The Hackney Pensions Board met on Monday 15 April 2024 to discuss training for its members, its work plan for the upcoming year, and the frequency of its future meetings. The Board agreed to increase its meeting frequency to three times per municipal year and approved its work plan for 2024-2025.

Pensions Board Training

The Board received a training session on the roles and responsibilities of its members, covering the governance of the Local Government Pension Scheme (LGPS), the specific functions of the Pensions Committee and the Pensions Board, and details pertinent to the Hackney Pension Fund. Ian Colvin, a consultant from Hymans Robertson, delivered the presentation, which outlined pension legislation, the general pensions framework, and the roles of various stakeholders including the Administering Authority, S151 Officer, Scheme Employers, and advisors. Key aspects of a Committee member's role were highlighted, such as setting fund objectives, acting in the interests of members and taxpayers, ensuring compliance with legislation, and maintaining knowledge. The training also touched upon the role of LGPS investment pools and their responsibilities.

During the discussion, members clarified points regarding the lifetime allowance and annual allowance for pensions, the expected conclusion of the McCloud Judgement, and the fiduciary duty of Committee members in making investment decisions, particularly in relation to pressure groups like Hackney Divest. The Board noted that the Pensions Committee aims to move the Fund's remaining assets into pools and that asset classes are diversified to minimise vulnerability and meet long-term objectives.

Following the training, several actions were agreed upon: Ian Colvin will arrange for Board members to receive Hymans Robertson newsletters, the Chair will arrange for Board members to receive Aon newsletters, the Interim Head of Pensions will provide links to the National Scheme Advisory Board and the Local Government Association (LGA), Ian Colvin will provide training on wider legislation and risk management at the next meeting, the Interim Head of Pensions will email Board members about forthcoming external events and training schedules, and the Interim Head of Pensions will provide a summary of challenges and resolutions experienced by the previous Pensions Board.

Pensions Board Work Plan 2024/25

The Board considered and agreed the proposed work plan for 2024-2025. This plan outlines standard agenda items for each meeting, including high-level monitoring reports, quarterly reports, updates on the Stewardship Code, investment, governance, pooling, and the performance of the Fund's administrators, Equiniti. Recurring items such as the annual report, annual benefit statements, and audit reports are also included. The plan also accounts for future projects with uncertain timings, such as the Good Governance Project and the Task Force for Climate Related Financial Disclosures (TCFD).

Frequency of Pensions Board Meetings

The Board discussed and agreed to increase the frequency of its meetings from two to three times per municipal year. This decision was made in light of the Pension Regulator's (TPR's) new General Code of Practice, which suggests governing bodies should meet at least quarterly, and the increase in the number of Pensions Committee meetings from four to six in the 2024/25 municipal year. Members expressed a preference for meetings to be a maximum of two hours long and to be held in person, with the flexibility for virtual attendance as they will be hybrid meetings. This arrangement will be reviewed in the next municipal year.

Review of Pensions Committee Papers

The Board noted the agenda papers for the Pensions Committee meetings held on 26 March and 7 February 2024. These papers covered themes such as high-level monitoring and quarterly reports, risk registers, updates on the McCloud Project, investment performance, Investment Working Groups, a review of the investment consultant, and the review and adoption of policies relating to the recovery of over and underpayments of scheme benefits, as well as updates on Equiniti.

Minutes of the Previous Meeting

The minutes of the meeting held on 22 September 2022 were agreed as a true and accurate record of proceedings, with a minor date amendment. It was also noted that Michael Hartney had requested a future agenda item on dashboards.