The Pensions Committee of Tower Hamlets Council met on Thursday, 6 November 2025, to discuss the financial performance and governance of the Tower Hamlets Pension Fund. Key decisions included noting the progress on the Pensions Administration Report, approving the draft Pension Fund Annual Report and Accounts for 2024/25, and endorsing the ongoing review of the Pension Fund's policies and risk register.

Pensions Administration Report June 2025

The committee received an update on the administration and performance of the Pension Scheme for the quarter ending 30 June 2025. The report detailed the Scheme membership, with a total of 27,685 members as of 30 June 2025, an increase of 3.02% from the previous quarter. The committee noted the progress on the data cleanse project and the implementation of the Pensions Dashboard, which is on track for a 'go live' date in October 2025. The report also highlighted that Annual Benefit Statements were despatched on 27 August 2025, ahead of the statutory deadline.

Scheme Engagement and Communications Report

This report provided an update on employer and member engagement activities. Plans were underway to hold a Pension Fund Employer Forum in October 2025, focusing on the LGPS: Access and Fairness consultation and relevant regulations. The committee noted the current role and operation of the Pension Fund Information Forum (PFIF) and agreed in principle to enhance it in response to national LGPS consultation themes. Officers were requested to report back with a proposed engagement plan, including improvements to the PFIF's format, accessibility, and feedback mechanisms. The committee also requested officers to review and update the Communications and Engagement Policy.

Pension Fund Risk Register - September 2025

The committee was updated on the Pension Fund Risk Register. Progress was being made against each identified risk. Mr Colin Robertson, Independent Adviser, commented that the register was too specific and offered to work with officers to streamline it. Officers noted that the information was presented according to the Pension Board's wishes. The committee resolved to note the risk register, request officers to work with the independent adviser to rationalise it, and to bring the revised draft back for consideration and approval at the next meeting. The report highlighted emerging risks including legislative changes, economic volatility, asset valuation volatility, and geopolitical tensions, with several risks rated as 'Red' or 'Orange'.

Draft Pension Fund Annual Report and Accounts 2024/25

The committee reviewed the draft Pension Fund Annual Report and Accounts for 2024/25. The report indicated that the Fund's assets increased to £2,192 million as at 31 March 2025. The committee noted the contents of the report and the draft accounts, and approved them for finalisation and publication by the Section 151 Officer to meet the statutory deadline of 1 December 2025.

Training Events

The training proposed for this meeting, on the JCAD system and the risk register, was rescheduled due to the number of reports on the agenda. Officers explained that training was available to members of the Committee and the Board, and encouraged members to complete online modules via the LGPS Online Learning Academy (LOLA) website. Officers would be re-designing the training programme in line with proposed regulatory changes.

Pensions Committee Work Plan

The committee noted the work plan for 2025/26, which set out the standing items and specific reports to be presented at future meetings.

Any Other Business

There was no other business considered to be urgent.

Exclusion of Press and Public

The committee resolved to exclude the press and public from the remainder of the meeting for the consideration of exempt (Part 2) agenda items, as these contained information defined as exempt under Schedule 12A of the Local Government Act 1972.

Restricted Minutes of the Previous Meeting(s)

The restricted minutes of the 10 March 2025 meeting were agreed and approved as an accurate record.

LGPS Pooling Update

This item was discussed in the exempt session.

Buckinghamshire Pension Fund (BPF) Request to Join London CIV

This item was discussed in the exempt session.

Quarterly Investment Review June 2025

This item was discussed in the exempt session.

Governance Report

This report provided an update on instances where a statutory duty had been or may have been breached under the LGPS or Pensions Act 2004, and reported to the Pensions Regulator. The committee noted the content of the report and the reports on breaches of law to the Pensions Regulator.

Liquidity and Cashflow Monitoring 30 June 2025

The report presented the Pension Fund liquidity and cashflow actual position at 31 March 2025 and the forecast for 2025/26. The Fund was forecasting a £15.2M positive net cashflow by the end of the financial year 2025/26. The committee resolved to note the report.

Training

This item was discussed in the exempt session.

Leveraging Tower Hamlets Pension Fund Assets to Address TA Needs in London Borough of Tower Hamlets - A Feasibility Study Based on the RBKC Model

This item was discussed in the exempt session.

Triennial Actuarial Valuation 2025 - Update

This item was discussed in the exempt session.

The meeting concluded at 9:00 p.m.