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Pensions Committee - Tuesday 23 September 2025 6.30 pm
September 23, 2025 Pensions Committee View on council websiteSummary
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The Pensions Committee of Hackney Council met on Tuesday 23 September 2025, approving several key policy documents and noting updates on investment performance and ongoing projects. Decisions included the approval of the Funding Strategy Statement and associated policies, the noting of quarterly performance and responsible investment updates, and the approval of the 2024/25 UK Stewardship Code submission.
Funding Strategy Statement and Policies
The Committee approved the draft Funding Strategy Statement for consultation with employers. This statement outlines how the fund will achieve its statutory aims of securing funding solvency and long-term cost efficiency while balancing the desire for stable employer contribution rates. Alongside this, the Contribution Review Policy, Small Admissions Body Policy, and Policy on Cessations were also approved. These policies are crucial for managing the fund's financial health and ensuring fair contribution rates for employers. The Funding Strategy Statement has been updated to align with new guidance issued in January 2025, explicitly stating its effective date as 1 April 2026 and incorporating climate change scenarios and impacts.
Task Force on Climate-related Financial Disclosures (TCFD) Report
The Committee noted the Fund's first report on Taskforce on Climate-related Financial Disclosures (TCFD) as at 31 March 2025. This report highlights a significant 30.3% reduction in the Fund's scope 1 and 2 carbon footprint between 2023 and 2025. The Committee agreed to follow up on companies identified as high emitters for scope 1, 2, and 3 emissions and noted the limitations of scenario analysis and the use of proxies in calculating metrics where industry data is limited. The report also detailed the Fund's climate-related targets, including a 50% reduction in carbon footprint by 2030, a 2°C portfolio target by 2030, and an allocation of 10% of assets to climate solutions.
UK Stewardship Code Report
The draft 2024/25 submission for the UK Stewardship Code was approved, subject to final changes. This report details the Fund's progress in responsible investment and stewardship activities over the past year. The Fund has made strides in areas such as scheme member engagement, active engagement with managers, and investment updates, including the implementation of impact property and nature-based solution investments. The report also addresses feedback received from the Financial Reporting Council (FRC) on previous submissions, outlining improvements made in areas such as governance, risk management, and manager oversight.
Quarterly Performance and RIWG Meeting Update
The Committee noted the economic environment, investment manager, and pool performance for the quarter ending 30 June 2025. The Fund's return of 4.7% outperformed its benchmark by 1.3%. Updates were also received on the Local Authority Pension Fund Forum (LAPFF) engagement activities, which included discussions on water stewardship in the mining sector and energy supplier strategies. The Responsible Investment Working Group (RIWG) meeting on 3 September 2025 was also noted, with discussions covering the draft Stewardship Code submission, the draft TCFD report, and the procurement of a voting provider for passive investments.
Update on Administration Migration
Progress on the migration of the pensions administration service from Equiniti to the Local Pensions Partnership Administration (LPPA) was noted. The transfer is scheduled for 24 October 2025, with the first live pensions pay run via LPPA in November. The project is progressing well, with ongoing work on data extracts, parallel pension pay runs, and operational readiness. TUPE (Transfer of Undertakings (Protection of Employment)) consultations are underway for affected staff, and communications are being prepared for employers and scheme members.
Other Matters
The Committee also noted the minutes of previous meetings, including those of the Pensions Board, and received updates on the Pension Fund Annual Report, which will be presented at the next meeting. The Strategic Asset Allocation report was also noted.
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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Funding Strategy Statement and Policies (Exempt Appendices 1-4)
Recommendations Approved -
Quarterly Performance & RIWG meeting Update - Attached
Recommendations Approved...to note the quarterly investment performance, LAPFF engagement report, Responsible Investment Working Group meeting, and an update on the Fit for the Future consolidation.
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2024/25 Task Force on Climate-related Financial Disclosures Report (TCFD) - Attached
Recommendations Approved -
2024/25 UK Stewardship Code Report - Attached
Recommendations Approved...to approve the draft 2024/25 UK Stewardship Code Report submission, subject to final changes agreed with the Chair and Vice-Chair before the October deadline.
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Quarterly Performance & RIWG meeting Update ( Exempt Appendix 4)
Recommendations Approved -
Quarterly Business Plan and Governance - Attached
Recommendations Approved -
Pension Fund Annual Report - To Follow
Recommendations Approved -
Update on Administration Migration - Attached
Recommendations Approved -
Strategic Asset Allocation (Exempt)-Attached
Recommendations Approved -
Funding Strategy Statement and Policies - Attached
Recommendations Approved -
Quarterly Pensions Administration & Projects Update - Attached
Recommendations Approved -
Funding Level Update - Attached
Recommendations Approved -
Urgent Unrestricted Business
Recommendations Approved -
Consideration of the Exempt Minutes of the Previous Meeting 29 July 2025
Recommendations Approved -
Consideration of The Minutes of the Previous Meeting
Recommendations Approved
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