This meeting of the Pension Board was scheduled to discuss various updates and reports regarding the management of the London Borough of Hounslow Pension Fund. This included the appointment of an Independent Chair, a review of performance and benchmarking, and the consideration of guidance from The Pensions Regulator (TPR). It should be noted that this summary is based solely on the meeting agenda and supporting documents, and does not reflect what was actually discussed or decided at the meeting.

Appointment of Chair

The Board was scheduled to appoint an Independent Chair. The Terms of Reference for the Pension Board state that the Chair will be the independent member of the board, appointed at the first annual meeting two years after Council elections for a term of four years.

Pension Fund Monitoring and Administration Review

The Pension Board Monitoring Report¹ scheduled for discussion included:

• Breaches and Late Payments: The report contained a register of employers who had submitted late payments to the Fund. Hounslow's policy is to report an employer to the Pensions Regulator when they have recorded seven late payments in a rolling 12-month period. The report highlighted Coalo as an example, noting that they had submitted late payments in August, December, and January, and advising that officers would continue to monitor the situation.
• LGPS Bulletins: The report included the latest LGPS bulletins produced by the Local Government Association (LGA), which highlight important issues that LGPS stakeholders should be aware of.
• Regulatory Updates: This section included updates on:
  • McCloud Judgement: This ruling, made in 2018, found that younger members of some public service pension schemes had been unlawfully discriminated against, and required changes to the LGPS to remove this age discrimination. The report noted that approximately 20% of the Fund’s membership is in scope of the McCloud remedy and that calculations were currently being done manually for those retiring until the system upgrade was completed.
  • Pensions Dashboard Programme: The report provided an update on the progress of the Pensions Dashboard Programme, which will allow individuals to see all their pensions in one place. It noted that the Fund would connect to the dashboard via the administrator, West Yorkshire Pension Fund (WYPF), and the chosen Integrated Service Provider (ISP), Bravura, by 31 October 2025. The report also included an impact assessment on the risk of increased enquiries once the dashboard goes live.
  • TPR General Code of Practice (GCOP): The report provided an update on the progress of demonstrating compliance with the new GCOP, which came into force in March 2024. This code replaces several previous codes and includes modules on the Governing Body, Funding and Investments, Administration, Communications and Disclosures, and Reporting to TPR.

Pension Fund Administration Performance Report (WYPF)

This report, provided by West Yorkshire Pension Fund (WYPF), covered performance and benchmarking of the administration service for the period 1 January to 31 March 2024. The report outlined that WYPF uses Key Performance Indicators (KPIs) to monitor the completion of various processes. It highlighted that processes which involve the payment of benefits and death are normally the highest priority. The report also included sections on scheme information, web registration, and shared service costs.

TPR General Code of Practice (GCOP) Review

The report provided an overview of the Fund's current compliance position against the GCOP. It highlighted areas requiring immediate action, including filling vacancies on the Pension Board and establishing formal systems for appraising advisors. The report also noted that the Fund was partially compliant with the requirement for scheme managers to establish and operate internal controls, and recommended that a formal system for appraising the investment advisor, actuary, and custodian be implemented.

Draft Pension Fund Annual Report 2023/24

The Board was scheduled to note the Draft Annual Report and Accounts of Hounslow's Pension Fund. The report was to be reviewed by external auditors Mazars LLP to provide a consistency opinion. It included summaries of the year's events, the financial position of the Fund, and the activities of the Pension Fund Panel and Pension Fund Board.