Pensions Committee - Thursday 11 December 2025, 6:30pm - Tower Hamlets Council webcasts

Pensions Committee
Thursday, 11th December 2025 at 6:30pm 

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Good evening, everyone.
Welcome to the sub committee meeting.
My name is
and I'm the chair of the committee.
Please note that for the meeting
procedure missing for two procedure is this meeting is holding person committee
member and keep us within and person on the meeting will only be committee
member present on the meeting will be able to vote other person may be also
attending remotely committee member and others who have chosen to attend
remotely have been advised by the committee officer
that should take technology difficulty
even the full investigation in the meeting,
it may process in the able to feel free, necessary.
We will remember members of the meeting
to all the street to my direction
and speak clearly into the microphone to ensure.
That the contributor can be properly recorded.
Can everyone ensure the mobile phone switch and silent?
I will be asked the committee member present their introduction.
Please can you do also stay any declarative and interested.
you may have the in the agenda item and the initial of the interest
do you have any apology or absence
no chair no apologies received
before we go to the item and agenda there are quite few respect of this
agenda some are the not will other require discussion
thank you very much chair any interest thank you very much
councillor I mean Rachmaninoff from good worse nothing to declare thank you thank
I'm sorry, I'm with nothing to declare
Council Peter go nothing to declare
Members of online can you introduce them, please?
Yeah, I can hear you how's the my speaking nothing to declare
Okay, thank you.
Declaration inters page number 78.
We have already done this, declaration inters with the, including I will move, switch on
the next item.
I'm just a minute of the previous meeting, page number 9 and 18, two minute.
Can I invite member of the, approve the unrestricted meeting of meeting 6 November 2025?
I have a comment on the restricted minutes, but not in these minutes.
Okay.
Petition number four, item number four.
Farina, do you have any petition?
No, Chair, I've received no petitions.
Subject to review from the previous board, page number 1925.
Can I invite John Jones to report this report, please?
Yeah, thank you, Chair.
I'm John Jones.
I chair the local pension board, and we met back at the end of November.
Now, most of the items that we reviewed at our meeting are on your agenda this evening,
so what I just want to do is highlight a few key points that were discussed in the board.
I just take these through
The report is that starts on page 19 a risk register now. This is a very important document
For the fund and for the board and the committee to review and I know that we know that it's due to be
reformatted and updated
But it is really important that in future
Mitigations and actions must be included against each risk
So whilst we welcome the reduction in the number of risks that are reported
They need to be in mitigations and actions need to be set against those
Secondly
Paragraph three this is on your agenda. This is the government's consultation on LGP access and protections
But one of the issues that we were identified was the additional burdens on
Administration that are likely to arise in risk. So it's very important. I think that
In your response to government that you highlight there these additional pressures
over
the page paragraph 5
Colin Colin Robertson here this evening very kindly came to the meeting and I think we had a
Longer discussion around fit for the future proposals as we've had on any issue in the board in my memory
And there's a few key points there that are highlighted
in paragraph 5 and
and also moving on to to paragraph 6 some issues were raised in the respects of governance arrangements with the London sieve and
And in particular one of my colleagues on the on the board raised a key point about having more meaningful
Representation of employees in the seven felt that this was an issue that needed to be highlighted and discussed
Just a sort of on a very positive note actually paragraph eight is the there's no notable improvement in performance
Administration in terms of backlogs of work. I know in the past we've raised concerns about
issues in administration but it was very welcome to see the statistics that sort
of reducing and we hope that the momentum of that continues and you'll
have an opportunity to discuss that in a moment and then on the governance report
this is on the confidential part of the agenda and paragraph 9 so there's some
issues there that we probably need to discuss again so that's all I had to
highlight for you so if there's any questions I'm very very happy to try and
with those. Thank you. Does the committee have any question? Can the report committed
to noted? Thank you. Report the consideration pension administration
report September 2025 page number 20 23 20 38 2 minute I will ask the report
being record will be starting to quilt do committee member have any question
or a committed to us to ask
thank you chair I'm happy for this report to be taken as read the report
updates the committee on various matters relating to membership
cases process and workflows and outstanding work
to the quarter ended 30th of September and the
current projects we've got
You know currently
Notably the dashboard
project which is
Complete and you know up and running and the data claims exercise happy to take any questions chair. Thank you
any correction
Access and protection the consultant page number 39 and 45 minute
Okay, okay, sorry.
Can I ask the committee to recommendation noted.
Can member please note the agenda, the recommended page number 23.
LGBTI Action and Protection Consultation, page number 39 and 46, 5 million.
Thank you, Chair.
The report contains, you know, various elements of the LGBTI Access and Protection Consultation.
I think you'll find this on pages 39 to 46.
And this consultation is currently open.
It was published on the 13th of October 2025
and due to close on the 22nd of December.
And the consultation proposes amendments in four key areas.
and the report is asking the committee to agree that officers prepare a formal
response to the consultation and the consultation as I said closes on the
22nd of December and also the report you know request that officers prepare a
the proposal which includes the strategic and operational impact on the fund, being
duly noted because there are some risks and the report also sets out the next steps that
you know the fund in which to take
Thank You chair
Do have member of any question or comment
Can I
Regarding you
Before the submission can your consultation response be shared with committee? Thank you
Thank You Jay yes just like we did you know previously I'm happy to share the
draught responses before they go.
Thank you.
Can I ask the committee and the commission to note it.
Can member to please note this agenda page number 39.
Thank you, Chair. This report is self -explanatory. Happy for it to be taken as read. The work
to rationalise the pension fund risk register per the board and committees you
know request is ongoing and a redesigned risk register you know will be provided
in June calls. Thank you chair.
Okay. Can I ask the committee, committee have a agenda item number 47 noted?
5 .4, Pension Fund Annual Report and Accession 2024 to 2025, page number 97, the agenda item
to 240 to five minute.
Thank you, chair.
The external auditor's report was received by the audit committee last night upon which
the committee gave its approval.
A copy of the final draught which has now been signed is in your pack, chair.
and the draught report has already been lodged with the scheme advisory board on the 1st
of December to comply with the regulations. Thank you, chair.
Do we have members have any questions? Yeah.
Councilman. Sorry, chair, I need to go to the paper, the
I had a question on some of the risks.
Paul, maybe you could just touch on some of the high risk where we have ratings above
10, especially around where we have material misstatements and on the pension funds.
I just want to understand.
Review date was the 8th of August.
I'm on page 95, by the way.
Has that been completed?
And then we had another one, which is the risk that McLeod judgement is not complied
with or done so incorrectly.
Review date was 5 December.
Has that also been done?
Thank you, Chair.
Yes, the risk register has been reviewed in the two respects.
I'm happy to just clarify that there were no material misstatements in terms of the
accounts that have just been published.
And with regards to McLeod, that is ongoing and the McLeod remedy is being worked on.
It is going to remain a work in progress for the foreseeable future, but offices are on
top of that.
Thank You chair. Do you remember have any question? 5 .4. 5 .3 or we finish then he
started again back from the back. Page 106 I think it has got everyone's name of
the committee the it says vice chair Jai Chaudhuri I don't see any Jai Chaudhuri
do you think there's a mistake on there? It's 106. That from the previous year
because what year is that from?
Thank you.
Thank you.
Thank you, Chair.
Yes, I've just checked and it is the Councillor Jai Chaudhuri.
Thank you.
Thank you.
Yes, Peter Gold.
I
Do think if we go to 106 it's a nitpicking thing over this issue of membership now
According to this I have a 50 % attendance rate
I don't have a hundred percent because I've attended every meeting since I've been a member of the committee
so
It says there were two meetings when I wasn't a member
So how can I have a 50 % attendance rate when I've got 100 % attendance rate?
Thank you, Chair.
I think the calculation is based on the entirety of the year, not the 100 % of what the period
for which you were a member.
A small point, but that's the way it's looked at.
Thank you.
Sure, I think we need to look at this because members of the public will see this and it will show on my record
But I have a 50 % attendance of this committee
well, I wasn't but I could only attend when I'm a member and
I'm sorry to say if I'm not a member, why am I recorded as attending?
I have a hundred percent attendance from the point. I have been a member
And I'm sorry, this needs to be adjusted because the public will think I'm neglecting my work.
I have not attended 50 % of them.
I've attended 100 % of them.
Thank you, Chair.
We'll take that away and look at it.
Thank you.
I'm sorry, I don't want it taken away.
I want it dealt with because I do not wish the members of the public to think I neglect
my duties.
I have 100 % attendance at these meetings not 50 %
Thank you Peter
Can I member please note this agenda of the recommendation page number 97 of the agenda
Okay
agenda number 5 .5 annual training plan 20 26 20 27 page number
2 4 3 2 5 0 3 minute 1
Thank You chair the
committee at its last meeting on 6th of November
approved the training strategy
For this committee and the board. So this annual training plan sets out the proposed training programme for
members of
both the committee and under board for the financial year
2026 -27
so with a mix of core training sessions and master classes the objectives of the
training plan to ensure committee and board members maintain appropriate levels of knowledge and
understanding to discharge their statutory
responsibilities and also to provide clear coverage across all the
areas that CIFAR knowledge and skill domains cover, and also to support the enhanced governance
and the strategic decision -making and scrutiny that is required to be provided.
And it will also mean that it reflects the evolving regulatory and investment landscape
facing the LGPS in the years to come and to ensure that it facilitates you know
continuous learning through a mix of in -person and you know online delivery.
So this report is asking committee to approve the proposed annual training
plan for 2026 -27 which is set out in this report and in talking of training
MRSA as part of their presentation tonight will be providing training at this meeting
and the training material is in the pack but that will be at the next stage.
Thank you, Chair.
Do we have a member with any questions?
Okay, Councillor Taitan.
Thanks for that, Paul.
I think it's quite incentive, I mean, an intense course looks like.
We've got loads of sessions booked in all the way to March 26.
I just want to be mindful of the days and time as we go through them,
just to be mindful of, because as member attendance is required, of course,
we just want to make sure we're mindful about holidays, religious festivals
and stuff like that as we book those dates through.
It's a request.
Thank you, Chair.
The dates of the proposed training to be confirmed, so there will be in a prior
discussion and engagement and some will be in person and some will be you know
online. So there is all manner of flexibility around the training and of
course individual members will be able to you know do things at their own
pay so it's not you know a straightjacket not everybody will be
required to do exactly the same thing at the same time say there will be
flexibility which is why some are master classes and others are just you know
just fundamental sessions thank you thank you just a follow -up April 2026
May 2026 I think it'd be a busy period for members you may want to look at
of postponing that till after the PIRDA period?
Thank you, Chair.
Yes, this, I think officers are mindful that at least six weeks before the Chitroocha elections
then, you know, PIRDA kicks in, so we will be working around that and to make sure that
it doesn't interfere with any of this.
Thank you, Chair.
It is quite common to have the training sessions immediately ahead of the pension committee
meetings so it might be an idea to have the four in -person ones ahead of the committee
meetings.
Thank you.
Can I say something else when I am speaking?
We have the London CIF here who I think have to leave at 7 .30 and we have a very senior
member of the London CIF so you might want to go on to the topics which involve the London
CIF sooner rather than later.
Sorry sooner rather later. Thank You chair yes we are aware of that and we
just the chair will introduce the next report and then we'll take the London CIV.
Thank you. So I think this paper is the last one in the item 7 which is that the work
Plan in the public partner meeting then it's just the restricted minutes to approve and then we're on to yourself
So hopefully at the speed we're going we should get there rather quickly
All right
to highlight and it's about recording training
and development and it's very important going forward
that members of the committee and the board
record the training and development activities
they've undertaken and there is a process
and arrangements in place but the only person
who seems to do it's me.
But I would encourage you to send and pull
to Paul all details of training that you carry out
and also pick up any training that's carried out
within the committee meetings so that it's a full record
going forwards if and when that's needed.
Thank you.
Thank you.
Can I member please note this agenda,
comment on page number 243 on agenda?
6 .8 training event can I ask can I invite followed to present your report please
Pension committee work plan page number two five one and two six zero. Can I ask?
Thank you, Chair. This is the document that sets out the committee's work programme for
the period ahead. It's for information purposes. I'm happy to take any questions on it, but
I think it's all self -explanatory. Thank you, Chair.
Can I ask Member 2, no -dispension committee work plan? Are there any suggestion member
wish to make yes any suggestion no all right the pension committee do
recommend to know this work plan okay any other business
Exclusion press and public
Okay
if you of the consideration of the recommendation item on the
Agenda the committee is the recommendation to the drop the following motion that under the previous of the station
hundred a and
local government
Act 1972 as amended by the local government, Act 1985, the press and publics in the conclusion
from the remainder of the meeting. If the consideration of this section 2, business
of the ground that the consideration information, part 1 and session 12A and the local government
at 1972.
We need to get someone to second your motion.
Thank you.
And now you need to wait until I turn off.