The Pension Board of Tower Hamlets Council met on Monday 24 November 2025 to discuss the Pension Fund Risk Register and the LGPS Access and Protections consultation. The Board also reviewed the Pension Board Work Plan for 2025/26.

Pension Fund Risk Register

The Board reviewed the Pension Fund Risk Register, noting that work was in progress to translate identified risks into actionable mitigation plans. Concerns were raised about the clarity and ease of reading the current risk register format, with a request for improved visual presentation. The Board acknowledged the inclusion of cyber threats as a significant risk. Councillor David Stephen Thompson, representing Retired/Deferred Pension Fund Members, reiterated the need for clear translations of mitigations for risks currently flagged as red or amber. He also highlighted the significant workload assigned to Paul Audu, Head of Pensions and Treasury (Interim), and stressed the need for resource resilience. Paul Audu confirmed that the rationalisation of risks had been completed, and the team was focusing on ensuring appropriate mitigation strategies and officer ownership. The Board agreed to the recommendations to note the risk register and the ongoing review of policies.

LGPS Access and Protections Consultation

The Board discussed the Local Government Pension Scheme (LGPS) 'Access and Protections' consultation, which proposes significant amendments to scheme access rules, retirement ages, employer admission processes, and worker protections. Paul Audu highlighted concerns regarding increased administrative complexity, particularly with the proposed changes to the Normal Minimum Pension Age (NMPA) and the strengthened New Fair Deal protections for outsourced workers. These changes are expected to impact council commissioning and procurement, potentially leading to a significant increase in administrative burden and the need for updated employer risk management frameworks. The Board noted the potential for an expanded employer base, including councillors, mayors, and multi-academy trusts, which could affect employer contributions and risk pooling arrangements. The Board agreed to the recommendations to note the consultation, review the draft regulations, and for officers to prepare a formal response by the deadline of 22 December 2025. Preparatory work on administration, employer engagement, and policy updates will also commence.

Pension Board Work Plan

The Board reviewed and noted the Pension Board Work Plan for 2025/26. The plan outlines standing items for each agenda, including updates on the Pensions Committee, administration, scheme engagement, governance, the risk register, liquidity and cashflow monitoring, training, and the annual report. Specific items for upcoming meetings include the 2024/25 Pension Fund Annual Report and Accounts, LGPS consultations, and updates on LGPS pooling. The Board also noted the training and development activities undertaken by members, including seminars on investment strategies and private markets.