The Pension Fund Panel of Hounslow Council convened to discuss several key issues, including the approval of the Draft Annual Business Plan for 2023/24 and 2024/25, a quarterly overview of the fund's performance, and updates on pension fund administration and regulatory matters. The panel also reviewed and approved several pension scheme policies.

Draft Annual Business Plan 2023/24 and Proposed for 2024/25

Yvonne Thompson, Interim Head of Pensions and Treasury, introduced the Draft Annual Business Plan 2023/24 and Proposed for 2024/25. The plan outlines the strategic objectives and key activities for the upcoming years. Members were invited to suggest additional areas for consideration and potential delegations to the Pension Board, but none were identified. The panel resolved to note the details outlined in the report.

Quarterly Overview and General Matters

Michael Docherty, Strategic Finance Manager, presented the Quarterly Overview and General Matters report. As of February 2024, the fund's assets were valued at £1,280 million, an 8.8% increase from the previous year. The 2021/22 Annual Report and Accounts were updated to reflect the external auditor’s consistency report. Hitesh Sharma, Strategic Pensions Manager, addressed the list of late payment breaches, noting no significant concerns. Councillor John Todd inquired about the McCloud remedy and late payment breaches related to Coalo. Actions were assigned to provide updates on these issues at the next meeting.

Pension Fund Administration Performance Report and Update on Regulatory Matters

Matt Mott from West Yorkshire Pension Fund (WYPF) provided an update on the Pension Fund Administration Performance Report covering performance and benchmarking from 1 October 2023 to 30 December 2023. Topics included KPIs, membership numbers, and customer survey results. Councillor John Todd requested more information on older cases, which Matt Mott agreed to follow up on. Robert Meldrum assured the panel that the financial difficulties faced by Bradford Council, the administering authority of WYPF, would not negatively impact Hounslow’s pension scheme.

Administration and Funding Risk Register

Yvonne Thompson introduced the Administration and Funding Risk Register report, detailing the main risks affecting the Hounslow Pension Fund and the mitigations in place. The performance of fund managers continued to be monitored using a traffic light system. John Wiffen suggested a review of the risk score for systematic risk, which Robert Meldrum agreed to undertake.

Review of Pension Scheme Policies

Hitesh Sharma introduced the review of three policy documents: the Conflict of Interest Policy, the Procedure for Reporting Breaches of the Law, and the Scheme Pays Policy. The panel approved these documents, which had been reviewed for accuracy and adherence to regulations. The Pension Discretion Policy was also noted for information.

Late Payment Breaches

The panel reviewed the Late Payments Register for 2023-24. Councillor John Todd raised concerns about late payment breaches by Coalo, and Robert Meldrum agreed to write to Coalo regarding the pattern of late payments and potential consequences.

Confidential Matters

The panel discussed several confidential matters, including the Investment Adviser’s Quarterly Report and an update on the implementation of the Strategic Asset Allocation (SAA). The details of these discussions remain confidential as per the Local Government Act 1972.