Pensions Committee

The Committee, comprised of elected representatives of Tower Hamlets Council and non-voting employer and scheme member representatives, recognise that they have fiduciary duties and responsibilities towards beneficiaries, employers and local taxpayers that are analogous to those holding the office of Trustee in the private sector. As the Fund has to be managed in line with the Pensions Board, the Committee regularly takes financial advice from a regulated professional.

The Committee’s terms of reference require them to act as Trustees of the Council’s Pension Fund within the terms of the Superannuation Act 1972.

The full terms of reference for the Committee can be found in the Council Constitution (Part 3.3.10, Responsibility for Functions) pg. 102. http://democracy.towerhamlets.gov.uk/ieListDocuments.aspx?CId=663&MId=5697&Ver=4&Info=1

The Pensions Committee responsibilities are as follows:

    • To act as Trustees of the Council's Pension Fund, consider pension matters and meet the obligations and duties of the Council under the Superannuation Act 1972, the Public Service Pensions Act 2013, and other pension legislation.
    • To make arrangements for the appointment of and to appoint suitably qualified pension fund administrators, actuaries, advisers, investment managers and custodian’s and periodically to review those arrangements.
    • To formulate and publish an Investment Strategy Statement.
    • To set the overall strategic objectives for the Pension Fund, having taken appropriate expert advice, and to develop a medium term plan to deliver the objectives.
    • To determine the strategic asset allocation policy, the mandates to be given to the investment managers and the performance measures to be set for them.
    • To make arrangements for the triennial actuarial valuation, to monitor liabilities and to undertake any asset/liability and other relevant studies as required.
    • To monitor the performance and effectiveness of the investment managers and their compliance with the Investment Strategy Statement. .
    • To set an annual budget for the operation of the Pension Fund and to monitor income and expenditure against budget.
    • To receive and approve an Annual Report on the activities of the Fund prior to publication.
    • To make arrangements to keep members of the Pension Fund informed of performance and developments relating to the Pension Fund on an annual basis.
    • To keep the terms of reference under review.
    • To determine all matters relating to admission body issues.
    • To focus on strategic and investment related matters at two Pensions Committee meetings.
    • To review the Pension Fund’s policy and strategy documents on a regular basis and review performance against the Fund’s objectives within the business plan
    • To maintain an overview of pensions training for Members.

The Fund’s objective in relation to administration is to deliver an efficient, quality and value for money service to its scheme employers and scheme members. The Council staff work together to provide a seamless service to scheme employers and scheme members.

The Committee is made up of seven Members of the Council as appointed by Full Council. The quorum is three voting Members of the Committee.

The Committee also comprises one Trade Union Representative and one representative of Admitted Bodies (other employers who have chosen to join the Local Authority Pensions Scheme). These representatives are non-voting Members.

Members of the Pensions Committee are detailed below:

    • Councillor Andrew Cregan (Chair)
    • Councillor Clare Harrisson (Vice-Chair)
    • Councillor Gulam Kibria Choudhury (Member)
    • Councillor Md. Maium Miah (Member)
    • Councillor Abdul Mukit MBE (Member)
    • Councillor Candida Ronald (Member)
    • Councillor Andrew Wood (Member)
    • Kehinde Akintunde (Trade Union Representative)
    • Tony Childs (Representative of Admitted Bodies)
    • Councillor Marc Francis (Substitute)
    • Councillor Ayas Miah (Substitute)
    • Councillor Rajib Ahmed (Substitute)
    • Raymond Haines (Independent Adviser)

Agendas and reports are available from the Tower Hamlets Council’s Committee web page, to access please click here. http://democracy.towerhamlets.gov.uk/mgCommitteeDetails.aspx?ID=392

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