The Hounslow Council Pension Fund Panel was scheduled to convene on 1 December 2025, to discuss the fund's annual business plan, investment performance, administration, and risk management. The panel was also expected to review its compliance with the Pensions Regulator's General Code of Practice. Some of the meeting was expected to be held in private due to the discussion of exempt information.

Investment Performance and Strategy

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

The report pack noted that the Hounslow Pension Fund had committed £70m to the London CIV Private Debt II Fund in January 2025. It also noted that, as of 30 September 2025, 42.9% of the fund's total assets were invested through the London CIV. The report pack stated that the fund was undertaking a review of its Investment Strategy Statement (ISS) in parallel with the triennial pension fund valuation.

The investment advisor's quarterly report was also scheduled to be discussed.

Pension Fund Administration

The panel was scheduled to receive a pension administration monitoring report from the West Yorkshire Pension Fund (WYPF), which has been administering the London Borough of Hounslow (LBH) pension scheme since 1 August 2018. The report included key performance indicators (KPIs), an age profile of the scheme, customer survey results, and updates on current technical issues.

According to the report pack, WYPF had a monthly target to complete a minimum of 85% of processes within the allotted number of days. The individual monthly performance for the reporting period was:

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

The report pack stated that the McCloud remedy¹, workload volumes and staffing levels were impacting performance in several areas in the medium and low priority work areas, particularly in Interfund Linking, Transfer processes and Early Leavers.

Risk Management

The panel was scheduled to discuss the pension fund risk register. According to the report pack, the main risks affecting the Hounslow Pension Fund were:

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

General Code of Practice

The panel was scheduled to review and comment on the completed modules of the code compliance toolkit and assess compliance with the TPR General Code of Practice (GCOP).² The GCOP sets out the expectations for the conduct and practices that governing bodies should meet to comply with their duties under pensions legislation.

The report pack stated that all areas had been assessed and the final reports for the self-review were attached. The next stage would be to have an external review of the results to provide independent assurance.

Other Business

The panel was also scheduled to discuss the annual business plan for 2025/26, and the decisions made by the Pension Board³ at their meeting on 5 November 2025.