The Pensions Committee of Tower Hamlets Council is scheduled to meet on 11 December 2025 to discuss a range of issues, including the performance of the pension fund, proposed changes to regulations, and the fund's training plan. Due to the inclusion of commercially sensitive information, some items on the agenda will be discussed in a closed session, excluding members of the press and public.

Here are the topics that the report pack indicates will be included for discussion:

• Quarterly Investment Review - September 2025

  The committee is scheduled to receive an update on the activity and performance of the Pension Fund for the quarter to June 2025. The report pack includes a monitoring report from Mercer, and a paper titled Preparing for the Investment Strategy Review . The report pack mentions that Mercer will provide training on the investment strategy at the meeting. The supplementary agenda includes a confidential appendix 6 for this item. Steve Turner, from Mercer, notes in the included paper that, given the outcome of the 'Fit for Future' review, this will be the last strategy review before the 31 March 2026 deadline, after which the Fund will have to take primary investment advice from the London CIV. The paper notes that establishing clear investment objectives will be crucial, and provides a list of example objectives, including:

  • Target investment return to support discount rate
  • Probability of achieving full funding over X years
  • Downside risk Value at Risk (95%)
  • Probability of maintaining contributions >67%
  • Return of surplus
  • Income requirements
  • Net Zero target
  • Responsible Investment objectives
  • Maximum allocation to illiquid assets
  • Target allocation to local investment

• Triennial Actuarial Valuation 2025 - Update

  The committee will receive an update on the ongoing 2025 triennial actuarial valuation, outlining Tower Hamlets Council's potential contribution rate strategy.

• LGPS Fit for the Future - Technical Consultation

  The committee is scheduled to discuss the Ministry of Housing, Communities and Local Government (MHCLG)'s consultation titled Local Government Pension Scheme in England and Wales: Fit for the Future – Technical Consultation . The consultation seeks views on two draft statutory instruments intended to implement the Government's previously stated policy objectives relating to investment pooling, management and governance, and scheme technical regulatory amendments. The report pack includes the draft set of regulations. The key elements include:

  • Mandatory pooling requirements clarifying the regulatory expectation that administering authorities must implement investments through their designated asset pool unless specific exceptions apply.
  • Governance and oversight of pool operators formalising the requirements relating to the governance structure of pool companies.
  • Transfer of legacy assets setting out frameworks for the transition of assets not yet moved to pools.
  • Strategic versus implantation roles confirming that strategic asset allocation remains the responsibility of administering authorities, and investment implementation must be executed through the pools.

• Pension Fund Annual Report and Accounts 2024-25 - Update

  The committee will receive the final draft of the Pension Fund Annual Report and Accounts for 2024/25, which incorporates audit comments from EY. The report pack includes the Pension Fund Statement of Accounts, prepared under International Financial Reporting Standards (IFRS).

• Annual Training Plan – 2026/27

  The committee will discuss and approve the proposed annual training plan for 2026/27. The training plan provides a programme to equip the committee and the board with the knowledge and skills needed to effectively govern the fund. The training plan is structured around six core training sessions and six specialist training sessions (masterclasses). Committee and board members are enrolled on the LGPS Online Learning Academy (LOLA).

• LBTH Pension Board Submission Pensions Committee 111225

  The Independent Chair of the Pension Board, John Jones, will present a report to the committee, detailing the Board's recent activities. The report will likely include discussions on the Risk Register, the Fit for the Future proposals, LGPS pooling, and Pensions Administration.

• Pensions Administration Report - September 2025

  The committee will receive information on the administration and performance of the Scheme for the quarter to 30 September 2025. The report will likely cover scheme membership, tasks completed and outstanding, and performance against CIPFA suggested timelines¹. The report pack includes a pensions structure chart highlighting current vacancies. The report also mentions the transition of 'Member Self Service' (MSS) to 'Engage'. The Employer Forum due to be held in October 2025 has been postponed, and officers are targeting January 2026 to coincide with when the Fund Actuary anticipates employer results from the triennial actuarial valuation.

• LGPS Access and Protections Consultation

  The committee is scheduled to discuss the MHCLG's Local Government Pension Scheme in England and Wales: Scheme Improvements (Access and Protections) consultation. The consultation proposes amendments in four key policy areas: Normal Minimum Pension Age (NMPA), access for mayors and councillors, Multi-Academy Trusts (MATs) and applications for directions, and strengthened New Fair Deal protections.

• Pension Fund Register

  The committee will review the Pension Fund Risk Register. The report pack notes that work to rationalise the Pension Fund risk register is ongoing, and a redesigned risk register will be provided to the next Committee for consideration. The appendices include the risk register and control measures, a summary risk register, and a Heatmap.

• TH Pensions Committee Work Programme - 2025-26_October2025Final

  The committee will review the work programme for 2025/2026.

• Declarations of Interest Members are reminded to consider the categories of interest, identified in the Code of Conduct for Members² to determine whether they have an interest in any agenda item and any action they should take.

• Minutes The committee will confirm as a correct record the unrestricted minutes of the meeting of the Committee held on 6th November 2025.