Here is a summary of the scheduled discussions for the Pension Fund Panel meeting on 23 September 2025. The agenda included a training session on valuation, along with regular updates and reviews of the fund's business plan, risk register, and investment performance. The panel was also scheduled to discuss compliance with the Pensions Regulator's General Code of Practice and to review the fund's annual report.

Valuation and Funding Strategy Statement Training

A training session on valuation was scheduled to take place ahead of an initial results update.

Annual Report

The report pack for the meeting included the draft annual report and accounts of the Hounslow Pension Fund for 2024/25. The Pension Fund Panel was asked to note that the annual report would be published on the Local Government Pension Scheme Advisory Board website by 1 December 2025, which is in line with the statutory deadline. The Panel was also asked to note that any amendments or adjustments to the Pension Fund Statement of Accounts, resulting from the conclusion of the external audit, would be reported to the Panel in due course. The draft annual report included information on:

• key developments and performance during the year
• the Pension Fund's financial position as at 31 March 2025
• the activities and decisions of the Pension Fund Panel and the Pension Board over the reporting period.

General Code of Practice

The Panel was scheduled to review completed modules of the code compliance toolkit and assess compliance with the Pensions Regulator's (TPR) General Code of Practice (GCOP). The report pack included a compliance report and a scorecard summary. The Panel was also scheduled to note the timetable for reviewing the remaining modules of the code compliance toolkit.

Pension Fund Risk Register

The Panel was scheduled to review and comment on the updated and amended risk register for the period to 31 August 2025. The report pack included a risk scoring matrix for the current register. The pension fund risk register records and assesses the main risks affecting the Hounslow Pension Fund under 5 main headings:

• Funding and Investment
• Cyber risk
• Administration Risk
• Resources and skills

Quarterly Overview and General Matters

The report pack included a quarterly overview and general matters report. The Pension Fund Panel was asked to note the detail outlined in the report and to identify any other areas to be considered. The report provided an overview of the current investment valuation, general administrative and regulatory matters, of the Fund and an update on the income and expenditure for Quarter 1 of the financial year 2025/26. As at the end of June 2025, the net assets of the fund were valued at £1,404.9m, which is 3.0% higher than the value at the end of March 2025 (£1,364.0m), and an upwards movement of 4.6% since the end of June 2024 (£1,343.0m). The report also included an update on the Pensions Dashboard Programme and information about Pensions Awareness Week.

Pension Administration Cover Report

The report pack included a pension administration monitoring report from West Yorkshire Pension Fund (WYPF) covering performance and benchmarking of the administration service for the period 1 April 2025 to 30 June 2025. The Pension Fund Panel was asked to note the detail outlined in the report. The report also provided a technical update on regulatory changes and current issues affecting the Local Government Pension Scheme (LGPS) Administration. The report included four appendices:

• a description of the KPI work type processes that are being reported in table 2.1 of the report
• the age profile by status of the active, deferred and pensioner scheme members
• a summary of the results from customer surveys from 1 April 2024
• a technical update of the wider LGPS environment taken from the monthly bulletins produced by the Local Government Association

Annual Business Plan

The report pack included the annual business plan for 2025-26. The Pension Fund Panel was asked to note the proposed work programme for 2025/26 and identify any other areas to be considered, and to note the training update and training log at appendix 1. The mandatory training for the Panel and the Board that was scheduled for 10 June 2025 was postponed, and training would now be incorporated into the meetings with the schedule. The training log that is attached at appendix 1 contains training undertaken by members of the Pension Board, Pension Fund Panel and Officers and upcoming training opportunities.

Other Items

The agenda also included the minutes of the previous meeting, and the date of the next scheduled meeting.