The Pensions Committee of Hillingdon Council met on Thursday 11 June 2026 to discuss the administration of the Hillingdon Pension Fund, its investment strategy, and responsible investment policies. The meeting also reviewed 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 managed in partnership with Hampshire Pension Service (HPS). The report was expected to detail the performance of HPS against agreed Key Performance Indicators (KPIs), including Service Level Agreement (SLA) compliance and membership growth. It was anticipated that the report would highlight the progress made in processing casework, with a focus on outstanding historic leaver cases and member communication volumes. The report was also expected to provide an update on the McCloud remedy implementation and the status of the Pensions Dashboard programme.

Investment Strategy and Fund Manager Performance

A significant portion of the meeting was dedicated to reviewing the fund's investment strategy and the performance of its fund managers. The committee was scheduled to consider the Investment Strategy Statement (ISS), which would reflect the triennial valuation and the planned transition of all assets to the London CIV. This included potential changes to asset allocation, such as increased allocations to private equity and private credit, and adjustments to the equity mix. The report was also expected to detail the fund's performance for the quarter ending 31 March 2026, including its funding level, asset value, and investment returns, comparing these against benchmarks. Market conditions, including geopolitical tensions and inflation, were to be discussed as factors influencing performance. Specific fund manager performance, including that of LGIM and London CIV managers, was to be reviewed, with particular attention paid to the Global Alpha Growth Paris Aligned Fund's performance.

Responsible Investment

The committee was scheduled to discuss the fund's approach to responsible investment. This included reviewing the updated 2026 Responsible Investment Policy, which was expected to incorporate strengthened climate and stewardship commitments, introduce exclusions, and set out an impact-investment target. The report was to detail how fund managers were embedding Environmental, Social, and Governance (ESG) factors into their investment processes. Updates on proxy voting activity by LGIM and London CIV managers were to be presented, alongside information on their engagement activities with companies on issues such as climate change adaptation, resilience, and employment rights. The committee was also to be informed about LGIM's commitment to the Net Zero Asset Managers Initiative.

Risk Register Report

The committee was scheduled to review the Pension Fund's Risk Register. This report was intended to identify the main risks facing the fund and outline the measures being taken to mitigate them. The report was expected to categorise risks as either open and actively managed, or closed and managed as business as usual. Specific open risks to be discussed were anticipated to include cyber security, liquidity risks, the failure of the investment pool (London CIV), governance compliance, key officer risk, and the risk of employers failing to deliver accurate administration information. The report was also expected to detail the approach to risk measurement, including likelihood and impact, and the RAG (Red, Amber, Green) rating of identified risks.

Governance

The committee was scheduled to review its workplan and receive updates on governance matters. This included noting the dates for future Pensions Committee meetings and reviewing the Committee's Continuous Professional Development (CPD) update. The report was also expected to provide an update on compliance with the General Code of Practice, including the implementation of cyber hygiene training. The committee was to be asked to review the workplan and consider any suggestions for inclusion, with a note that the workplan and relevant policies would need to be revisited in light of new pensions legislation and Fit for the Future guidance. The approval of the draft Pension Fund Annual Report for 2024/25, including audited accounts, was also on the agenda.

The meeting also included items for discussion in private session, concerning restricted minutes and investment strategy reviews.