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Summary
The Hackney Council Pensions Committee convened to discuss several key items, including the approval of the Funding Strategy Statement and associated policies, updates on the migration of pension administration services, and the review of the 2024/25 Task Force on Climate-related Financial Disclosures (TCFD) Report. The committee also reviewed the Quarterly Business Plan and Governance, and received updates on investment performance and responsible investment activities. All recommendations put before the committee were approved.
Funding Strategy Statement and Policies
The committee approved the draft Policies Funding Strategy Statement for consultation with employers, along with the Contribution Review Policy, the Small Admissions Body Policy, and the Policy on Cessations. The Funding Strategy Statement PC 23 Sept 2025 - Funding Strategy Statement COVER REPORT sets out how the council will manage its pension fund to ensure that it can meet its future obligations to pensioners. The Contribution Review Policy outlines how the council will review contributions to the pension fund, while the Small Admissions Body Policy and the Policy on Cessations deal with specific circumstances related to smaller employers and the cessation of participation in the fund.
2024/25 Task Force on Climate-related Financial Disclosures (TCFD) Report
The committee reviewed the 2024/25 Task Force on Climate-related Financial Disclosures (TCFD) Report PC 23 Sept 2025 - Task Force on Climate-related Financial Disclosures - Cover Report and agreed to follow up with companies highlighted as high emitters for scope 1, 2, and 3 emissions. The report noted a 30.3% reduction in scope 1 and 2 carbon footprint from 2023 to 2025. The TCFD framework1 aims to improve and increase reporting of climate-related financial information.
Quarterly Business Plan and Governance
The committee noted the Quarterly Business Plan and Governance PC 23 Sept 2025 - Business Plan and Governance Update COVER REPORT 1, including the Pensions Board Annual Report PC 23 Sept 2025 - Appendix 1 - Pensions Board Annual Report v1 11 sept 2025 and revised Terms of Reference, as well as the minutes of the Pensions Board meetings held on 31 July Appendix 2 Pensions Board Minutes - 31 July 2025 and 11 September 2025 Appendix 2i Pensions Board Public Minutes 11 September 2025. They also noted the changes to the Risk Register PC 23 Sept 2025 - Appendix 4A - Admin Comms RISK REGISTER.
Update on Administration Migration
The committee noted the progress made in the migration to the Local Pensions Partnership Administration (LPPA) PC September 2025 - Pension Administration Service Migration Project Update. This migration aims to improve the efficiency and effectiveness of pension administration services for members of the Hackney Pension Fund. The Hackney Onboarding Risk Register PC 23 Sept 2025 - Appendix 1 - Hackney Onboarding Risk RegisterMH10.09.2025.xlsx - Risks 1 was also noted.
Quarterly Performance and RIWG Meeting Update
The committee reviewed the economic environment, investment managers, and pool investment performance as of 30 June 2025 PC 23 Sept 2025 - Appendix 1 - Quarterly Investment Performance Report Q2 2025 MMR - V3. They also noted the Local Authority Pension Fund Forum (LAPFF) Engagement Report for Q1 PC 23 Sept 2025 - Appendix 2 - LAPFF Quarterly Engagement Update June 2025 and the 3 September 2025 Responsible Investment Working Group (RIWG) Meeting PC 23 Sept 2025 - Appendix 3 - RIWG Sept Meeting Update.
2024/25 UK Stewardship Code Report
The Pensions Committee approved the draft 2024/25 submission of the UK Stewardship Code Report PC 23 Sept 2025 - UK Stewardship Code Submission - Cover Report, subject to any final changes agreed with the Chair and Vice-Chair ahead of the October deadline. The UK Stewardship Code2 aims to enhance the quality of engagement between investors and companies to help improve long-term returns to shareholders and the efficient exercise of governance responsibilities.
Other Matters
- The committee noted the Funding Level Update PC 23 Sept 2025 - Funding Risk Update - Cover Report 1.
- The Quarterly Pensions Administration & Projects Update PC 23 September 2025 - Quarterly Pensions Administration Update Cover Report 1 was noted, covering administration performance monitoring, LGPS regulatory updates, the McCloud project, and annual benefit statements.
- The Pension Fund Annual Report was deferred to the next meeting.
- The committee approved the exempt minutes of the previous meeting on 29 July 2025, as well as the exempt minutes of the Pensions Board meetings held on 31 July and 11 September 2025.
- There was no other unrestricted business.
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The Task Force on Climate-related Financial Disclosures (TCFD) was established in 2015 by the Financial Stability Board (FSB) to develop recommendations for more effective climate-related disclosures. The recommendations are structured around four thematic areas that represent core elements of how organizations operate: governance, strategy, risk management, and metrics and targets. ↩
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The UK Stewardship Code, introduced by the Financial Reporting Council (FRC), sets high stewardship standards for asset owners and asset managers. It aims to promote responsible investment and long-term value creation by encouraging investors to engage with companies on environmental, social, and governance (ESG) issues. ↩
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