The Pensions Board of Hackney Council met on Monday 15 April 2024 to discuss the board's work plan for the upcoming year, training requirements for its members, and the frequency of future meetings. The board also reviewed public papers from previous Pensions Committee meetings.

Pensions Board Training – Roles & Responsibilities

A report was presented to outline the governance of the Local Government Pension Scheme (LGPS), the distinct roles of the Pensions Committee and the Pensions Board, and specific information pertaining to the Hackney Pension Fund. The training session, delivered by Ian Colvin from Hymans Robertson, the Fund's Governance and Benefits Advisers, aimed to ensure that the newly appointed board members understood their roles and responsibilities. The session covered the legislative framework governing the LGPS, key individuals and bodies involved, the functions of the Pensions Committee and the London Collective Investment Vehicle (LCIV), and an overview of the Hackney Fund's assets, liabilities, employers, and scheme members.

Pensions Board Work Plan 2024/25

The board was scheduled to consider a proposed work plan for 2024-2025. This plan outlines standard agenda items for each meeting, such as the consideration of Pensions Committee papers, updates on the McCloud¹ exercise and national pensions dashboards, data improvement initiatives, and cyber security and business continuity. Recurring items, typically annual, include the board's annual report and the review of audit reports. The plan also identifies potential future projects, such as those related to the Good Governance Project and the Task Force for Climate Related Financial Disclosures (TCFD), whose timings are yet to be confirmed. The aim of the work plan is to provide structure for future agendas and ensure all known work areas are addressed appropriately.

Frequency of Pensions Board Meetings

A discussion was scheduled regarding the appropriate frequency of future Pensions Board meetings. The report noted that while the Public Service Pensions Act 2013 and LGPS Regulations 2013 do not mandate a specific meeting frequency, guidance from The Pensions Regulator suggests that governing bodies should meet at least quarterly. The report highlighted that the Hackney Pension Fund's Terms of Reference currently stipulate a minimum of two meetings per calendar year, a practice followed until September 2022. The board was invited to consider options such as continuing with twice-yearly meetings, increasing to three or four meetings annually, or aligning the frequency with that of the Pensions Committee, which is expected to meet six times in 2024-25.

Review of Pensions Committee Papers

The board was scheduled to review public papers from recent meetings of the Pensions Committee. Specifically, the agenda included a review of the public reports pack from the Pensions Committee meeting on 26 March 2024 and the public reports pack from the meeting on 7 February 2024. This review allows the Pensions Board to stay informed about the work of the Pensions Committee and identify any items relevant to the Board's oversight responsibilities.

Minutes of the Previous Meeting

The board was to confirm the minutes of its previous meeting, which was held on 22 September 2022.