The Pension Board of Hounslow Council met on Wednesday, 21 January 2026, to discuss the ongoing governance and administration of the London Borough of Hounslow Pension Fund. Key agenda items included the Pension Board's forward plan, monitoring reports on fund administration performance, and updates on compliance with pooling and good governance requirements.

Pension Board Forward Plan 2025-26

The Board was scheduled to consider its work programme for the 2025-26 period. This forward plan outlines the key areas of focus for the Board's oversight activities throughout the year. Additionally, the Board was to review updates on training provided to its members, Pension Fund Panel members, and officers, noting the training log attached to the report. Members were also invited to identify any other areas they wished to be considered for future discussion.

Pension Board Monitoring Report

This report provided an overview of the monitoring activities undertaken by the Pension Fund Panel on 1 December 2025. It was scheduled to cover updates on breaches and late payments related to employer contributions, including a register of late payments for the period of July to September 2025. The report was also to include an update on the Pensions Dashboard Programme, detailing the progress of connecting Hounslow Pension Fund data to the dashboard system. Furthermore, the Pensions Regulator's 2025 Annual Scheme Return was to be presented, outlining data quality scores for common and scheme-specific data. The report also included the Pension Fund risk register, detailing key risks affecting the fund, such as funding and investment, demographic, cyber, administration, and resource and skills risks.

Pension Fund Administration Performance Report

The Board was scheduled to review the performance of the pension fund administration service for the period of July to September 2025, as reported by West Yorkshire Pension Fund (WYPF). The report was expected to detail performance against Key Performance Indicators (KPIs), with a target of meeting 85% of process targets within allotted days. Specific attention was to be given to priority areas such as retirement quotes and actuals, and death processes. The report was also to address the impact of the McCloud remedy, workload volumes, and staffing levels on performance, particularly in areas like Interfund Linking, Transfer processes, and Early Leavers, due to the need for manual calculations and software limitations. The status of outstanding processes, categorised by age, was to be presented, alongside an update on the shared service cost and a five-year forecast. Appendices were to provide details on KPI work types, the age profile of scheme members, customer survey results, and current technical issues affecting the wider LGPS environment.

Funding Strategy Statement Consultation and Engagement Update

The Board was scheduled to review the draft Funding Strategy Statement (FSS) and its accompanying Engagement Plan. These documents, prepared in a new format following guidance from the Scheme Advisory Board in January 2025, aim to improve transparency, consistency, and stakeholder engagement regarding the Fund's funding levels and employer contributions. The FSS itself is divided into sections covering the purpose of the Fund and FSS, key funding principles (including funding targets, risk management, and actuarial assumptions), and employer events such as joining or leaving the Fund. The Engagement Plan outlines the timeline and methods for consulting with participating employers, scheme members, local authority representatives, and other stakeholders. The draft FSS and Engagement Plan were to be presented for noting, with a consultation period scheduled to run until 6 February 2026, followed by review and incorporation of feedback before final approval by the Pension Fund Panel on 2 March 2026.

Compliance with Pooling and Good Governance Guide

This item was scheduled to provide an update on the progress made towards complying with government requirements for pooling LGPS assets and implementing the Good Governance Guide. The report was to detail the implications for the Hounslow Fund of the 'Fit for the Future' reforms, including the mandate for all LGPS assets to be pooled or transferred to the management of a pool by 31 March 2026. It was to outline the progress in transferring assets to the London Collective Investment Vehicle (LCIV), with 46% of the fund already committed. The report was also to detail the actions being taken to meet the Scheme Advisory Board's good governance recommendations, such as establishing a senior LGPS officer role, preparing an administration strategy, and ensuring committee members and officers have the appropriate knowledge and understanding. The progress of the Pensions Schemes Bill through Parliament was also to be noted.

Urgent Business

Any urgent business that the Chair agreed to accept on grounds of urgency was scheduled to be discussed.

Date of next meeting

The date of the next meeting was scheduled for Wednesday, 15 April 2026, from 5pm.

Exclusion of Press and Public

It was resolved that the public and press would be asked to leave the meeting during the discussion of the remaining items of business due to the likely disclosure of exempt information as defined in Paragraph 3 of Part I of Schedule 12A of the Local Government Act 1972.

Restricted minutes of the Pension Fund Panel meeting held on 22 October 2025

The Board was scheduled to note the submitted restricted minutes from the Pension Fund Panel meeting held on 22 October 2025.

Pension Administration Update

A further update on pension administration was scheduled to be provided.

Any other items which the Chair considers urgent and are exempt from publication

Any other urgent items considered exempt from publication, at the Chair's discretion, were to be discussed.