The Pensions Committee of Hackney Council met on Tuesday 25 November 2025, approving recommendations on strategic asset allocation, private markets, and the triennial valuation of the pension fund. The committee also approved draft annual reports and accounts for the 2024/25 financial year and a consultation response regarding LGPS scheme improvements.

Pension Fund Annual Report and Accounts 2024/25

The committee approved the draft 2024/25 Pension Fund Annual Report and Accounts for publication and distribution. The report details the fund's activities, governance, and performance for the financial year. It notes that the fund's assets were valued at £2.1bn as at 31 March 2025. The report also outlines the main risks associated with the Pension Fund, including funding risk, investment risk, and regulatory and compliance risk. Management expenses for the year totalled £15.9m, a decrease from the previous year, with investment management costs being the largest component. The report highlights a net increase in the value of investment assets by 3.9% over the year.

LGPS Consultation – Scheme Improvements (Access and Protections) Draft Consultation Response

The committee noted and approved the draft consultation response regarding proposed improvements to the Local Government Pension Scheme (LGPS) in England and Wales. The consultation covers four key policy areas: Normal Minimum Pension Age (NMPA), access for mayors and councillors, academies, and New Fair Deal protections for outsourced workers. The Fund's response generally agrees with the proposals, supporting the increase in NMPA to 57 for members without protected pension ages and the extension of LGPS access to mayors and councillors in England. The response also agrees with the proposed criteria for academies to consolidate into single administering authorities and the removal of the requirement for Secretary of State consent in standard cases. Furthermore, the Fund supports the adoption of the deemed employer model for outsourced workers, which aims to ensure continued LGPS membership and simplify pension arrangements. The response also agrees with the proposal to allow broadly comparable schemes to continue only in exceptional circumstances and supports the approach to inward transfers from broadly comparable schemes, preserving final salary benefits.

Other Decisions

The committee also approved recommendations from various exempt reports, including the Appointment of Voting Partner, Strategic Asset Allocation Review, Private Markets Annual Review, Triennial Valuation Whole Fund Results, Quarterly Performance & Responsible Investment Working Group Update, and the Pensions Administration Migration Update. The committee also approved the draft Pension Committee Annual Report to Council. The minutes of the previous meetings held on 23 September and 5 November 2025 were agreed as a true and accurate record. A verbal report was noted regarding the SAB Pensions Committee and Pensions Board Chairs Annual Conference.