Ealing Council's Pension Fund Panel is scheduled to convene on 9 December 2025, to consider key strategic decisions, including the proposed admission of the Buckinghamshire Pension Fund into the London Collective Investment Vehicle (LCIV). The panel will also discuss the implementation of the Fund's Strategic Asset Allocation ahead of the transition to pooling.
The panel will review Buckinghamshire Pension Fund's application as part of its responsibilities as an existing owner of the LCIV, a collaborative investment vehicle for London local authorities. The Pension Fund Performance Monitor Update for Quarter ended 30 September 2025 notes that the business case is sound and all London S151s officers have indicated that they will approve this admission
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As the fund continues to implement its strategic asset allocation, the panel will reaffirm the delegation of authority to the Strategic Director, Resources, to continue this implementation ahead of the transition to pooling from 1 April 2026. The Pension Fund Performance Monitor Update recommends reaffirming the delegation to the Strategic Director, Resources, in consultation with the Chair and Vice Chair, with a progress update to be brought back to the PFP at the earliest opportunity.
According to the Pension Fund Performance Monitor Update, the value of the Fund Investments was £1,889.6m as at 30 September 2025, an increase from £1,777.4m as at 30 June 2025.
Other key items on the agenda include:
- Strategic Asset Allocation: The panel will reaffirm the delegation of authority to the Strategic Director, Resources, to continue implementing the Fund's Strategic Asset Allocation ahead of the transition to pooling from 1 April 2026.
- Investment Pipeline: Upcoming activities include establishing a revised property structure, reviewing the equity portfolio, and implementing a revised bond structure.
As part of the investment pipeline review, the fund is considering several changes. These include establishing a revised property structure following the liquidation of one of the Funds property mandates and implementing any changes including redeploying the Fund's underweight property allocation either through existing managers or through new mandates. The fund is also reviewing the Equity portfolio with the intention of realigning the weights across active, passive, and private equity allocations, and implementing a revised bond structure mainly allocating approximately 10% (circa £190m) of the Fund to Index Linked Gilts.
The transition to pooling from 1 April 2026, will involve key changes as the government has launched a consultation on draft regulations proposing mandatory pooling, strengthened governance, and revised investment requirements for LGPS funds. Details of the draft regulations, their implications, and required timelines is set out in LGPS Mandatory Pooling Consultation.
The Fund's performance is benchmarked against the PIRC Local Authority Universe, a peer group of 62 funds. For the period ending 30 September 2025, returns were calculated based on the Universe's average asset allocation with index returns applied.
