Agenda and draft minutes

Please note this meeting may be filmed or recorded by the Council for live or subsequent broadcast via the Council’s internet site or by anyone attending the meeting using any communication method.  Members of the public participating in the meeting (e.g. making deputations, asking questions, making oral protests) should be aware that they are likely to be filmed, recorded or reported on.  By entering the ‘meeting room’, you are consenting to being filmed and to the possible use of those images and sound recordings.

The Chair of the meeting has the discretion to terminate or suspend filming or recording, if in his or her opinion continuation of the filming, recording or reporting would disrupt or prejudice the proceedings, infringe the rights of any individual, or may lead to the breach of a legal obligation by the Council.

The Chair referred Members present to agenda Item 1 as shown on the agenda in respect of filming at this meeting, and Members noted the information contained therein.

To receive any apologies for absence.

Apologies were received from Councillor Nick Da Costa

The Chair will consider the admission of any late items of Urgent Business.  (Late items of Urgent Business will be considered under the agenda item where they appear. New items of Urgent Business will be dealt with under item 15 below).

There was none.

A member with a disclosable pecuniary interest or a prejudicial interest in a matter who attends a meeting of the authority at which the matter is considered:

(i) must disclose the interest at the start of the meeting or when the interest becomes apparent, and

(ii) may not participate in any discussion or vote on the matter and must withdraw from the meeting room.

A member who discloses at a meeting a disclosable pecuniary interest which is not registered in the Register of Members’ Interests or the subject of a pending notification must notify the Monitoring Officer of the interest within 28 days of the disclosure.

Disclosable pecuniary interests, personal interests and prejudicial interests are defined at Paragraphs 5-7 and Appendix A of the Members’ Code of Conduct

The Public Service Pensions Act 2013 defines a conflict of interest as a financial or other interest which is likely to prejudice a person’s exercise of functions. Therefore, a conflict of interest may arise when an individual:

i)             Has a responsibility or duty in relation to the management of, or provision of advice to, the LBHPF, and

ii)            At the same time, has:

-       a separate personal interest (financial or otherwise) or

-       another responsibility in relation to that matter,

giving rise to a possible conflict with their first responsibility. An interest could also arise due to a family member or close colleague having a specific responsibility or interest in a matter.

At the commencement of the meeting, the Chair will ask all Members of the Committee and Board to declare any new potential conflicts and these will be recorded in the minutes of the meeting and the Fund’s Register of Conflicts of Interest. Any individual who considers that they or another individual has a potential or actual conflict of interest which relates to an item of business at a meeting must advise the Chair prior to the meeting, where possible, or state this clearly at the meeting at the earliest possible opportunity.

There were none.

To consider any requests received in accordance with Part 4, Section B, paragraph 29 of the Council’s constitution.

There were none.

Note from the Head of Legal and Governance (Monitoring Officer)

When considering the items below, the Committee will be operating in its capacity as ‘Administering Authority’. When the Committee is operating in its capacity as an Administering Authority, Members must have due regard to their duty as quasi-trustees to act in the best interest of the Pension Fund above all other considerations.

The record of training since the last meeting was discussed.

RESOLVED:

The record of training since the last meeting was noted

To confirm and sign the minutes of the Pensions Committee and Board meeting held on 22^nd January as a correct record.

The minutes of the previous meeting, on 22 January 2026, were discussed.

RESOLVED:

The minutes of the previous meeting, on 22 January 2026, were agreed as a true and accurate record.

Report to follow.

The Pensions Manager introduced the report.

It was explained that the consultation had taken place and had received over 300 respondents. The details of the responses were highlighted in the report. It was explained that, based on the suggestions made, no substantive changes had been made to the proposed report.

Following questions from the Committee and Board, the following information was shared:

• Members thanked officers for the work on the proposals, and welcomed the input from the consultation.

RESOLVED:

That the Committee and Board:

1. Approved the draft Responsible Investment Policy to be made live from April 2026

2. Noted the responses received from the member consultation on the draft Responsible Investment Policy listed in section 6.7 and to provide any comments on the draft Responsible Investment Policy (Appendix 1).

This report provides the Pensions Committee and Board (PCB) with the following updates regarding Pension Fund’s administration activities.

The Pensions Governance Manager introduced the report.

It was explained that the Fund’s service level agreement outlined key performance indicators, which were outlined in the report.

It was noted by officers that there had been an appointment of two new team leaders within the team, who had aided in clearing a backlog of cases. It was additionally noted that there was an expectation of general improvement across the service.

Members received an update on the McCloud Project.

Other updates were made regarding the administration of the Pensions Fund, including staffing administration.

Following questions from the Committee and Board, the following information was shared:

• It was explained by officers that cases had been monitored and that targets had been set regarding areas of improvement. It was stressed that work was underway on meeting with key performance areas not currently met.
  
  
• It was noted that proposals for training plans for staff would be brought to the Committee and Board at a future date.
  
  
• It was explained by officers that the addition of team leaders had created a new layer of knowledge and experience which had supported the Pensions function.
  
  

RESOLVED:

That the Committee and Board:

1. Noted the report and the information provided regarding the Pension Fund’s administration activities for the quarter ending 31 December 2025.

This paper has been prepared to update the progress of implementation of the funds governance review recommendations following the review undertaken by the Funds independent advisor. Officers welcome comment from the Pensions Committee and Board on the actions achieved to date. 

The Pensions Manager introduced the report.

It was explained that there had been progress undertaken on the governance review recommendations following the review undertaken by the Funds independent advisor, noting that several of the recommendations were proposed to be progressed in other items in the meeting, due to relevancy.

It was explained that officers were working to improve progress on actions within the tracker.

Following questions from the Committee and Board, the following information was shared:

• Officers explained that cybersecurity progress was underway and that areas of improvement were in documenting steps in the event of an incident, and the team were working to develop a business continuity plan to improve on this.
  
  

RESOLVED:

That the Committee and Board:

1. Noted the implementation of the fund governance review recommendations.

This paper has been prepared to update the Pensions Committee and Board on the Pension Fund’s risk register and provide an opportunity for the Pensions Committee and Board to further review the risk score allocation. 

The Pensions Manager introduced the report.

It was explained what the current key risks were to the fund, including maladministration and not keeping in compliance with central government legislation, which it was stressed the Fund was undertaking mitigatory measures to lessen these risks. Other risks, including cybersecurity were highlighted, with an explanation of mitigatory measures being outlined.

Following questions from the Committee and Board, the following information was shared:

• It was explained that loss, corruption or unavailability of scheme data due to system failure or material event was highlighted as a major issue. It was stressed that the risk of cybersecurity would always be high, but that the Fund were confident that the risk was mitigated.
  
  
• It was explained that there had been a recent of cyber-attack in the Triborough (RBKC, Hammersmith and Fulham and Westminster), which facilitated the fund’s response to quarantine communication from those boroughs temporarily to prevent infection. It was noted that all data was encrypted and backups held offsite to ensure security. It was stressed that the Council would continue to monitor any impact of cyber-attacks and implement any lessons learned to ensure future security. Officers did note that they would provide information on the physical location of backups.
  
  
• Officers noted that the fund was majority held by Haringey Council employees, and that the risk from other smaller employers would be of a much lower due to the significantly smaller size.
  
  
• It was explained that employers had not become insolvent in the scheme, but explained that employers in the scheme pre-2024 were required to secure a bond to cover the fund in the event of insolvency. Following 2024 the employers were asked to enter the scheme under pass-through, which would remove liability and protect the fund. It was additionally noted that officers monitored contributions into the fund monthly, and that it could be acted on quickly in the case of any issues.

RESOLVED:

That the Committee and Board:

1. Approved the updated risk register that has been aligned with TPRs General Code of Practice (2024)
   
   
2. Noted the Fund’s risk register.

This report details the Haringey Pension Fund Business Plan and Budget for the financial year 2026/27

The Pensions Manager introduced the report.

It was explained that this was the Pension Fund’s first formal Business Plan and Budget, which was within the recommendations of the governance review, as well as an expectation that this will become a statutory requirement. It was explained by officers that the priorities of the fund across three main areas, governance, actuarial investment/accounting and administration, as set out in the report.

It was noted that the budget for 2026/27 were based on actual estimated spend, and expected changes. The report explained all assumptions and drivers behind cost.

It was explained that the Committee and Board would receive a report quarterly on monitoring of Business Plan and Budget.

Following questions from the Committee and Board, the following information was shared:

• It was explained that additional training needs had been identified, and the Fund would undertake the National Knowledge Assessment Framework for staff and Pension Committee and Board members.
  
  
• Officers explained that the Business Plan spanned a period of three years, with most of the milestones in the first year. It was explained that this would not stop the Fund from reviewing this and keeping an eye on future actions. It was also noted that Members could feed into the Business Plan and Budget. Officers explained that there could be work undertaken on reviewing some longer-term aspects for the Business Plan and Budget with the Committee and Board.
  
  

RESOLVED:

That the Committee and Board:

1. Approved the Haringey Pension Fund Business Plan and Budget for the financial year 2026/27

This report provides the Pensions Committee and Board (PCB) with the following updates on the Pension Fund’s performance for the quarter ended 31 December 2025 

Appendix 2 of this report is to follow.

The Pensions Manager introduced the report.

It was explained what the current investment portfolio was, and what the returns were. It was additionally explained what the performance of the fund was and noted that it was currently performing relatively strongly. Steve Turner, Mercer explained that that the fund was performing generally well. It was specifically noted that there were some underperforming investment managers, particularly Blackrock. It was noted that there had been other positive recovery performance noted from Ruffer as a result of equity allocation and gold investment.

John Raisin, Independent Advisor, additionally noted that there had been a positive quarter, despite international tensions and uncertainty. It was noted that European and UK equities had gained well, and that inflation in Europe and the UK had come back under control, which had stabilised these investments. It was also suggested that this could be the case due to over-inflation of US markets. It was noted that the current events in Iran had not currently made a major impact on markets and had not effected the Fund too adversely.

RESOLVED:

That the Committee and Board, following consideration of the exempt reports:

1. Noted the information provided in section 6 of this report regarding the Fund’s investment performance and activity for the quarter ended 31 December 2025.

This report provides the Pensions Committee and Board with information on the outcome of the actuarial valuation exercise as at 31 March 2025. 

The report presents the conclusions made by the Fund’s Actuary, Hymans Robertson regarding the actuarial valuation results for the whole fund. This includes revised contribution rates for the next three years starting on 1 April 2026, as well as the funding position as of the valuation date. 

An updated version of the Funding Strategy Statement has also been included for the Pensions Committee and Board’s approval following the conclusion of the consultation on the 31 January 2026. 

The Pensions Manager introduced the report.

It was explained that the Fund was required to undertake an update of the Actuarial Valuation and the Funding Strategy Statement once every three years . The fund’s valuation compared with its previous valuation was highlighted. Advisors from Hymens Robertson LLP provided an update. It was explained that the Fund Strategy Statement Consultation Summary had been finalised and that around 17 employers had responded.

It was explained that there had been some additional funding policies including, which were also reviewed once every three years. This would improve transparency with other employers.

It was noted that the governance audit trail was included, which included 18 months of the work that had been undertaken by the Committee and Board, officers and employers. It was noted that the document highlighted governance best practice.

Following questions from the Committee and Board, the following information was shared:

• It was noted that the contributions to the secondary rate was set at 2.8% for the next few years for the whole Fund, and that Haringey Council made up the majority of the fund, which made them a stabilising employer. It was explained that this approach of secondary rate reduction was common across other Local Government Pension Funds.

RESOLVED:

That the Committee and Board, following consideration of the exempt reports:

1. Approved the Funding Strategy Statement (FSS), appended as Appendix 2 to this report and note the Funding Strategy Statement (FSS) consultation paper appended as Appendix 3.

2. Noted the Haringey Pension Fund’s Report on the actuarial valuation as at 31 March 2025 report, prepared by the Fund’s Actuary, Hymans Robertson and appended as Confidential Appendix 1 to this report.
   
   

3. Note the Valuation Governance audit trail paper, appended as Appendix 4 to this report, detailing the key decisions made during the process.

To note the dates of future meetings are to be confirmed.

It was noted that this meeting was the final one of the Council year 2025/2026. The next meeting would be agreed at the Council Annual Meeting.

Items 18-22 are likely to be subject to a motion to exclude the press and public from the meeting as they contain exempt information as defined in Section 100a of the Local Government Act 1972 (as amended by Section 12A of the Local Government Act 1985); para 3 – namely information relating to the financial or business affairs of any particular person (including the authority holding that information) and para 5 – information in respect of which a claim to legal professional privilege could be maintained in legal proceedings.

RESOLVED:

1.    That the rest of the meeting be subject to a motion to exclude the press and public from the meeting as they contain exempt information as defined in Section 100a of the Local Government Act 1972 (as amended by Section 12A of the Local Government Act 1985); para 3 – namely information relating to the financial or business affairs of any particular person (including the authority holding that information) and para 5 – information in respect of which a claim to legal professional privilege could be maintained in legal proceedings.

To confirm and sign the exempt minutes of the Pensions Committee and Board meeting on 22^nd January as a correct record.

The exempt minutes of the previous meeting, on 22 January 2026, were discussed.

RESOLVED:

The exempt minutes of the previous meeting, on 22 January 2026, were agreed as a true and accurate record.

As per item 12

The exempt report was discussed.

RESOLVED:

The exempt report was agreed and noted.

The exempt report was discussed.

RESOLVED:

The exempt report was agreed and noted.

The exempt report was discussed.

RESOLVED:

The exempt report was agreed and noted.

There was none.