The Pension Fund Panel meeting scheduled for Tuesday 14 July 2026 was set to cover a range of important financial and administrative matters concerning the Ealing Pension Fund. Key discussions were expected to include the Fund's performance over the quarter ending 31 March 2026, the comprehensive 2025/26 Pension Fund Annual Report, and updates on pensions administration and contract arrangements.

Training

A 45-minute training session was scheduled, delivered by Yoel Deal from Hymans, focusing on the Fund's strategic asset allocation. This session was intended to provide attendees with an understanding of how the Fund's investments are diversified to optimise risk and return.

2025/26 Pension Fund Annual Report

The Panel was scheduled to review the draft Pension Fund Annual Report for the financial year ending 31 March 2026. This report, which includes the Fund's accounts, is a regulatory requirement and provides a summary of the Fund's activities, financial performance, and governance arrangements. The report also includes policy statements on governance, compliance, the Funding Strategy Statement (FSS), and the Investment Strategy Statement (ISS). The Panel was to consider the draft report and a summarised version for circulation to scheme members as part of the Pension Fund Annual General Meeting (AGM) preparations. Authority was also to be sought for the Strategic Director, Resources, to finalise the report following audit timelines.

Pension Fund Performance Monitor Update for Quarter ended 31 March 2026

This agenda item was set to provide an update on the performance of the Fund's investments for the quarter ending 31 March 2026. It was also scheduled to note key updates regarding the Pension Fund and the Local Government Pension Scheme (LGPS) since the last Panel meeting. The report was expected to detail the value of the Fund's investments, which stood at £1,915.1m as at 31 March 2026, a decrease of 1.4% from the previous quarter. Updates on Lothbury Property Trust and Federated Hermes were also anticipated. The report was to highlight the Pension Schemes Act 2026 receiving Royal Assent, placing LGPS asset pooling on a statutory footing, and confirm that from 1 July 2026, the Ealing Pension Fund's investments would be managed through the London Collective Investment Vehicle (LCIV).

Pensions Administration - Monitoring and Contract Arrangements Update

This item was scheduled to provide an update on the performance of the Local Pensions Partnership Administration (LPPA), the external contractor responsible for the pension administration contract. The report was expected to detail the LPPA's overall Service Level Agreement (SLA) performance, which stood at 99.0% for the quarter, meeting the 95% target. Updates on the Ealing Data Cleanse project were also to be presented, including the number of member reviews completed and the resulting underpayments and overpayments. The report was also to note the reintroduction of LGPS membership for eligible councillors and mayors, with initial uptake being positive.

Minutes of the previous meeting

The Panel was scheduled to approve the public and confidential minutes of the previous Pension Fund Panel meeting held on 24 March 2026.

Training Strategy

The Panel was to review and approve the Fund's draft Training Strategy. This strategy is prepared in line with recent governance guidance, which aims to ensure that Panel members possess the appropriate knowledge and skills to effectively discharge their duties.

Delegated Authority

The Panel was asked to consider retaining and reaffirming delegated authority for the Strategic Director, Resources, to take necessary actions to support the transition to investment pooling, within the scope of the previously approved strategy. This includes agreeing amendments to constitutional documents and signing Investment Management Agreements (IMAs).

Responsible Investment Update

The report was expected to cover the Fund's approach to responsible investment, driven by its commitment to achieving net zero greenhouse gas emissions by 2045. This ambition aligns with global climate targets and addresses the long-term financial risks posed by climate change. The strategy integrates climate considerations into the Fund's Strategic Asset Allocation (SAA) and involves transitioning low-carbon allocations into Paris-aligned funds. The report was also to discuss the LCIV's development of a matrix model for responsible investment, balancing pooled scale with diverse local priorities.

LGPS Investment Pooling and London CIV Update

This item was to provide background on LGPS pooling and the London CIV, established as the dedicated regional pool for London. The report was to detail government intentions to transfer investments of all 86 LGPS funds into eight established pools, strengthening their ability to channel capital into UK growth and infrastructure. The Pension Schemes Act 2026 has received Royal Assent, placing the next phase of LGPS pooling on a statutory footing. The LCIV's Fit for the Future Strategic Plan was to be discussed, outlining its approach to asset transition.

Class Action Filings

The report was to note that there are currently no active class actions. Class actions can recover losses where companies have misled investors, and most such claims arise from the global equity portfolio, now managed under LCIV.

Cash Management

The Panel was to be updated on the Fund's cash management strategy, which is managed under the council's Treasury Management Strategy. As at 31 March 2026, the Fund held £117.5m in cash, which is expected to be deployed to alternative managers and used for portfolio rebalancing.

Procurement and National LGPS Framework Update

This item was to provide an update on procurement processes for the Fund, noting that investments via the LCIV do not require formal procurement under council rules. The National LGPS Framework team monitors supplier service levels and volumes across funds.

Lothbury Property Trust and Hermes Property Fund Updates

There was no update since the last quarterly report regarding Hermes, with the remaining 0.1% of units expected to be distributed on dissolution. For Lothbury Property Trust, the formal decision to wind up the Fund was taken in May 2024, with the full wind-up taking place in April 2026. All Ealing Fund units were redeemed, with the final distribution amounting to £33.45 million.

Training and Other External Presentations

A presentation from Hymans, the Fund's investment advisor, on the Fund's asset allocation strategy was scheduled.

Pension Fund Budgetary Estimate and Work Plan 2026/27

The Panel was to agree the outline Work Plan for 2026/27, note the forecast Pension Fund revenue account outturn for 2025/26, note the projected cash forecast for 2025/26 and budget estimate for 2026/27, and approve the Pension Fund revenue account budget estimate for 2026/27. The work plan was noted to focus on the transition to the LCIV, the investment management agreement, and cashflow. Additional fees of approximately £300k to £500k were anticipated due to the move into the LCIV. The Panel had previously questioned the number of training items per meeting and recommended only one training presentation per meeting.

Ealing Pension Fund Triennial Actuarial Valuation 2025

This report, previously covered in the training item, was to present the results of the 2025 triennial actuarial valuation. The report indicated a whole fund funding level increase from 96% at the 2022 valuation to 112% at the 2025 valuation, moving from a £71m deficit to a £182m surplus. The long-term average future service contribution rate for the whole Fund had reduced from 18.6% of pay to 16.7% of pay, effective from 1 April 2026. The Panel was asked to note the results, approve the draft Funding Strategy Statement (FSS), and delegate powers to the Strategic Director, Resources, to make final amendments.

Election of Chair and Vice-Chair

The meeting was also scheduled to address the election of a Chair and Vice-Chair for the 2026-2027 period.

Apologies for Absence, Urgent Matters, and Declarations of Interest

Standard procedural items including apologies for absence, urgent matters, and declarations of interest were also on the agenda.

Matters to be Considered in Private

Discussions relating to the training item and Appendix D of the Performance Monitor Update were scheduled to be held in private session, as these items contained information exempt from disclosure.