The Hounslow Pension Fund's assets have reached £1.4 billion, according to a recent meeting of the Pension Fund Panel on Wednesday 22 October 2025.
The Panel convened to discuss the fund's annual business plan, risk register, and investment performance, approving recommendations for the 2024-25 annual report, a pooling update and transition plan, and the investment adviser's quarterly report.
At the end of June 2025, the fund's net assets stood at £1,404.9 million, a 3.0% increase from March 2025 (£1,364.0 million) and a 4.6% rise since June 2024 (£1,343.0 million), according to the Quarterly Overview and General Matters report.
The Investment Strategy Statement (ISS) sets out the Fund's investment objectives and the principles and strategies that guide how its assets are managed to ensure pensions and other benefits can be paid as they fall due.
In May 2025, the fund fully terminated the Fidelity Multi-Asset Income mandate, a decision approved by the Pension Fund Panel in December 2023. The strategic asset allocation transition had been structured as a phased withdrawal to facilitate reinvestment into products offered through the London CIV (LCIV). The £39.3 million was temporarily invested in the LCIV Short-Dated Bond Fund (£27 million) and cash. This provides liquidity for future commitments to the LCIV Private Debt II and LCIV Renewable Infrastructure mandates.
The Panel also reviewed the TPR General Code of Practice (GCOP) compliance toolkit and risk register, noting updates and amendments for the period ending 31 August 2025. The register records and assesses the main risks affecting the Hounslow Pension Fund under five main headings: Funding and Investment, Cyber risk, Administration Risk, and Resources and skills.
The Annual Business Plan 2025-26 was noted, with mandatory training for the Panel and Board to be incorporated into meetings after postponement. The Pension Administration Monitoring Report from the West Yorkshire Pension Fund (WYPF) was also noted, covering administration service performance from 1 April 2025 to 30 June 2025. The report includes performance data across various work types, with key indicators such as total cases, target days per case, percentage of targets met, and average time taken. Appendix 1 of the report provides a description of the KPI work type processes that are being reported in table 2.1 of the report.
Councillor John Todd was appointed as Chair for the meeting.
Apologies were received from Councillors Afzaal Kiani and Jagdish Sharma, and apologies for lateness from Councillors Junue Meah and Shantanu Rajawat. Union Representative Riaz Haq and Employers’ Representative John Wiffen attended virtually.
The Panel also approved the Annual Report - Hounslow Pension Fund 2024-25, which will be published on the LGPS Scheme Advisory Board website by 1 December 2025. Any amendments or adjustments to the Pension Fund Statement of Accounts, arising from the conclusion of the external audit by Forvis Mazars LLP, will be reported to the Panel in due course.
The next meeting is scheduled for 1 December 2025.
