Hackney Pension Board members convened on 31 July 2025 to review actuarial valuation assumptions and receive training from the Scheme Actuary. The meeting addressed key aspects of the Hackney Fund and its financial health.
Steven Scott from Hymans Robertson, the Scheme Actuary, delivered the triennial actuarial valuation training. The training provided an overview of the legislative framework of the valuation, the role of the valuation, calculating employer contribution rates, and the role of the Pensions Board. It also covered the 2025 valuation timescales, valuation assumptions, and estimated contribution rates proposed. While the training addressed estimated contribution rates, the specific rates were not detailed in the meeting summary.
The training also provided an overview of the main features of the Hackney Fund, including information regarding the assets and liabilities of the Fund, employers in the Fund and scheme members.
The Pension Board Training - Actuarial Valuation report included a set of questions for the board to consider as part of their oversight of the valuation process, including:
- Has the assumption setting approach changed since the last valuation in 2022? If so why?
- How has prudence been allowed for in the assumption?
- Has the Committee taken appropriate advice?
- Has the Committee followed the recommendations of the Fund Actuary? If not, why not?
- Are the assumptions evidence-based and is the analysis carried out by the Actuary appropriate for the Fund?
Following the actuarial valuation training and review, the board agreed to review the contents of the draft annual report (Appendix 1 of the agenda) and provide any comments and to agree to the presentation of the report at the next Pensions Committee. The draft annual report can be found within the Public Reports Pack.
Attendees at the meeting included Natasha Persue-King, Catherine Pearce, Chris Ellmore 2, Michael Honeysett, Pradeep Waddon, and Deirdre Worrell, Interim Director of Financial Management.
The next meeting was scheduled for 11 September 2025.