The Pension Fund Panel meeting scheduled for Wednesday, 18 February 2026, was set to cover a range of important topics concerning the management and performance of the Hounslow Pension Fund. Key discussions were expected to include the Annual Business Plan, quarterly performance overviews, administration and regulatory updates, the Pension Fund Risk Register, and the finalisation of the Funding Strategy Statement.

Annual Business Plan 2025/26 and Training Update

The Panel was scheduled to review the proposed work programme for the Pension Fund Panel for the 2025/26 year. This included noting the proposed schedule of meetings and identifying any other areas that members wished to be considered for inclusion in the programme. Additionally, an update on training undertaken by members of the Pension Board, Pension Fund Panel, and officers was to be presented, along with details of upcoming training opportunities.

Quarterly Overview and General Matters

This agenda item was intended to provide an overview of the Pension Fund's current investment valuation, general administrative matters, and regulatory updates. It was also set to include an update on income and expenditure for the third quarter of the financial year 2025/26. The report was expected to detail the net assets of the fund, which at the end of December 2025 were reported to be worth £1,478.7 million. Updates on the late payment register, the inclusion of McCloud remedy information in annual benefit statements, and the fund's connection to the Pensions Dashboard Programme were also anticipated.

Pension Fund Administration Performance Report and Update on Regulatory Matters

A report from the West Yorkshire Pension Fund (WYPF), which administers the Hounslow Pension Fund, was scheduled for discussion. This report was to cover the performance and benchmarking of the administration service for the period of 1 July 2025 to 30 September 2025. It was also to provide a technical update on regulatory changes and current issues affecting Local Government Pension Scheme (LGPS) administration. Key Performance Indicators (KPIs) for various work types, such as retirement quotes and actuals, and death processes, were to be reviewed, alongside an analysis of outstanding processes and staffing updates within WYPF.

Pension Fund Risk Register

The Panel was to review an updated Pension Fund Risk Register as at the end of December 2025. This report was expected to detail the main risks affecting the Hounslow Pension Fund and the mitigation strategies in place. The risks were categorised under five main headings: Funding and Investment, Cyber risk, Administration Risk, Resources and skills, and Regulatory and compliance risks. The report indicated that there had been no changes to the risk register since the previous meeting.

Funding Strategy Statement - Final

This agenda item concerned the final Funding Strategy Statement (FSS) for the London Borough of Hounslow Pension Fund, effective from 1 April 2026. The Panel was asked to approve the FSS for publication and to note the results of the consultation questionnaire. The FSS outlines the Fund's strategy for ensuring it has sufficient funds to meet its liabilities, balancing employer contributions with investment returns and managing risks. The consultation period for the draft FSS ran from 12 January 2026 to 6 February 2026, and an employer engagement webinar was held on 27 January 2026. The report indicated that there were no comments or concerns from the consultation that required a change to the FSS.

Investment Adviser's Quarterly Report

The Panel was scheduled to receive the Investment Adviser's Quarterly Report for the period ending 30 September 2025. This report, presented by AON, was expected to provide an update on investment performance and market conditions.

Investment Strategy Review and SAA including Class Switch

This item was linked to the Investment Adviser's report and was expected to cover a review of the Pension Fund's Investment Strategy and Strategic Asset Allocation (SAA), including any considerations for a Class Switch .

Pooling - IMA + SLD

Discussions were scheduled regarding pooling arrangements, specifically concerning the Investment Management Agreement (IMA) and the Strategic Liability Driven (SLD) approach.

Pooling - Responsible + Local Investment

Further discussions were planned on pooling arrangements, focusing on responsible and local investment strategies.

The meeting also included standard procedural items such as apologies for absence, declarations of interest, and the confirmation of previous minutes. A portion of the meeting was designated for the exclusion of the press and public to discuss confidential matters.