The Pensions Board of Hammersmith and Fulham Council met on Wednesday 4 March 2026 to review the performance of the Local Pension Partnership Administration (LPPA) and the overall performance of the Pension Fund. Discussions also covered key performance indicators, pension administration updates, and the fund's quarterly performance for Q4 2025.

Key Performance Indicators

The meeting was scheduled to review the Key Performance Indicators (KPIs) for the period September to December 2025, as provided by the Local Pension Partnership Administration (LPPA). These KPIs are used to assess the performance of the pension administration service provided to the Hammersmith & Fulham Pension Fund. The report, detailed in Appendix 1 of the Key Performance Indicators document, aligns with guidance from The Pension Regulator for governing bodies to regularly assess performance. The report indicated a continuous improvement in the KPI pension administration service delivery by LPPA at the start of the new scheme year.

Pension Administration Update

An update on the administration of the Hammersmith & Fulham Pension Fund was provided, focusing on the services delegated to Local Pension Partnership Administration (LPPA). The report, titled HFPF Administration Update, highlighted that the Fund continues to strive for an efficient and effective service despite increasing complexities in legislation, data management, and resourcing. Challenges noted included difficulties in engaging with employers, which could lead to issues taking months or years to fully resolve. The update also covered employer engagement, member satisfaction survey responses, complaints handled by LPPA, helpdesk performance, communications, member engagement with the pension portal, pension savings statements, auto-enrolment re-enrolment, fund employer valuations, and regulatory issues such as the McCloud remedy and the Pensions Dashboard.

Pension Fund Quarterly Update Q4 2025

The meeting was scheduled to receive a summary of the Pension Fund's overall performance for the quarter ending 31 December 2025. This update, detailed in Item 1 - Quarterly Update Cover, included a cashflow update and forecast, and an assessment of risks and mitigation actions. The report indicated that over the quarter to 31 December 2025, the market value of the assets increased by £9m to £1.491m. The Fund underperformed its benchmark net of fees by 2.16%, delivering an absolute return of 1.15% over the quarter. The total Fund delivered a positive return of 5.71% on a net of fees basis over the year to 31 December 2025. The update also covered the London CIV update, risk management implications, and provided appendices detailing the scorecard, Isio's quarterly performance report, cashflow monitoring, and the risk register.

Minutes of Previous Meetings

The Board was scheduled to approve the minutes of its previous meeting held on 4 June 2025. Additionally, the Board was to note the minutes of the previous Pension Fund Committee meeting held on 25 November 2025, as detailed in the Pensions Board Mins 04.06.25 and PFC Mins 25.11.25 documents respectively.

The meeting was also scheduled to discuss the date of the next meeting, which was to be held on 3 June 2026.