The Pension Fund Panel meeting scheduled for 24 March 2026 was set to cover a comprehensive review of the Ealing Pension Fund's performance, administration, budget, and actuarial valuation. Key discussions were expected to include updates on investment performance for the quarter ending 31 December 2025, the proposed budget and work plan for the upcoming financial year, and the outcomes of the triennial actuarial valuation as of 31 March 2025. The panel was also scheduled to receive training presentations from external specialists.

Pension Fund Performance Monitor Update for Quarter Ended 31 December 2025

The panel was scheduled to receive an update on the performance of the Ealing Pension Fund's investments for the quarter ending 31 December 2025. The report indicated that the Fund's investments had grown in value from £1,889.6 million to £1,942.5 million during this period, representing a 2.8% increase. The report also noted updates regarding the Pension Fund and the Local Government Pension Scheme (LGPS) following the previous panel meeting. Recommendations included noting the Fund's performance, the total value of investments, and updates on Lothbury Property Trust and Federated Hermes. Preparations for the 2026 Pension Fund Annual General Meeting were also to be noted.

Pension Fund Budgetary Estimate and Work Plan 2026-27

This report outlined the work plan for the council's functions as the Administering Authority for the Ealing Pension Fund and detailed the revenue budget estimates for 2026-27. The panel was asked to agree the outline Work Plan, note the forecast revenue account outturn for 2025-26, note the projected cash forecast for 2025-26 and the budget estimate for 2026-27, and approve the Pension Fund revenue account budget estimate for 2026-27. The work plan priorities included ensuring sound governance, investing sustainably with a net zero target of 2045, maximising returns within acceptable risk parameters, and ensuring timely collection of contributions.

Ealing Pension Fund Triennial Actuarial Valuation 2025

The panel was presented with the results of the 2025 triennial actuarial valuation of the Ealing Pension Fund as at 31 March 2025. The valuation showed an improvement in the funding position, with the Fund moving from a £71 million deficit at the 2022 valuation to a £182 million surplus at the 2025 valuation, resulting in a funding level of 112%. The report highlighted that this improvement was primarily driven by higher expected future investment returns, reflected in revised discount rate assumptions, along with updated inflation and demographic assumptions. The long-term average future service contribution rate for the whole Fund had reduced from 18.6% of pay at the 2022 valuation to 16.7% of pay at the 2025 valuation. Recommendations included noting the valuation results, the improvement in the funding position, the drivers of this improvement, the reduction in the future service contribution rate, and the methodology for calculating the overall fund position. The panel was also asked to approve the draft Funding Strategy Statement (FSS) and proposed employer contribution outcomes.

Training

The panel was scheduled to receive several presentations as part of a training session. Isabella Ward (Executive Director) and Gilly Zimmer (Infrastructure Investment Specialist) from JP Morgan were due to deliver a presentation. A presentation from a property manager was also scheduled. Finally, Michelle Doman (Senior Principal) and Jonathan Perera (Principal) from Mercer were to present on the outcome of the Triennial Actuarial Valuation, including the Funding Strategy Statement (FSS). These discussions were scheduled to take place in private session.

Pension Fund Administration Update

The panel was set to receive an update on the administration of the Pension Fund. This report was expected to cover the performance of the external contractor, Local Pensions Partnership Administration (LPPA), and provide details on the proposed 2026/27 pensions administration budget. Recommendations included noting the performance of LPPA and agreeing the proposed budget. The report also detailed the Ealing Data Cleanse project and the processes in place for payment cases.

Minutes

The panel was scheduled to approve the public and confidential minutes of the previous Pension Fund Panel meeting held on 9 December 2025.