The Pension Board of Tower Hamlets Council met on Monday 2 March 2026 to discuss a range of reports concerning the administration, engagement, and risk management of the Pension Fund. Key topics included updates on LGPS pooling reforms, the proposed redesign of the Pension Fund Risk Register, and the scheme's engagement and communications strategy.

Pension Administration Report

The meeting was scheduled to consider the Pensions Administration Report for the quarter ending 31 December 2025. This report was intended to provide an update on the administration and performance of the Scheme, including membership analysis, case processing times, and progress on data quality initiatives such as the GMP and Pensioner Payroll Rectification project. It also detailed employer admissions and cessations, and provided an update on scheme and legislative changes, including the Pensions Dashboards programme and the transition from 'Member Self Service' to 'Engage'.

Scheme Engagement and Communications Report

A report on Scheme Engagement and Communications was scheduled for discussion. This report aimed to provide an overview of engagement activities undertaken in relation to the 2025 actuarial valuation and government reform consultations. It was also intended to present the outcomes of the Pension Fund Employer Forum held on 22 January 2026 and seek agreement on the draft agenda for a proposed Pension Fund Information Forum. The report highlighted the importance of transparency and stakeholder engagement in the Local Government Pension Scheme (LGPS).

LGPS Pooling Update

The Board was scheduled to review an update on LGPS Pooling reforms, focusing on the government's response to the 'Fit for the Future' consultation and the draft 2026 Regulations. This report was expected to detail structural changes, including the separation of pension governance from wider Council finance governance, the mandated timeline for asset transfers to pools, and governance mandates. It was also to cover the local investment reconfiguration and the implications of the Pension Schemes Bill. Representatives from London CIV were expected to attend to discuss their positioning within the new pooling framework.

Pension Fund Risk Register

A significant item on the agenda was the Pension Fund Risk Register. The report presented a proposed redesign of the register to reflect the significant structural and legislative reforms to the LGPS effective from 1 April 2026. The proposed redesign aimed to address risks arising from mandatory asset pooling, delegation of investment implementation, the appointment of a statutory Senior LGPS Officer, and mandatory Independent Governance Reviews. The report outlined six principal risk categories: Regulatory & Statutory Compliance, Governance & Oversight, Funding & Employer, Investment & Pooling, Administration & Systems, and Engagement & Communications.

Pension Board Work Plan

The Board was scheduled to review its work plan for 2025/26. This included a standing list of agenda items such as consideration of the Pensions Committee's agenda and minutes, updates on pensions administration, scheme engagement, governance, the Pension Fund Risk Register, and quarterly liquidity and cashflow monitoring. The work plan also detailed specific items for future meetings, including updates on LGPS consultations, divestment and exclusion considerations, annual benefit statements, the 2025 actuarial valuation, and the Pension Fund Annual Report and Accounts.

Business Plan and Budget 2026/27

The Board was also scheduled to discuss the Pension Fund Business Plan and Budget for 2026/27. This item was linked to the ongoing LGPS reforms and aimed to ensure alignment of the Business Plan with reform-driven risk mitigations.

Other Items

The agenda also included standard items such as apologies for absence, declarations of interest, confirmation of previous minutes, terms of reference, submissions from fund members, and submissions/responses from the Pensions Committee. The Board was also to consider the Pensions Committee's agenda for its forthcoming meeting, training events, and any other business. A portion of the meeting was scheduled to be held in private to discuss exempt information.