The Pension Fund Panel of Ealing Council is scheduled to convene on Tuesday 15 September 2026. The meeting's agenda includes a review of the fund's investment performance for the quarter ending 30 June 2026, an update on pension fund administration, and a training session on oversight of pooled investment vehicles.

Pension Fund Performance Monitor Update

The panel will receive an update on the Ealing Pension Fund's investment performance for the quarter ending 30 June 2026. The report indicates that the fund's investments grew by 7.5% during this period, reaching a total value of £2,058.8 million, an increase from £1,915.1 million at the end of March 2026. The report details key updates regarding the Pension Fund and the Local Government Pension Scheme (LGPS), including ongoing compliance actions required to align the fund's governance and operational frameworks with statutory guidance issued on 29 June 2026. This includes preparing updates to the Investment Strategy Statement (ISS), establishing a plan for statutory governance appointments, and broadening the panel's oversight framework.

The report highlights that from 1 July 2026, the Ealing Pension Fund's investments will be managed through the London Collective Investment Vehicle (LCIV)¹ as its investment pool. The council will retain responsibility for setting the strategic asset allocation, monitoring delivery, and holding the LCIV to account. The panel will be asked to note the targeted compliance timeline and the division of responsibilities for updating the ISS and launching recruitment processes for the Senior LGPS Officer and Independent Person ahead of the statutory 29 December 2026 deadline.

The report also covers the fund's strategic asset allocation, noting that officers exercised delegated authority to rebalance the portfolio in March to align it more closely with the approved target asset allocation. Updates on various fund managers' performance are provided, with a summary indicating that the fund returned 7.98% against a benchmark of 8.03% for the quarter. Over the longer term, the total fund recorded relative underperformance against its benchmark. The report also includes market reviews from fund managers such as Baillie Gifford, LGIM, and BlackRock, discussing prevailing market conditions and outlooks.

Pension Fund Administration Update

An update on pension fund administration is scheduled, focusing on the performance of the external contractor, Local Pensions Partnership Administration (LPPA), for the quarter ending 30 June 2026. The report indicates an overall Service Level Agreement (SLA) performance of 99.1%, exceeding the target of 95%. It also provides an update on the pension reconciliation project, noting that 1,956 of 2,018 member reviews have been completed, resulting in adjustments to pension payments due to underpayments and overpayments.

The report presents the findings of an Internal Audit review of the pension fund's administration, which concluded that a generally sound system of governance, risk management, and control is in place, providing a Reasonable Assurance opinion. Management has accepted all five recommendations made by Internal Audit, with action plans in place for implementation. High-priority recommendations include the completion of the payroll and pension system reconciliation exercise and obtaining assurance over McCloud remedy calculations. Target implementation dates for agreed actions range from November 2026 to July 2027.

Training on LCIV Pool Oversight

The panel is scheduled to receive training from Chris King of Hymans Robertson on how the fund can carry out LCIV Pool Oversight. This session is intended to cover the panel's role and responsibilities under the new pooling arrangements, the principles of effective oversight, the information members should review, and how the panel should assess LCIV's performance in implementing the fund's investment strategy. This will include consideration of reporting, risk management, value for money, responsible investment alignment, service delivery, escalation routes, and the distinction between the panel's responsibility for setting investment strategy and LCIV's role in implementation. This training aligns with the council's commitment to ensuring panel members have the appropriate knowledge and skills to discharge their duties effectively, as strengthened by recent governance guidance.

Minutes of Previous Meeting

The panel will be asked to approve the minutes of the previous Pension Fund Panel meeting held on 14 July 2026 as a correct record.