future
reforms, including the finalisation of Investment Management Agreements (IMAs) and the rollout of investment strategy advice. The Local Authority Pension Fund Forum (LAPFF) quarterly engagement update detailed activities on climate change adaptation, aviation decarbonisation, water utilities, and conflict-affected areas. The fund also received an award for 'Fund of the Year 2025'.
2026/27 - 2027/28 Training Plan Update
The committee noted the updated training plan for 2026/27 and 2027/28, which has been revised to reflect the new committee membership and the requirements of the 2026 LGPS regulations. The plan includes a mix of internal and external training, online learning, and workshops, covering core technical areas such as governance, investment, and administration. A key requirement is for all committee members to complete a Knowledge & Skills Assessment Form, with training to be arranged based on individual needs. The committee also noted the requirement for all members to complete this assessment form.
Quarterly Administration and Projects Update
The committee received an update on pensions administration performance for the quarter ending March 2026. This included the approval of the Administering Authorities Discretion Policy, which outlines how the fund exercises discretion within LGPS regulations. The report noted that the new third-party administrator, Local Pensions Partnership Administration (LPPA), is performing above its Service Level Agreement (SLA) targets. Progress on the data improvement plan was also discussed, with the majority of data issues resolved, although some manual work remains. Updates were provided on regulatory changes, including the LGPS (Miscellaneous Amendments) (Member Benefits) Regulations 2026 and the LGPS (Amendment) (Elected Member Pensions) Regulations 2026, which extend LGPS membership to elected local authority members.
Appointment of Chair and Vice Chair
The committee noted the confirmed appointments of Councillor Izzy Castello-Cortes as Chair and Councillor Cathy Troupp as Vice Chair for the Municipal Year 2026/27, as agreed by Full Council.
Terms of Reference
The committee noted its current terms of reference as contained within Part 9 of the Council's Constitution.
Consideration of Minutes
The committee noted the unrestricted minutes of the previous meeting held on 30 March 2026 as an accurate record of proceedings.
Exclusion of Press and Public
The committee resolved to exclude the press and public from the proceedings during the consideration of exempt items 18 and 19 on the agenda, due to the likely disclosure of exempt information.
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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2026/27 - 2027/28 Training Plan Update
Recommendations ApprovedThe Hackney Pensions Committee approved recommendations regarding the 2026/27 - 2027/28 Training Plan Update on 24 June 2026. The committee noted the report and appendices, updated training topics, and the requirement for all members to complete a Knowledge & Skills Assessment Form.
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2025/26 Pension Fund Audit Plan
Recommendations ApprovedThe Pensions Committee of Hackney Council decided to note the 2025/26 Pension Fund External Audit Plan by Forvis Mazars and that progress will be reported to future meetings. This decision was made on 24 June 2026.
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Quarterly Governance and Risk Update
Recommendations ApprovedThe Pensions Committee of Hackney Council decided on 24/06/2026 to note the report and appendices, including risk register changes and regulatory updates. The committee also approved the updated Conflict of Interest Policy and the Pension Fund Business Plan for 2026/27 to 2028/29.
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Quarterly Investment Performance and Strategy Update
Recommendations ApprovedThe Hackney Pensions Committee approved recommendations on 24 June 2026. The committee noted the economic environment, investment managers, pool performance, the LAPFF Quarterly Engagement Update, and the Fund Annual Responsible Investment Newsletter.
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Consideration of the Exempt Minutes of the Previous Meeting
Recommendations Approved -
Urgent Unrestricted Business
Recommendations Approved -
To Note the Terms of Reference of the Pensions Committee for the Municipal Year 2026/27
Recommendations ApprovedThe Pensions Committee of Hackney Council decided to note its terms of reference for the municipal year 2026/27 on 24 June 2026. The committee resolved to note the terms of reference as contained in Part 9 of the Council’s Constitution.
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Consideration of The Minutes of the Unrestricted Previous Meeting
Recommendations ApprovedThe Pensions Committee of Hackney Council approved the unrestricted minutes of the previous meeting on 24 June 2026. The committee noted the minutes as an accurate record of proceedings.
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Appointment of the Chair and Vice Chair of the Pensions Committee for the Municipal Year 2026/27
Recommendations ApprovedHackney Council's Pensions Committee noted the confirmed appointments of Cllr Izzy Castello-Cortes as Chair and Cllr Cathy Troupp as Vice Chair for the Municipal Year 2026/27. This decision was made on 24 June 2026.
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The Minutes of the Meeting of the Pensions Board
Recommendations ApprovedHackney Council's Pensions Board resolved that there were no minutes for consideration at this meeting. This decision was made on 24/06/2026.
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Quarterly Administration and Projects Update
Recommendations ApprovedThe Pensions Committee of Hackney Council approved the Administering Authorities Discretion Policy on 24 June 2026. They also noted the administration performance monitoring for the quarter ending March 2026, LGPS regulatory updates, and other pension administration areas.
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Exclusion of The Press And Public
Recommendations ApprovedHackney Council's Pensions Committee decided to exclude the press and public from proceedings on 24/06/2026. The committee approved recommendations to exclude attendees during the consideration of exempt items 18-19. This exclusion was based on the likelihood of disclosing exempt information under Schedule 12A of the Local Government Act 1972.
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