The Pensions Committee and Board of Haringey Council met on Tuesday 17 March 2026 to discuss the Fund's Responsible Investment Policy and its quarterly investment and performance update. The meeting also covered the Pension Fund's Business Plan and Budget for the upcoming financial year, alongside the outcomes of the latest actuarial valuation.

Responsible Investment Policy

The committee was scheduled to consider the finalised draft of the Responsible Investment Policy. This policy aims to integrate environmental, social, and governance (ESG) considerations into all investment decision-making processes, manager oversight, and engagement activities. The policy was developed following a consultation with Pension Fund members, with 87% of respondents indicating that considering ESG factors was important or very important. The report noted that 71% of respondents agreed that the Fund should seek to influence companies through engagement and stewardship, and 75% felt the Fund should reduce investment exposure to sectors with significant ESG risks, such as fossil fuels. The policy outlines the Fund's investment beliefs, governance structure, stewardship approach, engagement framework, and exclusions policy, with a commitment to responsible investment as integral to securing sustainable long-term returns. The committee was recommended to note the consultation responses and approve the draft policy for implementation from April 2026.

Pension Fund Quarterly Investment and Performance Update

An update on the Pension Fund's performance for the quarter ending 31 December 2025 was scheduled for discussion. The report indicated that the Fund's investment portfolio had grown to £2.09 billion, a 2.3% increase over the quarter, largely due to strong returns on equities. The independent advisor's market commentary for the quarter noted that global equities continued to rise strongly, supported by moderating inflation, positive company earnings, enthusiasm for technology stocks, and interest rate cuts by the US Federal Reserve. European and UK equity markets also performed well. The report also detailed the Fund's current asset allocation, which had been updated following a decision to reduce holdings in the LCIV Buy and Maintain fund and allocate more to Index Linked Gilts. The update also included information on the Local Authority Pension Fund Forum (LAPFF) engagement activities, which primarily focused on Climate Change during the quarter.

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

The committee was scheduled to review the Haringey Pension Fund Business Plan and Budget for the financial year 2026/27. This plan outlines the Fund's strategic direction and business priorities, including both routine activities and strategic initiatives aimed at enhancing member experience, strengthening governance, and improving operational effectiveness. The budget for 2026/27 was developed based on projected expenditure for 2025/26, taking into account anticipated workflows, external support costs, and any additional resourcing requirements. The plan also addresses forthcoming regulatory and legislative changes affecting the Local Government Pension Scheme (LGPS).

Haringey Pension Fund Actuarial Valuation Report

The meeting was scheduled to receive information on the outcome of the actuarial valuation exercise as at 31 March 2025. This report, prepared by the Fund's Actuary, Hymans Robertson, presents the conclusions on the Fund's overall financial position, including revised employer contribution rates for the period from 1 April 2026 to 31 March 2029. The report indicated a significant improvement in the Fund's funding position compared to the 2022 valuation, with a reported funding level of 139% as at 31 March 2025. This improvement was attributed to stronger-than-expected investment returns and higher interest rates over the past three years. The committee was also asked to approve an updated Funding Strategy Statement (FSS), which sets out how employer liabilities are measured, the pace at which they are funded, and how employers pay for their liabilities.

Governance Review Implementation Plan

An update on the implementation of recommendations from the Fund's governance review was scheduled for discussion. The review had identified 26 recommendations categorised as fundamental and urgent, easily implementable, or to be implemented from 2025/26. An implementation plan was in place, and the report detailed the progress made on these recommendations, with several items marked as 100% complete, including the development of a medium-term business plan and annual budget, and the redesign of the Risk Register.

Risk Register

The committee was scheduled to review the Pension Fund's risk register and discuss the allocation of risk scores. The updated register had been aligned with The Pensions Regulator's (TPR) General Code of Practice (2024) and included new columns for Risk Cause, Risk Consequence, and Risk Owner to allow for more detailed categorisation and monitoring of risks. Key identified risks included regulatory non-compliance and maladministration, loss or corruption of scheme data, and poor investment governance.

Pension Administration Update

An update on the Pension Fund's administration activities was scheduled, covering areas such as membership statistics, the online Member Self-Service portal, Service Level Agreement (SLA) statistics, contribution collection, Internal Disputes Resolution Procedures (IDRPs), the McCloud Project, and the implementation of the Engage portal. The report noted strong performance in key areas like retirements and deaths, but ongoing challenges with transfer cases, for which a structured training plan was being developed. The transition from the Member Self-Service portal to the new Engage portal was reported as successful, with positive feedback received from members.

The meeting also included standard agenda items such as the confirmation of minutes, declarations of interest, and urgent business. Certain items were marked as exempt from public disclosure due to containing confidential or commercially sensitive information.