The Hackney Pensions Board met on Monday 15 April 2024 to discuss training for its members, its work plan for the upcoming year, and the frequency of its future meetings. The Board agreed to increase its meeting frequency to three times per municipal year and approved its work plan for 2024-25.

Pensions Board Training

The Board received a training session on the roles and responsibilities of its members, covering pension legislation, the general pensions framework, and the specific roles within the Local Government Pension Scheme (LGPS). Ian Colvin, a consultant from Hymans Robertson, delivered the presentation. Key aspects of the Board's role highlighted included setting fund objectives, acting in the interests of members and taxpayers, ensuring compliance with legislation, and maintaining knowledge and understanding. The training also touched upon the roles of the Pensions Committee, the S151 Officer, scheme employers, and advisors. Discussions following the training addressed the lifetime allowance, the McCloud Judgement, the impact of pressure groups on investment decisions, and the move towards pooling pension fund assets.

Following the training, the Board discussed its training requirements and priorities. Members expressed a preference for shorter, focused training sessions with pre-reading materials, regular updates, and access to LGA training. The Interim Head of Pensions, Michael Honeysett, committed to providing a summary of challenges faced by the previous Pensions Board and their resolutions. Several actions were agreed, including adding members to relevant newsletter circulation lists, providing links to national resources, and arranging further training on legislation and risk management.

Pensions Board Work Plan 2024/25

The Board reviewed and agreed the proposed work plan for 2024-2025. This plan outlines standard agenda items for each meeting, including consideration of Pensions Committee reports, updates on the McCloud exercise and pensions dashboards, data improvement, cyber security, and the performance of the fund's administrators. Recurring items such as the annual report and audit reports are also included. The plan also identifies future projects and areas of focus, such as the TPR General Code, climate-related financial disclosures (TCFD), and investment governance.

Frequency of Pensions Board Meetings

The Board discussed the frequency of its future meetings in light of the Pension Regulator's (TPR's) new General Code of Practice, which suggests governing bodies should meet at least quarterly. Considering that the Pensions Committee will meet six times in the 2024/25 municipal year, the Board agreed to increase its own meeting frequency from two to three times per year. Members expressed a preference for meetings to be a maximum of two hours long and ideally held in person, with the flexibility for virtual attendance as hybrid meetings. This arrangement will be reviewed in the following municipal year.

Review of Pensions Committee Papers

The Board noted the agenda papers for the Pensions Committee meetings held on 26 March and 7 February 2024. These papers covered themes such as high-level monitoring and quarterly reports, risk registers, updates on the McCloud Project, investment performance, investment working groups, a review of the investment consultant, and policy reviews related to benefit payments.

The meeting also included a resolution to exclude the press and public from discussions on exempt items, as these were likely to involve the disclosure of confidential information.