The Pension Fund Panel are scheduled to discuss the performance of the pension fund, including updates on investment strategies, fund performance, and contract arrangements. They will also consider training and updates from Legal & General Investment Management (LGIM) and Mercer. Finally, they will discuss the Local Government Pension Scheme (LGPS) pooling and governance.

Pension Fund Performance

The Pension Fund Panel will receive an update on the Pension Fund's performance for the quarter ending 30 September 2025. The report, authored by Bridget Uku, Finance Manager Treasury & Investments, and Nyce Higiro, Principal Accountant, notes that the value of the Fund's investments increased to £1,889.6m, up from £1,777.4m at the end of June 2025.

The panel will also note updates on the Lothbury Property Trust and Federated Hermes, including the closure of the former, and the merger of Federated Hermes and LGIM property assets.

The report pack includes a summary of performance drivers, market conditions and the outlook from the Fund's managers, including:

• LCIV Global Alpha Growth Fund - Baillie Gifford
• LCIV Multi Asset Credit (MAC)
• LGIM
• BlackRock
• Royal London Asset Management (RLAM)
• Aberdeen Standard
• LGIM Managed Property (Hermes)
• Henley

The report also notes the Fund's underperformance relating to the Darwin Bereavement Fund, which the report pack says is almost entirely attributable to the underperforming affordable funeral business within the Memoria Group.

The report pack also states that the Fund's performance is benchmarked against the PIRC Local Authority Universe, a peer group of 62 funds.

Strategic Asset Allocation

The Pension Fund Panel will note the progress of the Fund's Strategic Asset Allocation (SAA), which was approved in July 2025. According to the report pack, so far, the Fund has allocated assets to Multi Asset Credit (MAC) through the London CIV¹, and also to British Sustainable Infrastructure.

The report pack also states that the Strategic Director, Resources has delegated authority to continue implementing the Fund's SAA, in consultation with the Chair and Vice Chair, ahead of the transition to pooling from 1 April 2026.

Investment Strategy Statement

The Pension Fund Panel will note that the Investment Strategy Statement (ISS) was approved in July 2025. The ISS sets out the key principles governing how the Fund invests its assets, ensuring it can meet long term liabilities while managing risk, incorporating responsible investment considerations, and complying with regulatory requirements.

Responsible Investment

The Pension Fund Panel will note that the migration from the LGIM Low Carbon Target Fund to the LGIM Paris Aligned Fund to support the Fund's net zero strategy has now been implemented. The report pack states that the PFP has made substantial progress in embedding Responsible Investment (RI) principles, underpinned by its commitment to achieve net zero carbon emissions by 2045.

Cash Management

The Pension Fund Panel will note that as at 30 September 2025, the Fund held £63.0m in cash, allocated across Lloyds Bank Plc, Federated MMF, and BNY Mellon Goldman Sachs MMF.

Top Holdings and Voting

The report pack includes a list of the Fund's 16 largest holdings as at 30 September 2025, representing 20.1% of total assets, as well as the voting activity report from LCIV, showing votes cast on behalf of the Fund.

Lothbury Property Trust Update

The Pension Fund Panel will note an update on the Lothbury Property Trust, including the status of the disposal programme. The report pack states that as of 29 November 2024, eleven of the remaining sixteen assets have now exchanged or been put under offer.

Pension Fund Administration

The Pension Fund Panel will receive an update on the performance of the Local Pensions Partnership Administration (LPPA), the external contractor responsible for the pension administration contract. The report, authored by David Hodgson, Pensions Manager, notes that the overall SLA performance for Q2 2025-26 was 98.3%, meeting the 95% target.

The report pack includes LPPA's Quarterly Administration report Q2 2025-26, the Ealing Pension Fund Data Quality Overview Q2 2025-26, the Complaints Board Q2 2025-26, and Ealing Complaints Q2 2025-26.

McCloud Remedy

The report pack states that good progress has been made on remedy for LGPS members following the McCloud judgement², and LPPA is well positioned compared to other public sector administrators in delivering McCloud remedy.

Pensions Dashboard

The report pack notes that the connection date for public sector schemes to connect to the Pensions Dashboard³ is 31 October 2025, but Civica have advised of a short delay regarding connection to the Dashboard.

Data Quality

The report pack includes a data quality overview, which shows the progress and ongoing efforts to improve data quality through targeted cleansing and validation, specifically related to Valuation and Pensions Dashboard readiness.

Complaints

The report pack includes a complaints board overview, which states that at the end of Q2, 0.33% of SLA processes have resulted in a complaint in the past 12 rolling months.

Training

The Pension Fund Panel will receive a number of training presentations. Robert Rayner, Senior Client Manager, Asset Management, LGIM Management Property Fund and Rob Codling, Senior Fund Manager, from Legal & General Investment Management (LGIM) will deliver a presentation. Michelle Doman, Senior Principal, and Jonathan Perera, Principal, from Mercer, will deliver a presentation on the 2025 actuarial valuation draft Funding Strategy Statement (FSS) outcomes. Matt Woodman from Hymans will deliver a presentation on Index Linked Gilts.

LGPS Pooling and Governance

The Pension Fund Panel will note the government's consultation on the draft regulations proposing mandatory pooling, strengthened governance, and revised investment requirements for LGPS funds. The report pack includes details of the draft regulations, their implications, and required timelines.

The key proposals include:

• Mandatory participation in one asset pool
• Delegation of investment implementation to pools
• New requirements for Investment Strategy Statements (ISS)
• Asset transfer to pools
• Minimum standards for pools

The report pack also includes details of the draft LGPS (Amendment) Regulations 2026 Governance Reforms, which deliver the governance elements of Fit for the Future. These include requirements for administering authorities to prepare a governance strategy, a training strategy, and a conflict of interests policy. They also create a new statutory role of Senior LGPS Officer, and require the appointment of an Independent Person.