Hounslow Council is reviewing its pension fund's adherence to the Pensions Regulator's General Code of Practice (GCOP), which sets standards for governance and administration. The review is part of the council's ongoing efforts to ensure the fund operates effectively, complies with regulations, and safeguards the financial interests of its 24,778 members. At the end of September 2025, the fund's net assets were valued at £1,460.4m.
The Pension Fund Panel convened on 1 December 2025, to discuss various aspects of the fund, including compliance with the TPR General Code of Practice (GCOP). The GCOP sets out the expectations for the conduct and practices that governing bodies should meet to comply with their duties under pensions legislation. The panel reviewed the completed modules of the code compliance toolkit and assessed compliance with the TPR General Code of Practice.
According to the General Code of Practice Update report, all areas of the code had been assessed, and final reports for the self-review were attached. The self-assessment identified areas requiring further action to fully meet GCOP requirements, specifically:
- The Governing Body: Scheme Governance
- The Governing Body: Knowledge & Understanding
- The Governing Body: Risk Management
To address these shortcomings, Hounslow Council will take specific actions outlined in the Compliance Report, including:
- Preparing an induction pack for the governing body.
- Producing a training development plan for the Pension Board by January 2026.
- Refreshing the knowledge and skills assessment.
- Presenting the risk management policy to the Pension Fund Panel and implementing it within the Fund.
- Completing the business continuity plan.
- Implementing the Task Force for Climate-related Financial Disclosures (TCFD) recommendations.
The next step involves an external review to provide independent assurance. The outcome of this review will be submitted to the Panel in the first quarter of 2026/27.
The council's proactive approach to assessing and managing its pension scheme aims to ensure long-term sustainability.
