The Pensions Board met to discuss the annual report, an update on the LGPS Fit for the Future Update, and a training session on the actuarial valuation. The Board agreed to review the draft annual report and present it at the next Pensions Committee meeting.

Here's a summary of the topics discussed:

Appointment of Chair

Catherine Pearce was re-appointed as Chair of the Pensions Board for the municipal year 2025/2026.

Terms of Reference

The board noted the terms of reference for the 2025/26 municipal year. The terms of reference define the board's role as assisting Hackney Council, as the scheme manager of the London Borough of Hackney Pension Fund, in:

• securing compliance with the Local Government Pension Scheme (LGPS) Regulations
• ensuring the effective and efficient governance and administration of the pension fund.

Minutes of the Previous Meeting

The board approved the minutes from the previous meeting held on 15 April 2025, as an accurate record of the proceedings.

Exclusion of the Public and Press

The board approved a resolution to exclude the press and public from the meeting for the discussion of restricted items, citing the likely disclosure of exempt information as defined in the Local Government Act 1972.

Training on Actuarial Valuation

The board received training from Steven Scott of Hymans Robertson, the Scheme Actuary, on the actuarial valuation process. The training covered:

• the legislative framework
• the role of the valuation
• how employer contribution rates are calculated
• the role of the Pensions Board.

The training also provided an overview of the 2025 valuation timescales, valuation assumptions, and estimated contribution rates. It covered the legislative framework, the role of the Committee and the London Collective Investment Vehicle (LCIV).¹ The training provided an overview of the main features of the Hackney Fund, including information regarding the assets and liabilities, employers, and scheme members.

The report outlined questions for the Board to consider, including:

• Has the assumption setting approach changed since the last valuation in 2022? If so why?
• How has prudence been allowed for in the assumption?
• Has the Committee taken appropriate advice?
• Has the Committee followed the recommendations of the Fund Actuary? If not, why not?
• Are the assumptions evidence-based and is the analysis carried out by the Actuary appropriate for the Fund?

LGPS Fit for the Future Update

The board noted the LGPS Fit for the Future Update.

Project/Work Updates

The board agreed to review the draft annual report and provide comments. They also agreed to present the report at the next Pensions Committee meeting. The report included updates on:

• Internal Audit Report Pension Fund Investments
• Pensions Board Annual Report
• Dashboards
• Future Training Wider Pensions and Industry related Legislation
• LGPS (England & Wales) Access and Fairness Consultation
• Stewardship Code
• Annual Benefit Statements
• Update on Board Vacancy

Review of Pensions Committee Papers

The board reviewed public papers from the Pensions Committee meetings held on 11 June 2025 and 29 July 2025. Key items noted included:

• The Pension Fund Audit Plan for 2024/25
• The Quarterly Pensions Administration and Projects Update
• Employer Admissions and Cessations Update
• The Risk Register
• Conflict of Interest Policy
• Governance Compliance Statement
• The Internal Audit Report on Pension Fund Investments
• Training Task Force on Climate-related Financial Disclosures (TCFD) Metrics and Target
• Voting Policy
• Training Investment Strategy
• London Collective Investment Vehicle (LCIV) B Shares Subscription
• Investment Strategy Review and Scene Setting

Date of Next Meeting

The next meeting is scheduled for 11 September 2025.

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