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Pensions Committee - Thursday, 11 June 2026 - 5.00 pm

June 11, 2026 at 5:00 pm Pensions Committee View on council website

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Summary

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The Pensions Committee of Hillingdon Council was scheduled to discuss the administration of the Hillingdon Pension Fund, its investment strategy, and responsible investment policies. The meeting's agenda also included a review of the fund's risk register and governance arrangements.

Administration Report

The committee was scheduled to receive an update on the administration of the Hillingdon Pension Fund, which is delivered in partnership with Hampshire County Council. The report was expected to detail performance against agreed Key Performance Indicators (KPIs), including Service Level Agreement (SLA) compliance, membership growth, and casework processing times. It was also to provide an update on the implementation of the McCloud remedy and the progress of the Pensions Dashboard programme.

Investment Strategy and Fund Manager Performance - Part 1

This agenda item was set to cover the fund's investment strategy and the performance of its fund managers. The report pack indicated a discussion on the funding level, which had decreased to 114% from 118% at the previous valuation, resulting in a surplus of £190 million. The report was expected to detail investment performance for the quarter ending 31 March 2026, noting a fund return of -1.4%, underperforming its benchmark by 1.5%. Market conditions, including geopolitical tensions and rising inflation, were anticipated to be discussed as factors influencing performance. The report was also to outline asset allocation, with Global Equities and Property noted as being overweight against strategic targets.

Responsible Investment

The committee was scheduled to review the Responsible Investment Policy and receive an update on how fund managers are embedding Environmental, Social, and Governance (ESG) factors into their investment processes. The report was to detail proxy voting activity by LGIM and London CIV managers, highlighting director elections as the most common category of shareholder resolutions. Updates on the work of LGIM and the London Pensions Administrators and Fund Forum (LAPFF) in supporting business decarbonisation and net-zero objectives were also anticipated.

Risk Register Report

The committee was to consider the Pension Fund's Risk Register, which identifies key risks and associated mitigation measures. The report was expected to detail both open and closed risks, with seven risks closed and seven remaining open and actively managed. A particular focus was to be placed on the Fit for the Future legislation, which was noted as a significant risk due to its pending parliamentary approval. The report was also to address concerns regarding potential changes in council administrations and their impact on investment approaches.

Governance

This agenda item was scheduled to cover the committee's workplan, governance updates, and the approval of various policy updates. The report was to detail the revised workplan, future meeting dates, and updates on continuous professional development for committee members. It was also to confirm compliance with the General Code of Practice and present the draft Pension Fund Annual Report for 2024/25, including audited accounts.

The meeting also included items for discussion in private session, concerning restricted minutes and further details on investment strategy and Fit for the Future updates.

Attendees

Profile image for Councillor Stuart Mathers
Councillor Stuart Mathers Leader of the Labour Group Labour Wood End
Profile image for Councillor Jonathan Bianco
Councillor Jonathan Bianco Deputy Leader of the Council & Cabinet Member for Corporate Services & Property Conservative Northwood Hills
Profile image for Councillor John Riley
Councillor John Riley Chair, Corporate Resources & Infrastructure Select Committee Conservative Ruislip
Councillor Adam Huddle Conservative Colham & Cowley

Topics

Hampshire County Council London CIV Responsible Investment McCloud remedy Pensions Committee LGIM Responsible Investment Policy Fit for the Future Business decarbonisation Environmental, Social, and Governance (ESG) factors Pension Regulator's General Code of Practice (GCOP) Pensions Dashboards Programme (PDP) Net-zero objectives

Meeting Documents

Agenda

Agenda frontsheet 11th-Jun-2026 17.00 Pensions Committee.pdf

Reports Pack

Public reports pack 11th-Jun-2026 17.00 Pensions Committee.pdf

Additional Documents

6b. London Borough of Hillingdon Pension Fund - Funding update at 31 Mar 2026.pdf
9a. Committee Workplan 26-27.pdf
6a. LCIV Executive Summary - London Borough of Hillingdon Pension Fund - 31 Mar 2026.pdf
Printed minutes 24032026 1700 Pensions Committee.pdf
8a Open Risks.pdf
7. Responsible Investments Update.pdf
8b Closed Risks.pdf
9. Governance.pdf
5. Administration and Performance.pdf
8. Risk Management Report.pdf
6 Investment Strategy and Fund Manager Performance Update Part 1.pdf
Minutes of Previous Meeting.pdf