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Who runs the scheme?

The London Borough of Hackney is the Administering Authority for the London Borough of Hackney Pension Fund. The Pensions Sub-Committee is the body with delegated powers to administer the Fund. The Committee, comprised of elected representatives of Hackney 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. The Committee takes expert professional financial advice to assist it with managing the Fund with reference to the Pensions Board.

The Sub-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 terms of reference are included within the Council’s Constitution which can be found on the Council’s website or a copy obtained from: Financial Services, London Borough of Hackney, 4 Floor Hackney Service Centre, 1 Hillman Street, London, E8 1DY

The Pensions Sub-Committee terms of reference are as follows:

  • To act as Trustees of the Council’s Pension Fund within the terms of the Superannuation Act 1972, the Local Government Pension Scheme Regulations 2013 (as amended), the Local Government Pension Scheme (Transitional) Regulations 2014 and the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016.
  • To make arrangement for the appointment of and appoint suitably qualified pension fund administrators, advisors, investment managers and custodians and to periodically review those arrangements.    
  • To formulate and publish a Statement of Investment Principles.    
  • To set the overall strategic objectives for the Pension Fund having taken appropriate expert advice, and 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 monitor the performance and effectiveness of the investment managers and their compliance with the Statement of Investment Principles.    
  • 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 keep members of the Pension Fund informed of performance and developments relating to the Pension Fund on an annual basis.    
  • To keep terms of reference under review.    
  •  To make recommendations to Regulatory Committee in respect of employer discretions.    
  • To determine all matters in relation to admission body issues.

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.  Operationally the administration of the Fund is partly outsourced to Equiniti and partly carried out by Council staff.  The Council and Equiniti staff work together to provide a seamless service to scheme employers and scheme members.

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