The Newham Pensions Board were scheduled to meet remotely to discuss their annual report, and their business plan for the coming year. The board was also scheduled to discuss the aims and objectives of the Pensions Board over the coming year, its core work and how these objectives would be achieved.

NewhamLocal Pensions Board Annual Report

The Newham Pensions Board were scheduled to discuss their annual report, which provides feedback on the work undertaken during April 2024 to March 2025 by the Newham Pensions Board.

The report notes that the Pensions Board oversees the administration of the Newham Pension Fund on behalf of the Administrating Authority. It says that decisions made on the investment of the fund are carried out by the Newham Pension Committee.

The report also covers:

• Membership attendance at meetings
• Training and attendance for the Pension Board
• Areas covered at Pension Board meetings, including:
  • Review of the Pension Board Plan
  • Draft Pension Board Annual Report
  • Pensions Administration Strategy
  • Communications Policy
  • Pensions Regulator Code of Practice
  • Risk Register
  • LPPA Budget
  • LPPA Performance Report
  • LPPA Risk & Compliance Report
  • Pensions Administration Report
  • Pensions Fund Update
  • LPPA Update; UPM, Current Pressures and plans for service improvements
  • LPPA Internal Audit Controls
  • Charging Strategy
  • Employer Risk Work
  • Pensions Committee Update

The report also summarises the business plan and execution, including adherence to regulations, governance, administration, membership and communication, and record keeping.

It notes that the Pensions Board monitors the risk register on a regular basis and seeks to ensure greater consideration on particular investment and non-investment risks identified to drive its work forward.

Pensions Board Business Plan

The Newham Pensions Board were scheduled to discuss the aims and objectives of the Pensions Board over the coming year, its core work and how these objectives will be achieved.

The plan sets out the statutory responsibilities of the Pensions Board, which include:

• Seeking assurances that due process is followed with regard to Pensions Committee decisions.
• Considering the integrity and soundness of Pensions Committee decision making processes.
• Assisting the London Borough of Newham Administering Authority as Scheme Manager.
• Seeking assurance that administration performance is in compliance with the Administration Strategy.
• Securing compliance with the LGPS regulations and any other legislation relating to the governance and administration of the LGPS.
• Securing compliance with requirements imposed in relation to the LGPS by the Pensions Regulator in such other matters as the LGPS regulations may specify.
• Securing the effective and efficient governance and administration of the LGPS for the Fund.
• Providing the Scheme Manager with such information as it requires ensuring that any member of the Pensions Board or person to be appointed to the Pensions Board does not have a conflict of interest.

The Pensions Board's main objectives are set out as:

Governance: Act solely in terms of public interest, with integrity, objectivity, accountability, openness, honesty and with leadership, and seek to ensure these are followed by all those involved in the Fund’s administration.

Compliance: Seek to understand statutory framework of regulations and guidance, and ensure all aspects are complied with.

Administration: Seek to ensure that proper procedures and controls are in place and are followed, and that performance expectations are met.

Communication: Seek to ensure that standards of reporting and clear communications are maintained and improved.

Efficiency: Seek to ensure improvements are being made in all processes.

Effectiveness: Seek to ensure that the Pensions Board is making an effective contribution to the governance of the Fund through planning and performance assessment.

Risk management: Seek to ensure that investment and non-investment related Fund risks are being identified, monitored and mitigated through appropriate procedures and controls.

Knowledge and understanding: Seek to ensure that all Pensions Board members build and maintain a suitable level of knowledge and understanding. The Pensions Board will seek to ensure that proper advice is being taken and considered in all aspects of decision making

Responsiveness: Seek to ensure that the Pensions Board considers and responds to consultations, surveys and requests for information effectively.

The plan also includes key focus areas and tasks for the Pensions Board, including:

• Business Planning and Performance
• Adherence to regulations
• Governance activities
• Administration Procedures and Performance
• Investment and Funding
• Communications
• Record keeping
• Cyber security
• Pensions Board members training and engagement