The Hounslow Pension Fund Panel met to discuss key aspects of the fund's performance, governance, and administration, including the annual report, risk register and compliance with the Pensions Regulator's General Code of Practice (GCOP). The panel approved recommendations related to a pooling update and transition plan, the investment adviser's quarterly report, valuation and funding strategy statement training, and the annual report for 2024-25.

Annual Report - Hounslow Pension Fund 2024-25

The Pension Fund Panel approved recommendations regarding the Annual Report, including that the Pension Fund Annual Report will be published on the LGPS Scheme Advisory Board website by 1 December 2025, in line with the statutory deadline, and that any amendments or adjustments to the Pension Fund Statement of Accounts, arising from the conclusion of the external audit, will be reported to the Panel in due course. The annual report provides an overview of key developments and performance during the year, as well as the Pension Fund's financial position as at 31 March 2025.

TPR General Code of Practice (GCOP) Review June 2025

The Pension Fund Panel approved recommendations to review the completed modules of the code compliance toolkit and assessed compliance with the TPR General Code of Practice¹, and noted the timetable for reviewing the remaining modules of the code compliance toolkit. The Strategic Pensions Manager, Hitesh Sharma, presented the report, which assessed compliance under five main headings: the governing body, funding and investment, administration, communications and disclosures, and reporting to the TPR.

Pension Fund Risk Register

The Pension Fund Panel approved recommendations to note the updated and amended risk register for the period to 31 August 2025. The Head of Finance - Pensions and Treasury, Yvonne Thompson, presented the report. The 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

Pension Administration Monitoring Report

The Pension Fund Panel approved recommendations to note the detail outlined in the Pension Administration Monitoring Report. Matthew Mott of the West Yorkshire Pension Fund (WYPF), presented the report, which covered performance and benchmarking of the administration service for the period 1 April 2025 to 30 June 2025. The report also provided a technical update on regulatory changes and current issues affecting the Local Government Pension Scheme (LGPS) Administration.

Quarterly Overview and General Matters

The Pension Fund Panel approved recommendations to note the detail outlined in the Quarterly Overview and General Matters report, and identified other areas that they wished to be considered. Michael Docherty, Strategic Finance Manager – Pensions and Treasury, presented the report, which 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.

Annual Business Plan 2025-26

The Pension Fund Panel approved recommendations to note the proposed work programme for 2025/26, and the training update and training log at appendix 1 of the Annual Business Plan 2025-26. The Head of Finance – Pensions and Treasury, Yvonne Thompson, presented the report, drawing members’ attention to the salient points.

Investment Adviser's Quarterly Report

The Pension Fund Panel approved recommendations to note the investment advisors' report for the period ending 31 March 2025 and the tariff market volatility report.

Pooling Update and Transition Plan

The Pension Fund Panel approved recommendations to note the update on the Pension Fund Investment Review.

Minutes and Confidential Items

The panel approved the minutes of previous meetings and discussed confidential items, excluding the press and public due to the sensitive nature of the information, as defined in Paragraph 3 of Part I of Schedule 12A of the Local Government Act 1972².