Mr Paul Audu, Interim Head of Pensions and Treasury presented the report and said the report updated members in relation to the governance and legislative issues affecting the Fund. He said it informed members of the developments in the LGPS and regulatory environment, policy changes and pooling.

In response to comments and questions the following was noted:

·       Members had no questions for Mr Audu in relation to this report.

The Pensions Committee RESOLVED to:

1.    Note the Government Actuary’s Department (GAD) 2022 Section 13 Report published on 14 August 2024 (Appendix 1);

2.    Note the Government Actuary’s Department (GAD) 2022 Section 13 Report published on 14 August 2024 – separate appendices (Appendix 2);

3.    Note the TH Pension Fund’s 2022 Section 13 results;

4.    Note the implications of the GAD 2022 Section 13 report on the 2025 actuarial valuation;

5.    Note the exit credit cases currently under consideration; and

6.    Note the current government action to pursue efficiencies in the LGPS including a Pensions Investment Review and a Call for Evidence.

Mr Paul Audu, Interim Head of Pensions and Treasury presented the report and said the report updated members in relation to the governance and legislative issues affecting the Fund. He said it informed members of the developments in the LGPS and regulatory environment, policy changes and pooling.

In response to comments and questions the following was noted:

·       Referring to appendix 2 of the report, Mr Jones the Independent Chair asked how the Government Actuary tracked the progress of funds. Mr Audu responded stating that the LBTH LGPS was not on the list referred to on page 123 of the agenda has there were no red flags, and the Fund was in surplus.

The Pensions Board RESOLVED to NOTE and AGREE the recommendation being made to the Pensions Committee for its meeting of 30^th September that:

The Pensions Committee is recommended to:

1.    Note the Government Actuary’s Department (GAD) 2022 Section 13 Report published on 14 August 2024 (Appendix 1);

2.    Note the Government Actuary’s Department (GAD) 2022 Section 13 Report published on 14 August 2024 – separate appendices (Appendix 2);

3.    Note the TH Pension Fund’s 2022 Section 13 results;

4.    Note the implications of the GAD 2022 Section 13 report on the 2025 actuarial valuation;

5.    Note the exit credit cases currently under consideration; and

6.    Note the current government action to pursue efficiencies in the LGPS including a Pensions Investment Review and a Call for Evidence.