The Pensions Committee of Tower Hamlets Council was scheduled to convene on Monday, 9 March 2026, to discuss a range of reports concerning the administration, governance, and investment of the Pension Fund. Key agenda items included updates on scheme administration, risk management, LGPS pooling reforms, and the annual actuarial valuation.

Pensions Administration Report

The committee was scheduled to receive an update on the administration and performance of the Pension Scheme for the quarter ending 31 December 2025. This report detailed the scheme membership, including active, deferred, and pensioner members, and provided an analysis of case types processed during the quarter, such as new starters, opt-outs, and refund calculations. It also outlined the performance against CIPFA benchmarks for various workflows, such as transfer quotes and retirement actuals. The report was expected to highlight progress on the data cleanse project and provide an update on Pensions Dashboards. Additionally, it was to cover employer admissions and cessations, and provide a scheme and legislative update, including information on the transition from 'Member Self Service' to 'Engage' and the implications of the LGPS Access and Fairness consultation.

Scheme Engagement and Communications Report

This report was scheduled to cover the Pension Fund Information Forum (PFIF) and the Pension Fund Employer Forum (PFEF). The PFIF aims to inform scheme members and stakeholders about the fund's operation and governance, covering topics such as membership benefits, funding, investment, and regulatory changes. The report was to detail the proposed agenda for the upcoming PFIF on 23 and 27 March 2026, and outline plans for online information sessions and offsite engagement. The PFEF, held on 22 January 2026, was intended to engage with scheme employers on valuation, funding, regulatory reforms, and data implications. The report was to note the low attendance at the PFEF but positive feedback, and outline plans for future employer support and training. The committee was recommended to agree that an annual engagement performance report be presented going forward.

Pension Fund Risk Register

The committee was scheduled to consider a proposed redesign of the Pension Fund Risk Register, prompted by significant structural and legislative reforms to the Local Government Pension Scheme (LGPS) effective from 1 April 2026. The report highlighted the impact of the 2026 LGPS regulatory framework on the fund's risk profile, including mandatory asset pooling, delegation of investment implementation to London CIV, and new governance mandates. The redesigned register was intended to reflect statutory compliance risks, shared accountability with the pool, structural governance risks, and employer and benefit risks. It was proposed to introduce a dedicated Regulatory & Compliance risk category and delegate authority to the Director of Resources to implement the redesigned framework.

LGPS Pooling - Update

This report was intended to provide a comprehensive update on LGPS pooling reforms, following the Government's response to the 'Fit for the Future' consultation and the publication of draft 2026 Regulations. Key areas for discussion were expected to include the structural separation of pension governance from wider Council finance governance, the timeline for mandatory asset transfers to pools, and structural changes in governance mandates and training. The report was also to address the local investment reconfiguration, requiring funds to monitor and report local investments via pools, and note the government's response to consultations, the Pension Schemes Bill, and draft guidance on fund governance, investment strategy statements, and pooling. Representatives from London CIV were scheduled to attend the meeting.

Pensions Committee Work Plan

The committee was scheduled to review its work programme for the remainder of the 2025/26 financial year. This included standing items such as updates from the Pension Board, Pensions Administration Report, Scheme Engagement and Communications Report, Governance Report, Pension Fund Risk Register, Quarterly Investment Report, and Pension Fund Quarterly Liquidity and Cashflow monitoring. Specific agenda items for upcoming meetings were also to be discussed, including the 2024/25 Pension Fund Annual Report and Accounts, LGPS Consultations, Divestment and Exclusion Considerations, the 2025 Actuarial Valuation, LGPS Pooling, and the Pension Fund Business Plan and Budget for 2026/27.

Submissions/Referrals from Pension Board

The committee was scheduled to receive a submission from the Tower Hamlets Pension Board, following their meeting on 2 March 2026. The Board had discussed updates on the Risk Register development, progress on Fit for the Future proposals and LGPS pooling, Pensions Administration data, and the 2025 Actuarial Valuation. They welcomed the proposed Pension Fund Information Forum for employees and noted the ongoing work on the Risk Register, emphasising the need for mitigations and responsible officers against each risk. The Board also discussed Knowledge and Skills development, suggesting central management of training for Board and Committee members, and supported the proposed new posts in the Pensions Administration team. Concerns were raised regarding the 2025 Actuarial Valuation's impact on future contributions and the timeline for resolving breaches reported to the Pensions Regulator.

Quarterly Investment Review

This report was scheduled to provide the Pensions Committee with information on the activity and performance of the Pension Fund for the quarter ending 31 December 2025. It was expected to include updates from Mercer, the Fund's investment consultant, and representatives from London CIV. The report was likely to cover the progress of asset transitions to the pool, updates on specific investment managers, and the Investment Strategy Statement.

Triennial Actuarial Valuation 2025 - Update

This report, re-issued due to changes and table corrections, was scheduled to provide an update on the 2025 triennial actuarial valuation of the Pension Fund. It was expected to outline the fund's current funding level, the impact on future employer contributions, and the actuary's report. The discussion was likely to focus on the implications of the valuation for the long-term funding of the Pension Fund.