The Hammersmith and Fulham Pension Fund Committee was scheduled to meet on 9 September 2025 to discuss responsible investment, key performance indicators, and a proposal for investment in the Resonance Impact Evergreen Fund, among other items. The meeting was also set to cover updates on pension administration, annual benefit statements, and the draft annual pension fund report.

Here's a summary of the topics the committee was scheduled to discuss:

Resonance Impact Evergreen Fund Investment Proposal

The committee was scheduled to consider a proposal for a £50 million investment in the Resonance Impact Evergreen Fund. The Resonance Impact Evergreen Fund is a social impact investment fund that aims to provide stable and affordable homes for people facing a housing crisis. The report pack included an investment fund review from Isio, and recommended that the Pension Fund Committee delegate authority for the completion of the investment upon receipt of a positive due diligence report to Phil Triggs, Director of Treasury and Pensions in consultation with Councillor Ross Melton, Chair of Pension Fund Committee.

The report pack included a summary of Isio's initial findings from their due diligence, stating:

Although the review is still in progress and may evolve with continued engagement, we've outlined overleaf our key observations to date. Resonance demonstrates strong credibility in UK homelessness investing, supported by an experienced team and operational capabilities. Building on over a decade of sector experience and approximately £400m deployed to date, the fund represents a natural evolution of Resonance's impact-driven investment strategy, and is a unique proposition in the market.

The report pack also included Resonance's Social Impact Report 2023/24, which stated that the funds were housing 2,207 people (1,252 adults and 955 children) across 1,140 tenancies.

Responsible Investment Strategy Update

The committee was scheduled to discuss an update to the Pension Fund's Responsible Investment strategy. The update included an addendum to the Responsible Investment statement to set out the Fund's approach to conflict-linked investments. The report pack stated that recent geopolitical conflicts have raised questions around responsible ownership, particularly in relation to the Middle East conflict and exposure to the defence sector.

The report pack included a proposed three-tier classification of investments relating to conflict and defence:

• No grounds for divestment: companies where defence exposure is minimal, secondary, or aligned with international humanitarian law.
• Requires further debate: companies with material defence exposure or indirect risks that require further engagement and monitoring.
• Reasonable grounds for divestment: companies where evidence shows a direct link to controversial weapons or activities deemed inconsistent with international standards and the Fund's RI beliefs.

The report pack also included a schedule of relevant holdings as at 30 June 2025, which applied the proposed three-tier classification. The schedule included BAE Systems, Accenture PLC, Alphabet Inc, AT&T, Atlas Co, Axon Enterprise, CAE Inc, CDW Corp, Danaher Corp, Elbit Systems, Heico Corp, L3Harris Technologies, Microsoft Corp, Rheinmetall, Texas Instruments, Thales, Thermo Fisher Scie, Transdigm Group, Wal-Mart Stores and Vallourec.

The report pack also included LBHF - Exposure to Elbit and Controversial Weapons, which stated that as at 30 June 2025 the Fund's direct exposure to Elbit Systems equated to c.£0.2m, or c.0.01% of total assets, via the L&G Low Carbon Mandate.

Pension Fund Quarterly Update Q2 2025

The committee was scheduled to receive an update on the Pension Fund's performance for the quarter ended 30 June 2025. The report pack included a summary of the Pension Fund's performance, a cashflow update and forecast, and an assessment of risks and actions taken to mitigate these.

The report pack stated that the market value of the assets increased by £30m to £1.439m over the quarter, and that the Fund had underperformed its benchmark net of fees by 1.0%, delivering an absolute return of 2.4%.

The report pack also included a review of four of the 11 red risks on the risk register.

Key Performance Indicators

The committee was scheduled to discuss a summary of the performance of the Local Pension Partnership Administration (LPPA) in providing a pension administration service to the Hammersmith & Fulham Pension Fund. The KPI Performance Paper PFC 090925 FINAL stated that during the period April to June 2025 inclusive, LPPA processed 1379 cases, compared with 1563 cases in Q4 of 2024/25, a fall of 184 cases for the Hammersmith & Fulham Pension Fund over the last 3 months.

Pension Administration Update

The committee was scheduled to discuss a summary of activity in key areas of pension administration for the Hammersmith and Fulham Pension Fund. The Administration Update 090925 FINAL stated that engagement from employers on monthly files being submitted remained very good, and that the HFPF currently has the highest level of compliance from employers, compared to other LPPA clients.

Annual Benefit Statements and McCloud Implementation

The committee was scheduled to discuss the McCloud remedy¹ and requirements for the Hammersmith & Fulham Fund. The HFPF PFC - Annual benefit statements and McCloud implementation FINAL stated that the McCloud regulations state that administering authorities have the discretion not to reflect McCloud protection in 2025 annual benefit statements.

Draft Annual Pension Fund Report 2024/25

The committee was scheduled to discuss the draft Pension Fund Annual Report and Statement of Accounts for the year ended 31 March 2025. The Item 2 Appendix 1 LBHF Pension Fund Draft Annual Report 2024-25 stated that the Fund asset value increased by £36m during 2024/25, to £1,413m as at 31 March 2025, this was largely because of positive performance within the global equity mandate and fixed income portfolios.