The Pensions Committee of Hillingdon Council met on Thursday 11 June 2026 to discuss the administration of the pension fund, investment strategy, and responsible investment policies. The meeting also covered the fund's risk register and governance arrangements.

Administration Report

The committee was scheduled to receive an update on the administration of the Hillingdon Pension Fund, which is delivered in partnership with Hampshire Pension Service. The report was expected to detail performance against agreed Key Performance Indicators (KPIs), including Service Level Agreement (SLA) compliance and membership growth. It was also anticipated to provide information on casework processing times, outstanding work, and member communication volumes. The report was to include an update on the implementation of the McCloud remedy, progress on the Pensions Dashboard, and internal audit outcomes for areas such as member deaths and pension transfers.

Investment Strategy and Fund Manager Performance - Part 1

This agenda item was scheduled to provide an update on the funding and performance of the pension fund. The report was expected to detail the funding level, which had reportedly reduced, and the reasons for this change, including increases in liabilities due to updated actuarial assumptions. Information on the fund's assets, investment returns, and performance against its benchmark was to be presented. The report was also to cover the London CIV's (London Collective Investment Vehicle) reforms and the outlook for 2026, including expected global growth and supportive fiscal and monetary policies. Discussions were anticipated regarding local infrastructure investment and how the fund could best position itself to access such opportunities.

Responsible Investment

The committee was scheduled to review an update on responsible investment activities. This report was expected to outline how fund managers are embedding Environmental, Social, and Governance (ESG) factors into their investment processes. It was also to detail proxy voting activity by managers such as LGIM (Legal & General Investment Management) and London CIV, with a focus on director elections as a significant category of shareholder resolutions. Updates on LGIM's and LAPFF's (Local Authority Pension Fund Forum) work to support business decarbonisation and net-zero objectives were also on the agenda.

Risk Register Report

The committee was scheduled to consider the Pension Fund's Risk Register. This report was expected to identify key risks and associated mitigation measures. The register was to be presented in two parts: open risks that are actively managed and closed risks that are managed as business as usual or tolerated. The report was to highlight any changes in the risk position since the previous quarter, with particular attention to the Fit for the Future legislation and its potential impact on the role of a Senior Responsible Officer (SRO). The significance of risks was to be measured by their likelihood and impact, with a RAG (Red, Amber, Green) rating applied.

Governance

This agenda item was scheduled to cover the committee's workplan, governance updates, and the approval of various triennial and interim policy updates. The report was expected to detail the dates for future Pensions Committee meetings and present the updated Committee Work Plan for review and suggestions. An update on Continuous Professional Development (CPD) for committee members was also to be provided, in line with the Fit for the Future reforms which mandate formalised and compulsory training for LGPS Pension Committee members. The report was also to include an update on compliance with the General Code of Practice (GCoP).

The following items were scheduled to be discussed in private session:

• Approve restricted minutes from the meeting on 24 March 2026.
• Governance Part II.
• Investment Part II - Strategy review and Fit for the future update.