The Pension Fund Panel were scheduled to meet to discuss the Pension Fund's annual business plan, investment performance, administration, risk management and regulatory matters. They were also scheduled to review the General Code of Practice (GCOP) compliance. Some of the meeting was expected to be held in private due to commercially sensitive information.

Investment Performance and Strategy

The panel were scheduled to discuss the fund's investment performance and strategy, including a quarterly overview and general matters report. At the end of September 2025, the net assets of the fund were reported to be worth £1,460.4m, which is 4.0% higher than at the end of June 2025 (£1,404.9m).

The report pack included an extract prepared by Aon Investments Limited, the Pension Fund's appointed investment consultants.

The panel was also expected to discuss the fund's progress in pooling assets through the London CIV. As of September 2025, 42.9% of the fund's total assets were invested through the London CIV. The report stated that a substantial portion of assets remain outside the pool, primarily the Fund's holdings in BlackRock strategies, which continue to outperform comparable offerings available through London CIV.

A review of the Investment Strategy Statement (ISS) was scheduled, to ensure it remains aligned with the Fund's long-term funding objectives, risk appetite, and the latest actuarial assessment of liabilities.

Pension Fund Risk Register

The panel were scheduled to review the Pension Fund Risk Register, which identifies and assesses the main risks affecting the Hounslow Pension Fund. Key risks identified include funding, demographic, cyber, administration, and regulatory risks.

Pension Fund Administration

The panel were scheduled to receive a pension administration monitoring report from the West Yorkshire Pension Fund (WYPF), who administer the London Borough of Hounslow (LBH) pension scheme. The report covers performance and benchmarking of the administration service for the period 1 July 2025 to 30 September 2025.

WYPF have a monthly target to complete a minimum of 85% of processes within the allotted number of days. The individual monthly performance for this reporting period is:

• July 2025: 87.2%
• August 2025: 89.2%
• September 2025: 85.9%

The report also provides a technical update on regulatory changes and current issues affecting the Local Government Pension Scheme (LGPS) Administration.

TPR General Code of Practice (GCOP) Review

The panel were scheduled to review the completed modules of the code compliance toolkit and assess compliance with The Pensions Regulator's (TPR) General Code of Practice (GCOP). The GCOP sets out the expectation of the conduct and practices that governing bodies should meet to comply with their duties under the pensions legislation.

Annual Business Plan

The panel were scheduled to note the proposed work programme for 2025/26 and identify any other areas to be considered. The training log was also scheduled to be noted.

The proposed work programme for 2025/26 included standing items such as the Pension Fund Business Plan, Quarterly Overview and General Matters Report, Pension Fund Administration Performance report, Pension Fund Risk Register, General Code of Practice Update, and Investment Adviser's Report. It also included administration and governance matters such as the Pension Fund Statement of Accounts and Annual Report, and funding and investment matters such as the Valuation Update and Investment Strategy Review.

Exclusion of Press and Public

The panel were expected to resolve that the public and press be asked to leave the meeting during discussion of the remaining items of business because exempt information as defined in Paragraph 3 of Part I of Schedule 12A of the Local Government Act 1972 was likely to be made known.