The Pensions Committee and Board approved a new Responsible Investment Policy, set to go live in April 2026, and noted the outcomes of a member consultation on the draft policy. The committee also approved the Haringey Pension Fund Business Plan and Budget for the financial year 2026/27, which outlines strategic priorities and financial resource allocation.

Responsible Investment Policy Approved

The committee approved the draft Responsible Investment Policy, which will be implemented from April 2026. This policy aims to integrate environmental, social, and governance (ESG) considerations into all investment decision-making processes. A consultation on the draft policy received 340 responses, with 87% of respondents indicating that considering ESG factors was important or very important. Key areas members wanted to see reduced investment exposure to were armaments/defence, fossil fuels, and gambling. The policy, which includes an engagement framework and an exclusions policy, reaffirms the Fund's commitment to responsible investment as a means of delivering sustainable, long-term value for its members.

Pension Fund Business Plan and Budget Approved

The Haringey Pension Fund Business Plan and Budget for the financial year 2026/27 was approved. This marks the Fund's first formal business plan and budget, developed in response to recommendations from a governance review and in anticipation of becoming a statutory requirement. The plan outlines priorities across governance, actuarial investment/accounting, and administration, and the budget is based on estimated expenditure for 2025/26, with anticipated changes for the coming year. The committee will receive quarterly reports on the monitoring of the Business Plan and Budget.

Pension Administration Update Noted

The committee noted the report on the Pension Fund's administration activities for the quarter ending 31 December 2025. Updates were provided on membership statistics, the online Member Self Service portal (Engage), and Service Level Agreement (SLA) statistics. While performance in key areas such as retirements and deaths remained strong, outcomes for transfer cases were below the desired standard. A structured training plan is being developed to address this, aiming to broaden expertise across the team. The committee also received an update on the McCloud Project and staffing administration.

Governance Review Implementation Plan Noted

The committee noted the progress on the implementation of recommendations from the Fund's governance review. Several recommendations have been progressed, with others being addressed in relevant agenda items. Officers are working to improve progress on actions within the implementation tracker, including developing a business continuity plan for cybersecurity.

Risk Register Approved

The committee approved the updated risk register, which has been aligned with The Pensions Regulator's (TPR) General Code of Practice (2024). The register details key risks to the fund, including maladministration, non-compliance with legislation, and cybersecurity threats, along with the mitigatory measures being undertaken. The updated format includes new columns for Risk Cause, Risk Consequence, and Risk Owner to enhance detail and accountability. Key identified risks include regulatory non-compliance and maladministration due to incorrect interpretation of regulatory changes, and the loss, corruption, or unavailability of scheme data due to system failure or cyber incidents.

Pension Fund Quarterly Investment and Performance Update Noted

The committee noted the information provided regarding the Fund's investment performance and activity for the quarter ended 31 December 2025. The Fund's investment portfolio stood at £2.09bn, a 2.3% increase over the quarter, attributed to strong returns on equities. While overall performance was noted as relatively strong, some investment managers, particularly Blackrock, were underperforming. Positive recovery performance was noted from Ruffer. The committee also noted the independent advisor's market commentary, which highlighted strong gains in global equities, particularly in European and UK markets, despite international tensions.

Haringey Pension Fund Actuarial Valuation Report Noted

The committee noted the Haringey Pension Fund's Report on the actuarial valuation as at 31 March 2025, prepared by the Fund's Actuary, Hymans Robertson. The report indicated a significant improvement in the Fund's funding position, with a funding level of 139% compared to 113% at the 2022 valuation. This improvement was primarily driven by stronger-than-expected investment returns and higher interest rates. The committee also approved the updated Funding Strategy Statement (FSS), which sets out how employer liabilities are measured and funded, and noted the FSS consultation paper and the Valuation Governance audit trail.

Pension Fund Business Plan and Budget for the Financial Year 2026/27 Approved

The committee approved the Haringey Pension Fund Business Plan and Budget for the financial year 2026/27. This is the Fund's first formal business plan and budget, developed to align with governance review recommendations and anticipated statutory requirements. The plan outlines key priorities across governance, actuarial investment/accounting, and administration, with the budget detailing projected expenditure. Officers will provide quarterly updates on the monitoring of the plan and budget.

Training Record Noted

The record of training undertaken by members since the last meeting was noted.