The Pension Fund Panel of Ealing Council met on Tuesday 15 September 2026 to review the performance of the council's pension fund investments and to receive updates on its administration. The meeting's agenda included a presentation on oversight of the Local Collective Investment Vehicle (LCIV) pool and a detailed performance monitor update for the quarter ending 30 June 2026.

Pension Fund Performance Monitor Update for Quarter Ended 30 June 2026

The panel was scheduled to receive an update on the performance of the Ealing Pension Fund's investments for the quarter ending 30 June 2026. The report indicated that the fund's investments had increased in value to £2,058.8 million, a rise of 7.5% from the previous quarter. The discussion was also set to cover ongoing compliance actions required to align the fund's governance and operational frameworks with statutory guidance, including updates to the Investment Strategy Statement (ISS) and the establishment of processes for statutory governance appointments.

Key areas scheduled for discussion included:

• Strategic Asset Allocation (SAA) Update: The report detailed portfolio rebalancing transactions undertaken to align the fund more closely with its approved target asset allocation. This included specific commitments to managers such as BlackRock, Baillie Gifford, and LGIM Future World Fund within Global Equities, and updates on Infrastructure, Impact, Property, and Private Debt allocations. The panel was to be informed about revised SAA recommendations, including reducing equity allocation, increasing income assets, and reducing property allocation.
• Fund Performance: The performance of various fund managers against their benchmarks was to be reviewed. For the quarter ending 30 June 2026, the fund returned 7.98% against a benchmark of 8.03%. Over the longer term, the report noted relative underperformance against benchmarks over one, three, five years, and since inception. The report highlighted that underperformance was primarily driven by growth-oriented and alternative asset mandates, with specific mentions of Baillie Gifford (LCIV) and Gresham House underperforming their benchmarks.
• London Collective Investment Vehicle (LCIV) Update: The panel was scheduled to receive training from Hymans Robertson on LCIV Pool Oversight. This training was intended to cover the panel's role and responsibilities under new pooling arrangements, principles of effective oversight, and how to assess LCIV's performance in implementing the fund's investment strategy. The report also noted that officers were working with LCIV to sign the Investment Management Agreement (IMA) and establish a longer-term implementation plan following the transition to the LCIV, which commenced on 1 July 2026. This transition means the Ealing Pension Fund's investments will be managed through the LCIV as its investment pool.
• Responsible Investment and Net Zero: The report was to update the panel on the progress in embedding responsible investment (RI) principles, including the commitment to achieve net zero carbon emissions by 2045. This strategy integrates climate considerations into the SAA and involves transitioning to Paris-aligned funds. The discussion was also to cover LCIV's development of a matrix model for RI, balancing pooled scale with diverse local priorities.
• Funding Update: The panel was to be updated on the fund's funding level, which stood at 112% as per the 31 March 2025 triennial valuation. This improved position had led to a reduction in the average primary contribution rate to 16.7% of pay, effective from 1 April 2026. Interim updated funding results from the fund's actuary, Mercer, were to be provided.

Pension Fund Administration Update

The panel was also scheduled to receive an update on pension fund administration, focusing on the performance of the external contractor, Local Pensions Partnership Administration (LPPA).

Key points for discussion included:

• LPPA Performance: The report was to present LPPA's performance for Quarter 1 of 2026/27, showing an overall Service Level Agreement (SLA) performance of 99.1%, exceeding the target of 95%. The report noted that the introduction of SCAPE changes had impacted administration activities, leading to higher complaint volumes.
• Data Cleanse Project: Updates were to be provided on the Ealing Data Cleanse Project, with 96.93% of member reviews completed, resulting in adjustments to pension payments due to underpayments and overpayments.
• Internal Audit Report: The panel was to review the findings of the Internal Audit report on pensions administration, which provided a Reasonable Assurance opinion. Five recommendations were made, with management accepting all and developing action plans for implementation. High-priority recommendations included the completion of payroll and pension system reconciliation and obtaining assurance over McCloud remedy calculations.
• McCloud Remedy: Work was underway to ensure remedy-eligible members receive the underpin on their Annual Benefit Statements (ABS) by 31 August. Project status remained amber due to data and systems functionality challenges.
• Pensions Dashboard: The project continued to focus on business readiness, including managing anticipated demand into LPPA and driving member self-service. LPPA had supported the Money and Pensions Services (MaPS) with the second phase of testing the MoneyHelper Pensions Dashboard.
• LGPS for Elected Members: Eligible councillors and mayors regained access to the LGPS from 1 May 2026, with membership being opt-in. LPPA had updated its website and was working on system changes.
• Complaints Reporting: Complaint performance remained stable and low, with 0.25% of SLA-subject processes resulting in a complaint. The Complaints Board continued to review lessons learned to support continuous service improvement.

Training

A presentation was scheduled to be delivered by Chris King from Hymans Robertson on how the fund can carry out LCIV Pool Oversight. This training was intended to support compliance with enhanced knowledge and skills expectations introduced through statutory LGPS Governance Guidance.

The meeting also included standard agenda items such as apologies for absence, urgent matters, declarations of interest, and matters to be considered in private. The minutes of the previous meeting held on 14 July 2026 were also scheduled for approval.