Hackney Council's Pensions Board has updated its Terms of Reference to include a greater focus on risk management and ensure members possess the necessary knowledge and skills. The board convened on Thursday, 11 September 2025, to discuss and approve the revised terms, detailed in the Public reports pack Thursday 11-Sep-2025 10.00 Pensions Board.
The updated Terms of Reference now include a specific role for the Pension Board in assisting with the effective and efficient management of risks. This change reflects the board's commitment to ensuring the stability and security of the council's pension fund. To ensure board members have the skills required to manage these risks, the updated terms include a new section on knowledge and skills, requiring members to participate in training events, undertake personal training needs analyses, and comply with the Pension Fund's Training Policy.
The updated Terms of Reference also include:
- Key duties and functions of the board.
- Definitions of different types of board members.
- A protocol for reporting exceptional circumstances.
- Amendments to the composition of the Appointment Panel to allow for substitutes to avoid disruptions during appointments.
- Updates regarding entitlement to an allowance.
- New sections covering eligibility, selection criteria, term of office, standard of conduct and conflict of interest, and explanation of who may attend board meetings.
The Pensions Board Appointments Panel comprises:
- The Cabinet Councillor for Finance.
- The Group Director, Finance and Corporate Resources.
- The Director of Financial Management.
- The Director of Legal, Democratic and Electoral Services.