Here is a summary of the scheduled discussions for the Tower Hamlets Council Pensions Committee meeting on 6 November 2025.

The agenda included several reports for consideration, including the June 2025 Pensions Administration Report, the Scheme Engagement and Communications Report, the September 2025 Pension Fund Risk Register, and the Draft Pension Fund Annual Report and Accounts 2024/25. Also listed for discussion were an LGPS pooling update, a request from Buckinghamshire Pension Fund to join London CIV, a quarterly investment review, a governance report, liquidity and cashflow monitoring, training, a feasibility study regarding leveraging Tower Hamlets Pension Fund assets, and an update to the triennial actuarial valuation.

Here's a more detailed look at the topics that were listed for discussion:

Draft Pension Fund Annual Report and Accounts 2024/25

The committee was scheduled to consider the Draft Pension Fund Annual Report and Accounts 2024/25. The report, including the Statement of Accounts, was prepared under International Financial Reporting Standards¹ (IFRS). The Pensions Committee was asked to note the report's contents and approve the Draft Accounts for 2024/25, giving delegated authority to the s151 officer² to finalise and publish the report and accounts by the statutory deadline of 1 December 2025. The report pack included a draft of the Pension Fund Annual Report 2024-25, which stated that the net assets of the fund as of 31 March 2025 were £2,192 million, compared to £2,145 million the previous year. The draft report also included a foreword from Councillor Ana Miah, Chair of Pensions Committee, who noted that the Fund had achieved a positive investment return of 4% despite economic volatility. Councillor Miah also highlighted the Fund's focus on strengthening governance and risk management, preparing for regulatory changes such as the McCloud remedy³ and the Pensions Dashboard Programme, and its commitment to responsible investment.

Pension Fund Risk Register - September 2025

The committee was scheduled to review the Pension Fund Risk Register. The report pack included the risk register, a summary risk register, and a heatmap. The Pensions Committee was asked to note the risk register, note the ongoing review of the Pension Fund's suite of Policies including Risk Management Policy in collaboration with the advisers, and note that the review of Policies and the risk register will take account of the outcomes of the Fit for the Future and the LGPS: Access and Fairness consultations and the resulting legislation.

The report noted recent risk movements in the risk register:

• Risk of failure to make appropriate decisions by those charged with governance: Removed because the reforms to the LGPS will result in fundamental changes to the roles and responsibilities, and the relationships between LGPS Funds and Pools.
• Risk of real yields falling, which increases the liabilities: Changed from ORANGE to RED due to heightened geopolitical tensions that could lead to higher oil prices and increased inflationary pressures in the medium term with possible disruption to supply routes and wide-reaching consequences for global energy markets and investor sentiment. There is a Risk of increased liabilities due to market yields/inflation moving out of line from actuarial assumptions/forecasting.
• Mandated transition of assets to London CIV under the Fit for the Future reforms: Changed from ORANGE to RED because of misalignment between Pool and Fund-specific investment goals (e.g., local impact, infrastructure weighting). Limited influence over manager selection, ESG methodology, or rebalancing timelines. Pooling mandates may prioritise standard passive strategies or centralised benchmarks. Funds with more active, bespoke, or thematic mandates (e.g., low-carbon, local growth, private markets) could see lower returns or divergence from actuarial assumptions. Shifting assets, managers, mandates and data involves cost, time, and risk. There is a Risk that the London CIV and Investment Managers underperform.
• Employers not fulfilling their responsibilities towards the Pension Fund: Removed because reforms to the LGPS will result in fundamental changes to the roles and responsibilities, and the relationships between LGPS Funds and Pools.

The report also summarised emerging Pension Fund Risks:

Pensions Administration Report - June 2025

The committee was scheduled to receive an update on the administration and performance of the scheme for the quarter ending 30 June 2025. The report included information on scheme membership, tasks completed and outstanding, and performance against CIPFA suggested timelines⁴. The report pack included a table that showed the scheme membership at 30 June 2025:

The report also noted that there were 315 cases classified as 'Undecided Leavers' and 275 possible incoming transfers currently being processed.

The Pensions Administration Report recommended that the Pensions Committee note the content of the report, the employer admissions in the pipeline, the scheme and legislative update, and the progress on the special projects workstreams.

Scheme Engagement and Communications Report

The committee was scheduled to discuss a report providing an update on employer and member engagement and communication activities. The report noted that a Pension Fund Employer Forum (PFEF) would be held on 21 October 2025, and that officers would report back to the committee following the forum. The report also detailed the purposes of the Pension Fund Information Forum (PFIF), including informing employees about scheme benefits and explaining the implications of regulatory changes. The Scheme Engagement and Communications Report recommended that the Pensions Committee note the content of the report, note that the Pension Fund Employer Forum (PFEF) will be held on Tuesday 21 October 2025 in the Council Chamber at the TH Town Hall, request officers to report back to the Committee post the PFEF, and note the approved Agenda for the proposed Pension Fund Employer Forum on 21 October 2025, aligns with the evolving policy environment and consultation themes.

Other Matters

• The committee was also scheduled to discuss a submission from John Jones, Independent Chair of the Pension Board, which included updates on the Board's meetings and discussions, including concerns about the Fund's investments in the Middle East and the steps being taken to protect the Fund's financial position.
• The Pensions Committee Work Plan for 2025/2026 was also scheduled for discussion.
• A supplementary agenda included an item on leveraging Tower Hamlets Pension Fund assets to address temporary accommodation needs in the borough, based on the Royal Borough of Kensington and Chelsea model.

In addition to the items listed above, the agenda included standard items such as apologies for absence and declarations of interest. Councillor Ana Miah, Chair of Pensions Committee, was scheduled to chair the meeting.