Here's a briefing on the Pension Fund Panel meeting held by Ealing Council on 10 September 2025.

The Ealing Council Pension Fund Panel convened to discuss fund performance, administration, and future strategies, approving the Pension Fund Annual Report and a £17m investment in the Gresham House British Sustainable Infrastructure Fund III¹. The panel also noted improvements in the Local Pensions Partnership Administration's (LPPA) performance and agreed to exercise discretion regarding the omission of McCloud remedy data from member statements.

Pension Fund Performance and Investment Strategy

The panel reviewed the Pension Fund Performance Monitor Update for the quarter ended 30 June 2025, noting an increase in fund investments to £1,777.4m, up from £1,713.7m in the previous quarter. They also discussed updates on the Lothbury Property Trust and Federated Hermes, including the closure of the former and the merger of the latter with LGIM.

The panel noted progress on the approved investment into Sustainable Infrastructure Fund III (BSIF III) and the update on the migration from the LGIM Low Carbon Target Fund to the LGIM Paris Aligned Fund to support the fund's net zero strategy.

The meeting also covered the strategic asset allocation, with a discussion on the revised SAA approved in December 2023 and the implementation of changes. Hymans Robertson recommended new commitments to private debt managers, Permira and Churchill, and to an existing infrastructure manager to bring the fund back to its SAA target.

The panel resolved to:

• Note the update on fund performance and other matters to 30 June 2025.
• Note the value of the fund investments.
• Note the updates on Federated Hermes and Lothbury Property Trust.
• Note progress on the approved investment into Sustainable Infrastructure Fund III (BSIF III).
• Note the update on the migration from the LGIM Low Carbon Target Fund to the LGIM Paris Aligned Fund.

Investment in Gresham House BSIF III

The Pension Fund Panel approved a proposed commitment of £17m to Gresham House BSIF III within the infrastructure allocation. This decision aims to advance the fund's sustainability objectives and diversify its private market exposure.

Pension Fund Administration Update

The panel discussed the Pensions Administration – Monitoring and Contract Arrangements Update, focusing on the performance of the LPPA. David Hodgson, Pensions Manager, presented the report, highlighting the LPPA's strong operational performance, with an overall SLA performance of 99.3%.

The panel resolved to:

• Note the performance of the LPPA as set out in the LPPA's Quarterly Administration Report.
• Note the summary of the LPPA AAF 01/20 Type II Service Auditor's Assurance Report.
• Note and agree with the Chair's action to exercise discretion under the LGPS regulations to omit McCloud remedy data from the 2024/25 Annual Benefit Statements (ABSs) for the members at risk.
• Note and agree with the recommended action of the pensioner data cleanse.
• Note the summary of response to the MHCLG 'Access and Fairness' Consultation.

McCloud Remedy

The panel addressed the McCloud remedy, a complex issue requiring adjustments to public sector pension schemes to rectify unlawful discrimination. They approved the exercise of discretion to omit McCloud remedy data from the 2024/25 Annual Benefit Statements (ABSs) for affected members. This decision aligns with national guidance and ensures compliance with regulations.

Councillor Ilayda Nijhar, Chair of the Pension Fund Panel, approved the exercise of discretion to omit McCloud remedy data from the 2024/25 ABSs, with the following actions:

• The decision will be formally recorded and reported to the Committee at its next meeting on 10 September 2025.
• No breach report to The Pensions Regulator is required, as the rectification window aligns with national guidance.
• Affected members will still receive ABSs, but without McCloud data.

Pension Fund Annual Report and Accounts 2024-2025

The panel reviewed the draft Pension Fund Annual Report and Accounts 2024-2025, which incorporates the 2024/25 Pension Fund Accounts and statutory statements. The report provides an overview of fund management, financial performance, and scheme administration.

The panel resolved to:

• Note the draft Pension Fund Annual Report and statutory statements as attached at Appendix 1.
• Approve the Pension Fund Newsletter to be circulated to Fund members as part of the 2025 AGM preparations (Appendix 2).
• Delegate authority to the Strategic Director, Resources, following consultation with the Chair and Deputy Chair of the PFP to finalise the report.

LPPA Performance

The panel reviewed the LPPA's performance, noting the overall SLA performance of 99.3%. Areas for improvement were identified, including engagement around retirement notifications and streamlining communications on the online portal. The LPPA's AAF 01/20 Type II Service Auditor's Assurance Report Summary covering the period 1 April 2024 – 31 March 2025 was also noted, with 28 out of 30 Control Objectives receiving an unqualified opinion.

Other Matters

The agenda also included:

• Approval of the minutes from the previous meeting on 17 July 2025.
• A training presentation delivered by Euan Baird, Robert McDonnell, Katherine Russell and Paul Burns from Aberdeen Standard.
• A private debt and infrastructure review presentation by Matt Woodman from Hymans Robertson.
• Updates on Lothbury Property Trust and Federated Hermes.
• Discussion of the government's response to the Mansion House Accord² and the Fit for the Future consultation³.