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Pensions Committee - Tuesday 22 September 2026 6.30 pm
September 22, 2026 at 6:30 pm Pensions Committee View on council websiteSummary
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The Pensions Committee of Hackney Council met on Tuesday 22 September 2026. The committee approved the 2025/26 Stewardship Code Report ahead of the submission deadline and noted the 2025/26 Task Force on Climate-related Financial Disclosures (TCFD) Report. The committee also approved the Voluntary Scheme Pays Policy and noted various updates on investment performance, administration, and governance.
Pensions Board Annual Report
The committee noted the contents of the Pensions Board's 2025/26 annual report, which detailed the Board's work in assisting the Administering Authority with the governance and administration of the Local Government Pension Scheme (LGPS). The report highlighted that the Board had met three times during the year, reviewing quarterly updates on fund risk, investment performance, and administration. Key matters considered included the triennial valuation, the audit plan, and updates on the McCloud and dashboards projects. The Board also noted the ongoing vacancy for an employer representative.
Introduction to the Local Authority Pension Fund Forum (LAPFF)
The committee noted the report and appendices introducing the Local Authority Pension Fund Forum (LAPFF). LAPFF is a membership organisation for LGPS funds, supported by a dedicated team, which promotes corporate social responsibility and high standards of corporate governance. It engages with companies to protect and enhance the long-term value of pension funds. The report detailed LAPFF's engagement activities, including its work on climate change, human rights, and corporate governance, and highlighted the benefits of membership, such as shared research costs and collective influence.
Actuarial and Funding Update
The committee noted the report, the 2025 Valuation Outcomes Presentation, and the estimated funding level at 30 June 2026. The 2025 valuation showed a strong funding position for the Hackney Pension Fund, with assets of £2.12bn and liabilities of £1.54bn, resulting in a surplus of £0.58bn and a funding level of 138%. The required future investment return to be 100% funded was estimated at 4.2% per annum, with a likelihood of achieving this return of over 95%. The estimated funding level at 30 June 2026 showed a further improvement, with assets of £2.48bn and liabilities of £1.77bn, a surplus of £0.71bn, and a funding level of 140%. The required return had slightly decreased to 3.9% per annum. The report also noted that the Council had been offered a reduction in its employer contribution rate, which had been incorporated into its Medium Term Financial Planning.
Quarterly Administration and Projects Update
The committee approved the Voluntary Scheme Pays Policy and noted the Administration Performance Monitoring for the quarter ending June 2026. The policy sets out the circumstances under which the Fund will accept applications for Voluntary Scheme Pays, aiming to provide clarity for members and ensure consistency. The administration performance report indicated that Local Pensions Partnership Administration (LPPA), the Fund's third-party administrator, maintained a performance above its 95% Service Level Agreement target. The report also covered LGPS regulatory updates, including changes related to the gender pensions gap and SCAPE rate adjustments, and provided an update on pension projects, such as the Annual Benefit Statements and the ongoing data improvement plan.
2025/26 Task Force on Climate-related Financial Disclosures (TCFD) Report
The committee noted the report and appendix, the use of proxies in calculating metrics where industry data limitations exist, and the limitations of scenario analysis. Crucially, the committee noted the Scope 1&2 carbon footprint reduction of 29.4% from 2023 to 2026. The report detailed the Fund's progress in adopting the TCFD framework to manage climate-related risks and opportunities, with a target of reaching net zero emissions by 2040. The report highlighted a decrease in the Fund's carbon footprint and provided an analysis of various climate metrics, including scenario analysis and carbon emissions-based metrics.
2025/26 Stewardship Code Report
The committee approved the 2026 report ahead of the submission deadline. This report details how the Hackney Pension Fund acts as a responsible long-term investor, using its influence through London CIV, underlying managers, and engagement partners to protect and enhance value for members. It provides evidence of the Fund's stewardship activities and their contribution to long-term value.
Governance, Risk, Policy and Regulatory Update
The committee noted the report and appendices, including changes to the Risk Register, updates to the Pension Fund audit, wider LGPS regulatory environment updates, and changes to the Business Plan tasks. This update ensures the committee is informed about the Fund's risk management framework, policy developments, and the broader regulatory landscape affecting the LGPS.
Responsible Investment Working Group Update
The committee noted the report from the Responsible Investment Working Group. This group is tasked with exploring responsible investment and engagement topics and recommending actions to the Pensions Committee.
Quarterly Investment Performance and Oversight Update
The committee noted the Economic Environment, Investment Managers and Pool Investment Performance at 30 June 2026, the LAPFF Quarterly Engagement Update, the LAPFF Explainer, and the Asset Pool Oversight report. The investment performance update indicated that the Fund's return of 6.7% marginally outperformed its strategy benchmark by 0.1% for the quarter, although longer-term performance underperformed the benchmark. The report also detailed engagement activities undertaken by LAPFF, covering areas such as climate change, human rights, and corporate governance. The asset pool oversight report provided an overview of London CIV's performance and strategy, highlighting areas for further discussion, particularly concerning the underperformance of certain equity funds and the asset allocation relative to strategic targets.
Exclusion of the Press and Public
The committee agreed that there would be no items held in private session, meaning all discussions remained open to the public.
Consideration of The Unrestricted Minutes of the Previous Meeting and Actions tracker
The committee resolved that the unrestricted minutes of the meeting held on 27 July 2026 be agreed as a true and accurate record of the proceedings. The actions tracker was also reviewed, with several actions noted as closed or ongoing.
Presentation - Introduction to Local Authority Pension Fund Forum (LAPFF)
The committee noted the report and appendices presented on the Local Authority Pension Fund Forum (LAPFF). This presentation provided an overview of LAPFF's role, structure, and engagement activities, emphasizing its importance in promoting corporate governance and protecting the long-term value of local authority pension funds.
Training - TCFD and Stewardship Code
The committee noted the report and appendices from the training session on the Task Force on Climate-related Financial Disclosures (TCFD) and the Stewardship Code. This training provided an overview of these key annual Fund documents, explaining their purpose, reporting structure, and how they contribute to understanding and managing climate-related investment risks and demonstrating responsible ownership.
To Note The Unrestricted Minutes of the Meeting of the Pensions Board
There were no unrestricted Pensions Board meeting minutes submitted for noting.
Consideration of the Exempt Minutes of the Previous Meeting
There were no restricted Pensions Committee meeting minutes submitted for consideration.
Urgent Restricted Business
There was no urgent restricted business.
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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Exclusion of the Press and Public
Recommendations ApprovedThe Pensions Committee of Hackney Council resolved that there would be no items held in private session on 22 September 2026.
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To note the Restricted Minutes of the Meeting of the Pensions Board
Recommendations Approved -
Responsible Investment Working Group Update
Recommendations ApprovedThe Pensions Committee of Hackney Council resolved to note the report on 22 September 2026. The report provided an update on the Responsible Investment Working Group's meetings and work.
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Consideration of the Exempt Minutes of the Previous Meeting
Recommendations Approved -
To Note The Unrestricted Minutes of the Meeting of the Pensions Board
Recommendations ApprovedHackney Council's Pensions Board noted no unrestricted minutes from its meeting on 22 September 2026. The recorded outcome was Recommendations Approved.
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Questions
Recommendations ApprovedHackney Council's Pensions Committee approved recommendations on 22 September 2026. The committee considered a question from local resident Mr Vincent Stops regarding divestment from companies involved in alleged genocide in Gaza.
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Urgent Restricted Business
Recommendations Approved -
Consideration of The Unrestricted Minutes of the Previous Meeting and Actions tracker
Recommendations ApprovedThe Pensions Committee approved the unrestricted minutes of their meeting held on 24 June 2026. The committee also noted the unrestricted minutes of the Pensions Board meeting held on 26 March 2026. The Governance Officer was tasked with preparing an action log for each Pensions Committee meeting.
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Presentation - Introduction to Local Authority Pension Fund Forum (LAPFF)
Recommendations ApprovedThe Hackney Pensions Committee noted the report and appendices on 22 September 2026. The committee's membership of LAPFF, along with other LGPS funds and asset pools, helps demonstrate responsible allocation, management, and oversight of the Fund's assets.
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Pensions Board Annual Report to Pensions Committee
Recommendations ApprovedThe Pensions Committee of Hackney Council noted the contents of the Pensions Board 2025/26 annual report on 22 September 2026. The committee approved the recommendations within the report.
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Actuarial and Funding Update
Recommendations ApprovedThe Pensions Committee of Hackney Council noted the 2025 Valuation Outcomes Presentation and the estimated funding level at 30 June 2026. The committee approved recommendations regarding the actuarial and funding update on 22 September 2026.
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2025/26 Stewardship Code Report
Recommendations ApprovedThe Hackney Pensions Committee approved the 2026 Stewardship Code Report. This decision was made on 22 September 2026. The report will be submitted to the Financial Reporting Council by the October deadline.
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Governance, Risk, Policy and Regulatory Update
Recommendations ApprovedThe Hackney Pensions Committee noted the Governance, Risk, Policy and Regulatory Update on 22 September 2026. The committee noted the report and appendices, including risk register changes, audit updates, and regulatory environment updates. The committee also noted the update to business plan tasks.
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Quarterly Investment Performance and Oversight Update
Recommendations ApprovedThe Pensions Committee of Hackney Council decided to note the Economic Environment, Investment Managers and Pool Investment Performance at 30 June 2026, the Local Authority Pension Fund Forum (LAPFF) Quarterly Engagement Update, the June 2026 LAPFF Explainer, and the Asset Pool Oversight. This decision was made on 22 September 2026.
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2025/26 TaskForce on Climate-related Financial Disclosures (TCFD) Report
Recommendations ApprovedThe Pensions Committee of Hackney Council approved recommendations on the 2025/26 Taskforce on Climate-related Financial Disclosures (TCFD) Report on 22 September 2026. The committee noted the report, the use of proxies, limitations of scenario analysis, and a Scope 1&2 carbon footprint reduction of 29.4% from 2023 to 2026.
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Training - TCFD and Stewardship Code
Recommendations ApprovedThe Pensions Committee of Hackney Council approved recommendations on 22 September 2026. The decision was to receive training from Gallagher providing an overview of the Task Force on Climate-related Financial Disclosure (TCFD) Report and the Stewardship Code report.
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Quarterly Administration and Projects Update
Recommendations ApprovedThe Pensions Committee of Hackney Council approved the Voluntary Scheme Pays Policy. They also noted the Administration Performance Monitoring for the quarter ending June 2026, LGPS Regulatory Updates, and an update on other Pension Administration areas.
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