The Pension Board of Hounslow Council was scheduled to meet on Monday 6 July 2026 to discuss the forward plan for the upcoming year, review the administration performance, and consider compliance with pooling and good governance requirements. The meeting agenda also included updates on the Pension Fund's risk register and the ongoing process of asset pooling.

Pension Fund Forward Plan 2026/27

The Board was scheduled to consider the proposed work programme for the Pension Board for the year 2026/27. This plan is a live document intended to be amended throughout the year. It outlines key areas of focus, including standing items such as the Pension Board Business Plan and Training Update, the Pension Fund Monitoring Report, Pension Fund Administration Performance Report, Pension Fund Risk Register, and minutes of the Pension Fund Panel. The plan also details upcoming work in administration and governance, such as the review of the Training Policy and Plan, Governance and Strategy Statement consultation, Conflict of Interest policy review, and Administration Strategy Review. In funding and investment, the plan includes updates on compliance with the Investment Review (pooling) and a joint training session with the Pension Fund Panel. The report highlighted that the LGPS (Amendment) Regulations 2026 necessitate updates to existing policies and the development of new ones, with a particular emphasis on strengthening the knowledge and skills required for managing the Fund. A training log, attached as Appendix 1 to the report, was also to be noted, detailing training undertaken by members of the Pension Board, Pension Fund Panel, and officers, alongside upcoming training opportunities.

Pension Board Monitoring Report

The meeting was scheduled to review the Pension Board Monitoring Report, which provides an overview of the monitoring activities undertaken at the Pension Fund Panel meeting on 18 June 2026. The report was expected to detail breaches and late payments, with an appendix listing late payments from 1 January 2026 to 31 March 2026. It was noted that employers have a statutory duty to pay contributions within specified timescales, and that all late contributions had been received, with officers working with late payers to minimise future occurrences. The report was also to provide an update on pensions software, specifically the successful implementation of system improvements to include McCloud remedy information in the 2026 Annual Benefit Statements, addressing a prior limitation and ensuring compliance with disclosure requirements. An update on the national Pensions Dashboard Programme (PDP) was also scheduled, confirming the Fund's connection and ongoing preparations for its public launch. Furthermore, the report was to cover the Government's response to two LGPS consultations from 2025, Access & Fairness and Access & Protections, outlining the programme of reform for the LGPS in England and Wales. The Board's input was requested on three data-related items concerning administration and record-keeping, with recommendations from West Yorkshire Pension Fund (WYPF) to improve data quality and regulatory compliance. Finally, the report was to advise on the current membership of the Pension Board, noting three vacancies and the steps underway to recruit replacements.

Pension Fund Administration Performance Report

The Pension Board was scheduled to receive an administration monitoring report from West Yorkshire Pension Fund (WYPF), covering the period from 1 January 2026 to 31 March 2026. The report was expected to detail performance and benchmarking of the administration service. Key performance indicators (KPIs) were to be presented, with a monthly target of completing a minimum of 85% of processes within allotted days. The report was to analyse trends, performance, and areas needing attention, particularly for priority 1 work areas such as retirement quotes and actuals, and death processes. It was noted that the McCloud remedy, workload volumes, and staffing levels were impacting performance in medium and low priority areas, with software limitations in performing manual calculations identified as a bottleneck. The report was also to provide an analysis of outstanding processes by age and summarise results from customer surveys, including both positive comments and complaints. A technical update on wider LGPS issues, drawn from monthly bulletins by the Local Government Association, was also to be included.

Compliance with Pooling and Good Governance Guide

The Board was scheduled to discuss compliance with the pooling of assets and the Good Governance Guide, following the government's Fit for the Future consultation and the Pensions Investment Review. The report was to outline the implications for the Hounslow Fund and the necessary next steps to comply with new legislation. This included the requirement to transfer assets to the London Collective Investment Vehicle (LCIV) or place them under LCIV management by the regulatory deadline. Progress on implementing the Good Governance Guide was also to be detailed. The report noted that the Pension Schemes Act 2026 had received Royal Assent, and two LGPS statutory instruments were due to come into force, with supporting guidance expected. Hounslow Pension Fund had already taken key implementation steps, including approving the investment management agreement with LCIV, with 46% of Fund assets already committed to LCIV arrangements. The remaining work involved executing legal documents, transitioning further assets, and completing governance and training actions. Discussions with LCIV regarding legal documents and asset transition were ongoing. The report also highlighted that final statutory guidance on the new regulations was expected from the Ministry of Housing, Communities & Local Government (MHCLG) by 30 June 2026.

Pension Fund Risk Register

The meeting was scheduled to review the updated Pension Fund Risk Register as at 31 March 2026. The report was to provide details of the main risks affecting the Hounslow Pension Fund and the mitigations in place. A new risk, Geopolitical Risk (Risk 3.1), had been added to the register to assess and monitor the impact of ongoing global political tensions on the Fund. The report was to include a summary of key risks in Appendix 1, with the detailed risk register and scorecard at Appendices 2 and 3. The distribution of risks across formal ratings (High, Medium High, Medium, Low) was to be presented, along with key actions identified to manage these risks, such as continuing to progress pooling transition, monitoring cyber assurance, implementing a training policy, and monitoring market and geopolitical risks.

Other Scheduled Business

The agenda also included the Terms of Reference for the Pension Board, which outlines its role in assisting Hounslow Council in the governance and administration of the London Borough of Hounslow Pension Fund. The Board's role is to assist the Scheme Manager to secure compliance with LGPS Regulations and other relevant legislation, and to ensure effective and efficient governance and administration. The Board is not a decision-making body but provides oversight. The meeting was also scheduled to address Urgent Business and confirm the Date of next meeting as 28 October 2026. Finally, there was an item regarding the Exclusion of Press and Public to discuss exempt information, followed by the noting of restricted minutes from previous Pension Fund Panel and Pension Board meetings.