The Pension Board of Hounslow Council met on Wednesday, 21 January 2026, to discuss the forward plan for the upcoming year, review the pension fund's monitoring report, and consider the administration performance. The meeting also included updates on compliance with pooling and good governance guidelines, and the consultation on the funding strategy statement.

Pension Board Forward Plan 2025-26

The Board was scheduled to consider and adopt its work programme for the 2025-26 period. This plan outlines the key areas of focus for the Board's oversight activities throughout the year. Additionally, members were invited to identify any other topics they wished to be included in the forward plan. The Board was also to note an update on training provided to members and officers, as detailed in the attached training log.

Pension Board Monitoring Report

This report provided an overview of the monitoring activities undertaken by the Pension Fund Panel on 1 December 2025. Key items for discussion included any breaches and late payments recorded within the fund. An update on the Pensions Dashboard Programme was also scheduled, alongside the Pensions Regulator's Annual Scheme Return for 2025. The report included appendices detailing the late payment register, the Pensions Regulator's annual scheme return, the risk register, and a risk management scoring matrix.

Pension Fund Administration Performance Report

The Board was set to receive an update on the performance of the pension fund administration service for the period of July to September 2025. This report, provided by West Yorkshire Pension Fund (WYPF), included key performance indicators (KPIs) and benchmarking data. The Board was to note the overall performance, with 85% of KPI targets met, and review specific areas such as retirement quotes and actuals, and death processes. The report also highlighted the ongoing impact of the McCloud remedy and software limitations on certain processes, particularly interfund linking, transfer processes, and early leavers. The aging of outstanding processes was to be presented, alongside an update on shared service costs and appendices covering KPI narratives, the age profile of the scheme, customer survey results, and current technical issues.

Compliance with Pooling and Good Governance Guide

This item was scheduled to provide an update on the progress made towards complying with the government's requirements for pooling pension assets and implementing the Good Governance Guide. The report detailed that all LGPS assets must be pooled or transferred to the management of a pool by 31 March 2026. It outlined the actions being taken to achieve this, including transition meetings with the London Collective Investment Vehicle (LCIV). The report also covered the implementation of the Good Governance Guide, noting that all governing bodies had undertaken required training and that a training strategy and skills assessment were in progress.

Funding Strategy Statement Consultation and Engagement Update

The Board was scheduled to review the draft Funding Strategy Statement (FSS) and its accompanying engagement plan. These documents, prepared in accordance with new guidance from the Scheme Advisory Board and CIPFA, outline the Fund's approach to ensuring it has sufficient assets to meet its liabilities and maintain stable employer contribution rates. The FSS details key funding principles, including the funding target, risk management, actuarial assumptions, and employer covenant. The engagement plan sets out the timeline and methods for consulting with stakeholders, including participating employers, scheme members, and local authority representatives. The draft FSS and engagement plan were to be published online for feedback, with a review and incorporation of comments planned before final approval by the Pension Fund Panel in March 2026.

Compliance with Pooling and Good Governance Guide

This agenda item was to provide an update on the progress made in complying with the government's requirements for pooling pension assets and implementing the Good Governance Guide. The report detailed that all LGPS assets must be pooled or transferred to the management of a pool by 31 March 2026. It outlined the actions being taken to achieve this, including transition meetings with the London Collective Investment Vehicle (LCIV). The report also covered the implementation of the Good Governance Guide, noting that all governing bodies had undertaken required training and that a training strategy and skills assessment were in progress.

Urgent Business

The Board was scheduled to consider any urgent business that the Chair agreed to accept on grounds of urgency.

Date of next meeting

The date of the next meeting was scheduled for Wednesday, 15 April 2026, from 5pm.

Exclusion of Press and Public

A resolution was to be considered to exclude the press and public from the meeting during the discussion of remaining items of business, as exempt information was likely to be made known. This included restricted minutes of the Pension Fund Panel meeting held on 22 October 2025, and a pension administration update.