The Pension Fund Panel of Hounslow Council is scheduled to meet on Thursday 18 June 2026 to review the annual business plan and training update, alongside a quarterly overview of the fund's performance and general matters. The meeting will also cover the Pension Fund's risk register and administration performance.

Annual Business Plan and Training Update

The Panel is set to consider the proposed work programme for the 2026/27 financial year, which includes an increased number of policy and strategy documents due to changes in the Local Government Pension Scheme (LGPS) Regulations. These regulations necessitate updates to existing policies and the development of new ones, such as a new training policy. The report highlights that new regulations have significantly strengthened the knowledge and skills required of Pension Fund Panel members, mandating active engagement in structured learning. Panel members are expected to attend LGPS fundamentals training delivered by the Local Government Association (LGA). The report also includes a training log detailing past and upcoming training opportunities for panel members, officers, and the Pension Board.

Quarterly Overview and General Matters

This report will provide an update on the Pension Fund's investment performance and value as of 31 March 2026. At the end of this period, the net assets of the fund were valued at £1,395.9 million, representing a decrease of £82.8 million from the previous quarter. The report will detail investment returns, showing an overall fund return of -5.3% for the quarter, underperforming its benchmark. It will also cover general administrative and regulatory matters, including an update on the income and expenditure for the financial year 2025/26. System improvements have been implemented to include McCloud remedy information in the 2026 Annual Benefit Statements, addressing a previous limitation. The Fund has also successfully connected to the national Pensions Dashboard Programme. Updates will be provided on the Government's response to recent LGPS consultations concerning access, fairness, and protections.

Pension Fund Administration Performance Report and Regulatory Update

The Panel will receive a report from the West Yorkshire Pension Fund (WYPF), which administers the Hounslow Pension Fund. This report covers the performance and benchmarking of the administration service for the period of January to March 2026. Key performance indicators (KPIs) for various work types will be presented, with a focus on priority areas such as retirement quotes and actuals, and death processes. The report notes that the McCloud remedy, workload volumes, and staffing levels are impacting performance in some areas, particularly due to the need for additional manual calculations and software limitations. An update on the Fund's connection to the Pensions Dashboard Programme will also be provided, confirming that regulatory requirements have been met. The report will also detail technical updates on regulatory changes affecting the LGPS administration, including responses to government consultations on scheme improvements, access, and protections.

Pension Fund Risk Register

This report details the main risks affecting the Hounslow Pension Fund and the mitigation strategies in place, with monitoring undertaken as of 31 March 2026. A new risk, Geopolitical Risk, has been added to the register to specifically assess and monitor the impact of ongoing global political tensions on the Fund. The Pension Fund Risk Register is structured under five main headings: Funding and Investment, Cyber Risk, Administration Risk, and Resources and Skills. The report outlines the risk scoring matrix and the criteria for assigning ratings, along with examples of control descriptions, mitigation strategies, and tolerance levels.

Investment Adviser's Quarterly Report

The Panel is scheduled to review the Investment Adviser's Quarterly Report, which will provide an update on the fund's investments. This report is expected to contain detailed information on investment performance, asset allocation, and market commentary.

Other Agenda Items

The meeting's agenda also includes the confirmation of the minutes from the previous meeting held on 18 February 2026, and a review of the Pension Board meeting held on 15 April 2026. There will be a discussion regarding the exclusion of the press and public for certain confidential items later in the meeting. Finally, the date of the next meeting, scheduled for 22 September 2026, will be confirmed, and any urgent business will be addressed.