Pensions Committee

Minutes PENSIONS COMMITTEE 14 May 2026 Meeting held at Council Chamber - Civic Centre, High Street, Uxbridge UB8 1UW Committee Members Present: Councillors Jonathan Bianco (Vice -Chair), Stuart Mathers, Henry Higgins (Reserve) , Adam Huddle, Philip Corthorne MCIPD, Elizabeth Dumergue 171. ELECTION OF CHAIR (Agenda Item 1) RESOLVED: That Councillor John Riley be elected at Chair of the Pensions Committee for the 2026/27 municipal year. 172. ELECTION OF VICE CHAIR (Agenda Item 2) RESOLVED: That C ouncillor Jonathan Bianco be elected at Vice Chair of the Pensions Committee for the 2026/27 municipal year. The meeting, which commenced at 9.00 pm, closed at 9.10 pm. These are the minutes of the above meeting. For more information on any of the resolutions please contact Anisha Teji on 01895 277655. Circulation of these minutes is to Councillors, Officers, the Press and Members of the Public.

Minutes PENSIONS COMMITTEE 24 March 2026 Meeting held at Committee Room 5 - Civic Centre Committee Members Present: Councillors Reeta Chamdal (Chair), Stuart Mathers, Labina Basit and Peter Smallwood Also Present: Catherine Edgecombe – Hampshire County Council Craig Alexander – Hymans Dagmar Dvorak – London Civ Tim Mpofu – London Civ Johnny Moore – ISIO Roger Hackett – Pension Board Member Marian George – Independent Advisor Councillor Nasser Abby LBH Officers Present: Karl Periera – Trainee Pension Fund Accountant Pete Carpenter – Director, Pensions, Treasury & Statutory Accounts Anisha Teji – Senior Democratic Services Officer Tunde Adekoya – Finance Manager - Pensions & Governance Steve Muldoon – Corporate Director of Finance 156. APOLOGIES FOR ABSENCE (Agenda Item 1) Apologies for absence were received from Councillor Kaushik Banerjee. 157. DECLARATIONS OF INTEREST IN MATTERS COMING BEFORE THIS MEETING (Agenda Item 2) None. 158. MINUTES OF THE MEETING ON 9 DECEMBER 2025 (Agenda Item 3) RESOLVED: That the minutes of the meeting on 9 December 2025 be approved as an accurate record, subject to a minor typographical correction to Minute 149. 159. TO CONFIRM THAT ITEMS MARKED PART I WILL BE CONSIDERED IN PUBLIC AND THOSE MARKED PART II WILL BE CONSIDERED IN PRIVATE (Agenda Item 4) It was confirmed that agenda items 1 -12 would be heard in Part II and items 13 – 15 would be heard in Part II. 160. ADMINISTRATION REPORT (Agenda Item 5) The Director of Pensions , Treasury & Statutory Accounts introduced the report, confirming that Hampshire Pension Service continued to deliver high -level performance with 100% SLA complian ce and significant membership growth (18.37% since the partnership began). All December casework had been completed on time, 99.71% of Member Benefit Statements had been issued and 461 items of work remained outstanding, including 139 transfers and 260 McC loud records being recalculated. The Pensions Dashboard was connected on 12 December but not yet public. Members also noted strong Internal Audit ratings for Member Deaths and Pension Transfers and that Cyber Security was under review this quarter. Clarification was sought on whether McCloud would be delivered to the remaining pensions within the stated timescales. It was confirmed that delivery was expected by the end of the summer and that the revised timescales would be met, with earlier delays recognise d due to software availability issues. It was noted that there was a wider organisational and government drive toward digital engagement including tax - related processes. RESOLVED: That the Pensions Committee noted the administration update. 161. TRIENNIAL VALUATION RESULTS (Agenda Item 6) The Committee was informed that the 2025 triennial valuation had been completed, showing a funding improvement from 88% in March 2022 to 118%, shifting from a £167m deficit to a £211m surplus and reducin g the average contribution rate from 23.7% to 19%. The only remaining element, the Gender Pensions Gap analysis, would be finalised by Hymans in line with new GAD guidance before 31 March 2026. The Committee also noted that the Funding Strategy Statement had been consulted on with no resulting changes and was presented for approval. Clarification was requested on the assurances and level of certainty underpinning the actuarial assumptions, particularly in relation to ensuring that employer contribution rates would not increase following the current valuation cycle. Further clarification was sought on the robustness of the estimates, including the application of the secondary rate, the impact of reduced employer contributions and the level of ris k to the Fun d in the event of employer financial distress. Reference was made to the Fund’s risk and register matrix and clarification was sought on the likelihood of contribution rate increases and whether any employers were poorly funded on a stand -alone basis. It was confirmed that no employers within the Fund were in such a position. Clarification was also requested on the impact of geopolitical events in the Middle East on the assumptions used. It was explained that such risks had been incorporated i nto the modelling through scenario testing, including variations in inflation and investment returns. It was noted that the Fund’s position had improved since March 2025, although recent market events had had some impact however, movements to date were broadly in line with general market trends. It was further noted that any material changes would be captured at the next valuation. By way of comparison, it was noted that short -term volatility had been experienced during the Ukraine and Russia conflict and that such ev ents were reflected within the modelling framework. It was explained that any underperformance in investment returns over the next three years would be addressed at the next valuation. It was confirmed that employer contributions had not been reduced on th is basis and that the Fund was considered resilient, given its scale, long -term investment horizon and maturity. On the investment side, attention was drawn to the importance of monitoring cashflow, particularly in light of reduced contributio ns and increasing pension payments, and this was identified as an area to be kept under review. RESOLVED: That the Pensions Committee: 1. Agreed the draft Triennial Valuation Report. 2. Approved the Funding Strategy Statement for the London Borough of Hillingdon Pension Fund. 162. RESPONSIBLE INVESTMENT POLICY (Agenda Item 7) The Committee received the Responsible Investments Update report, which enabled approval of the updated 2026 Responsible Investment Policy. Members were reminded of the previous petition and the two workshops held in January and February to develop the draft. The policy positioned the Fund for full asset pooling with the LCIV by March 2026, strengthened climate and stewardship commitments, introduced exclusions and a 5% impact -investment target, embedded four priority UN SDGs and set out an enhanced stewardship and governance framework. It was noted that the LCIV had reviewed the updated policy and that the major changes related to asset pooling, Net Zero commitments, ESG expectations and the adoption of the four priority SDGs. Members queried whether the Fund’s current approach to responsible investment sufficiently reflected ethical considerations, particularly in relation to weapons manufacturing, and noted concerns raised by resid ents. Reference was made to UN Sustainable Development Goal 16, with emphasis on human rights, long -term sustainability and the ethical expectations of future pension fund members. It was also noted that some local authorities had taken steps to divest fro m arms -related investments. In response, it was confirmed that all 17 UN Sustainable Development Goals were included within the appendix and would be considered alongside government guidance. Members were advised that current guidance discouraged immediat e divestment and that the draft policy represented the starting point of a longer -term responsible investment approach. It was explained that most investments were held through the London CIV, with options expected to develop over time, and that any future transition would need to balance ethical considerations, costs and investment returns. It was noted that previous discussions had indicated a preference to progress towards Pillar 2, with potential scope to consider Pillar 3 in future. Officers advised t hat suitable Pillar 3 options were not currently available through the London CIV and that immediate disinvestment would not be appropriate. Members’ intentions were noted, and it was confirmed that a gradual transition would be pursued when suitable products became available. The draft Responsible Investment Policy was considered, and it was noted that some uncertainty remained around the pooling process, which could constrain progress on more impactful investments. It was further observed that, in the ab sence of mandatory pooling requirements, greater progress may have been achievable within the Fund’s own portfolio. Concern was raised about the lack of a clear timeline for moving from Pillar 2 to Pillar 3, with a risk that ESG progress could be delayed . The Committee emphasised its desire to actively progress this area and requested clarity from London CIV on the availability of suitable Pillar 3 products, including an indicative timeline. In response, it was confirmed that an update on product develop ment would be provided at the next meeting. It was noted that short -term progress was likely to be limited due to ongoing change and consolidation, and it was agreed that progress should be reviewed on a six-monthly basis to monitor emerging opportunities. The Committee acknowledged that the Fund was currently constrained by pooling arrangements and government guidance, and that the draft policy reflected an appropriate strategic direction at this stage. It was agreed that London CIV should continue to be actively engaged to support progress towards future Pillar 3 options and that six -monthly progress updates would be included in the work programme, with reporting arrangements strengthened to more formally capture responsible investment progress. RESOLVED: That the Pensions Committee noted and approved the draft responsible investment policy with the slight amendment to have it included quarterly in committee agendas. 163. INVESTMENT STRATEGY STATEMENT (Agenda Item 8) The Committee receiv ed the report setting out the updated Investment Strategy Statement (ISS) following the triennial valuation. Members were reminded that the initial review of the Fund’s investment strategy began in September 2025, supported by training and further discussi ons in November on strategic options, expected returns and risk. At its December 2025 meeting the Committee considered three asset allocation options and agreed Option 3 as recommended by Isio. The revised ISS, presented for approval, reflected draft 2025 guidance and the planned transition of all assets to the London CIV from April 2026. It also included the introduction of UK residential housing exposure, increased allocations to private equity and private credit, adjustments to the equity mix, considera tion of currency hedging and revised control ranges. These changes were forecast to increase the modelled return from 9.1% to 9.4%, alongside a small increase in value at risk (VaR). Members raised questions about the level of assurance available to enabl e the London CIV to manage investment specifications on the Fund’s behalf. Concerns were expressed about the risk of providers effectively marking their own performance and Members emphasised the need for continued challenge and oversight. It was acknowledged that a constructive working relationship had been established between officers and the London CIV and that the Fund’s experience in managing investment partner re lationships would support effective scrutiny. Members stressed the importance of maintaini ng the Fund’s fiduciary duty, including delivering performance, managing ESG risks and protecting the Fund’s reputation. ESG concerns had previously arisen and Members emphasised the need for issues to continue to be reported to the Committee, with London CIV engagement where concerns arose around performance, ESG standards or reputational risk. It was noted that further clarity was needed on accountability arrangemen ts and how the London CIV would be held to account under the new regulatory framework duri ng the transition period. Members were advised that governance and accountability arrangements for the investment pool, including matters raised by the Pension Board, would be addressed under a later agenda item. Clarification was also sought on the Fund ’s compliance with the Fit for the Future regulations in light of recent deadlines. In response, it was explained that the report included a table setting out key req uirements and forthcoming deadlines, with compliance currently assessed as green or amber, indicating that full compliance would be achieved. It was noted that the Fund was relatively well placed compared to some other authorities due to progress with pooling, although a significant programme of work remained over the coming months. RESOLVED: That the Pensions Committee noted and approved the Draft Investment Strategy Statement 164. INVESTMENT STRATEGY AND FUND MANAGER PERFORMANCE - PART I (Agenda Item 9) The funding level was reported to have reduced to 127%, reflecting a 19% quarterly fall driven mainly by a £230m increase in liabilities. This step change was attributed to the move from the 2022 to the 2025 valuation assumptions, particularly more prudent financial assumptions such as the discount rate. Assets had increased t o £1.58bn, up 2.64%, and the Fund achieved a return of 2.8%, marginally outperforming its benchmark. Global equities and property remained overweight against strategi c targets. The Alpha Growth Fund continued to be monitored for underperformance, progress was reported on the London CIV’s Fit for the Future reforms and the launch of the LCIV Global Core Equity Fund was expected in Q2 2026. The outlook for 2026 was described as positive, supported by expected global growth, increased investment in AI and supportive fiscal and monetary policy. Members sought clarification on progress with local infrastructure investment and whether this remained an area of uncertainty. I n response, it was advised that discussions were ongoing with the London CIV and other rel evant parties. It was noted that several funds were expected to become available, subject to meeting delivery requirements and appropriate return criteria. It was further noted that local investment opportunities were likely to involve identifying suitable projects within London CIV structures and ensuring the Fund was well positioned as opportunities arose. Members were advised that this would be a longer-term proces s, with the potential to deliver local impact and that for regulatory purposes “local” inv estment was defined as the London CIV area, including London and Buckinghamshire. It was also noted that competition for such funding was significant. Further clarification was requested on how the Fund could best position itself to access these opportunities. In response, it was advised that this remained subject to ongoing discussions with the London CIV and that approaches elsewhere had often been driven by mayoral or regional arrangements. Greater clarity was expected once the relevant legislation had been fully implemented and operational arrangements confirmed. RESOLVED: That the Pensions Committee noted the funding and performance update. 165. RESPONSIBLE INVESTMENT (Agenda Item 10) The Responsible Investments Update was introduc ed by the Finance Manager (Pensions & Governance). The report outlined how fund managers were embedding ESG within their investment processes and reported on proxy vo ting activity for LGIM and London CIV managers, with director elections identified as the largest category of shareholder resolutions. Voting statistics were noted, and an update was provided on LGIM’s and LAPFF’s work to support business decarbonisation and net zero objectives. RESOLVED: That the Pensions Committee: 1. Noted the fund managers’ ESG activities and compliance efforts. 2. Noted LCIV & LAPFF activities. 166. RISK REGISTER REPORT (Agenda Item 11) The Risk Register Report was introduced by the Finance Manager (Pensions & Governance), who outlined the key risks and associated mitigation measures. Members noted that two reports had been presented covering open and closed risks, with seven risks closed and now managed as business as usual or tolerated, and seven risks remaining open and actively managed. While the overall risk position was reported to be unchanged, it was highlighted that the Fit for the Future legislation, expected to come into force on 1 April 2026, had yet to be approved by Parliament. Members were advised that assets were being transferred in line with the spirit of the proposed changes to achieve full pooling with the London CIV, and that continued delay in approving the legislation could become a significant risk if unresolved by the next meeting. Members asked whether potential changes in council ad ministrations, and the resulting risk of shifts in investment approac h, should be reflected on the risk register. It was clarified that this concern was raised from a governance perspective rather than a party‑political one, with Members noting that change s in administration could lead to different approaches to responsible investment and potentially affect the Fund’s strategic direction. In response, Members were advised that the Committee operated on an apolitical basis and that safeguards were in place to prevent sudden or inappropriate changes to investment strategy. It was noted that transaction costs and value ‑for‑money considerations acted as a strong constraint on rapid change, particularly given the size of the Fund and the financial impact of asset transitions. Reference was also made to emerging regulations that could provide the Secretary of State with ce rtain investment powers, although these had not yet been fully implemented and remained subject to challenge. It was further noted that while changes in administrative priorities could present a risk, a more sign ificant issue related to levels of knowledg e and understanding. Members were assured that a training policy was in place, including mandatory training for Committee Members, and that this was monitored regularly. It was confirmed that new Members would receive training to ensure a clear understandi ng of fiduciary duties and the apolitical nature of pension fund governance. Reference was also made to the Committee’s work programme and statutory requirements around contribution rates and actuarial advice, which limited the scope for change between valuation periods. RESOLVED: That the Pensions Committee: 1. Considered and agreed the Risk Register in terms of the approach, the specific risks identified, and the measures being taken to mitigate those current risks. 2. Noted the revised format and agreed the r etired risks and those which remained open. 167. GOVERNANCE (Agenda Item 12) The Committee discussed the Governance report which considered the workplan, governance updates, approval of various triennial and interim policy updates. Members raised concerns about levels of experience following elections and whether lessons had been learned from previous periods of change. It was advised that training arrangements were being reviewed, including consideration of London -wide frameworks, and it was confirmed that mandatory training wou ld be introduced under the Fit for the Future programme before Members participated in meetings. Clarification was also sought on the future management of key officer risk. Members were advised that the role wou ld become a statutory position from September, with associated finance arrangements under review. The approach to the risk register was agreed, and the governance update was noted, including the revised work plan, future meeting dates, training updates and progress towards compliance with the Genera l Code of Practice. The draft Pension Fund Annual Report for 2024/25, including the audited accounts, was presented and approved. A correction to Committee membership dates was noted, the training record was to be updated accordingly, and the Chair thanked officers, advisers and Members for their contribution to the Fund’s progress. The Pensions Committee: 1. Noted the dates for Pensions Committee meetings. 2. Noted Committee Work Plan. 3. Noted Committee’s Continuous Professional Development update. 4. Noted GCoP Update. 5. Noted and Approve Draft Pension Fund Annual Report. 168. APPROVE RESTRICTED MINUTES FROM MEETING ON 24 SEPTEMBER 2025 (Agenda Item 13) RESOLVED: That the Committee appr oved the restricted minutes from the meeting on 9 December 2025. 169. GOVERNANCE PART II (Agenda Item 14) This item was discussed as a Part II item without the press or public present as the information under discussion contained confid ential or exempt information as defined by law in the Local Government (Access to Information) Act 1985. This was because it discussed ‘information relating to the financial or business affairs of any particular person (including the authority holding that information)’ (paragraph 3 of the schedule to the Act). RESOLVED: That the Committee noted the recommendation as detailed in the confidential report. 170. INVESTMENT PART II - STRATEGY REVIEW AND FIT FOR THE FUTURE UPDATE (Agenda Item 15) This item was discussed as a Part II it em without the press or public present as the information under discussion contained confidential or exempt information as defined by law in the Local Government (Access to Information) Act 1985. This was because it discussed ‘information relating to the financial or business affairs of any particular person (including the authority holding that information)’ (paragraph 3 of the schedule to the Act). RESOLVED: That the Committee noted the recommendation as detail ed in the confidential report The meeting, which commenced at 5.00 pm, closed at 8.09 pm. These are the minut es of the above meeting. For more information on any of the resolutions please contact Anisha Teji on ateji@hillingdon.gov.uk. Circulation of these minutes is to Councillors, Officers, the Press and Members of the Public.

Classification: Public Pensions Committee 11 June 2026 Pensions Administration & Performance Item 5 Committee Pensions Committee Contact Officers Pete Carpenter - Finance Tunde Adekoya – Finance Papers with this report None REASON FOR ITEM The provision of administration services for the Hillingdon Pension Fund is delivered in partnership with Hampshire County Council (HCC) through Hampshire Pension Service (HPS) under a section 101 agreement. The agreement includes Key Performance Indicators (KPIs) which are generally consistent with national standards. The purpose of this report is to update the Pensions Committee on pensions administration activities and the performance of the administration provider against the agreed indicators. RECOMMENDATIONS 1. That the Pensions Committee note the administration update INFORMATION This report provides a comprehensive overview of the administration of the London Borough of Hillingdon Local Government Pension Scheme (LBH LGPS) as of 31 March 2026. Hampshire Pension Services (HPS) continues to deliver high performance across key metrics, with 100% SLA compliance and significant growth in scheme membership. Key developments include progress on McCloud remedy implementation, dashboard connectivity delays, and enhanced employer services. Key Takeaways - Membership has grown by nearly 18.37% since onboarding in September 2021, indicating strong scheme engagement. - 54% of members are registered on the portal, showing good digital adoption. - 100% of administration cases were completed within SLA timelines, reflecting operational efficiency. - Only 230 historic leaver cases remain unprocessed, down from over 4,161 at inception of the administration partnership. - Member communication volumes are high, with over 141 calls received and 139 answered within 5 minutes in the quarter. - McCloud main deadline was extended to 31 August 2026. - Audit results show substantial assurance in two key areas, member deaths and Pension transfers. Classification: Public Pensions Committee 11 June 2026 Membership The chart below highlights the total scheme membership of 30,541 as of 31 March 2026, noting a reduction in active and deferred members since April 2025. This indicates potential demographic or employment changes impacting the scheme. 30,541 total members – reduction in active/deferred members since April 2025 Casework All casework has been completed within service level agreements. The distribution of processing times shows strong performance overall, though some case types take longer, particularly deferred benefit- related work. All casework completed within SLAs Work in Progress The table below provides a snapshot of outstanding casework as of 31 March 2026. There are 659 total outstanding cases, with 40% exceeding 30 days. The largest backlog is within interfunds and transfers in, indicating a key pressure area requiring attention. Classification: Public Pensions Committee 11 June 2026 Portal Registration This table shows that 53.61% of members are registered for the portal, with relatively even engagement across active, deferred, and pensioner groups. However, a significant number of members remain without contact or have opted out, presenting an opportunity to improve digital engagement. Historic Leavers This slide outlines the status of historic leavers. While most cases have been processed, 230 remain outstanding. Employers have been reminded, but no active chasing is underway, indicating a managed but slow resolution approach. Classification: Public Pensions Committee 11 June 2026 Internal Audit This slide summarises internal audit outcomes. Substantial assurance ratings have been confirmed for member deaths and pension transfers. Reviews of payroll and benefit calculations are ongoing, and cyber security assessment is in draft stage, indicating a generally strong control environment. McCloud Update This slide provides an update on McCloud remedy work. Most categories are complete, with pensioner cases still ongoing and 145 outstanding. Overall, the work is largely complete and transitioning into business-as-usual operations. Classification: Public Pensions Committee 11 June 2026 Pensions Dashboard This slide outlines progress on the Pensions Dashboard Programme. Data extraction has been successful, minor cleansing is required, and further testing is planned. A data preparedness plan will be shared with fund officers by 30 June, demonstrating steady progress toward compliance. FINANCIAL IMPLICATIONS Financial implications are included in the body of the report. LEGAL IMPLICATIONS Legal implications have been included in the body of the report.

Classification: Public Pensions Committee 11 June 2026 INVESTMENT STRATEGY and FUND MANAGER PERFORMANCE (Part I) ITEM 6 Committee Pensions Committee Officer Reporting Tunde Adekoya, Finance Pete Carpenter, Finance Papers with this report LCIV Executive Summary 31 March 2026 Hymans Interim Valuation Report 31 March 2026 NT performance report on shared drive LCIV Performance reportin g on shared drive HEADLINES The Fund officers and LCIV team have worked collaboratively to produce ‘easy to digest’, dashboard executive summary which draws out highlights of the performance and funding position as well as providing an easy access format for additional investment related information and statistics. Attached is the report for quarter ending 31 March 2026 for review and comment. RECOMMENDATIONS It is recommended that Pensions Committee: 1. Note the funding and performance update. Summary of Key Insights to LCIV Executive Report Funding & Liabilities Funding level decreased from 118% to 114%. - Surplus reduced to £190m (£211m in Q4). - Liabilities increased by £120m due to lower discount rates and higher inflation assumptions. Investment Performance - Fund returned -1.4% for the quarter. - Underperformed benchmark by 1.5%. Market Environment - Geopolitical tensions (Iran conflict) and rising inflation impacted markets. - Bond yields rose significantly. - Strong rotation from growth to value stocks. Classification: Public Pensions Committee 11 June 2026 Portfolio Performance Drivers Positive: - Absolute Return Fund delivered positive returns. - Infrastructure and Private Debt were resilient. Negative: - Growth equity strategies (especially Global Alpha Growth) significantly underperformed. Asset Allocation - Overweight: Global Equities (+6%), Property (+5%). - Underweight: multi-asset credit, infrastructure and opportunistic allocations. Asset Value Movement - Total assets declined from £1.58bn to £1.56bn. - Driven mainly by market losses (£30m). Outlook and Risks Key risks: - AI disruption across equity markets. - Private credit liquidity concerns. - Ongoing geopolitical and inflation risks. - Continued emphasis on diversification is critical. FINANCIAL IMPLICATIONS The financial implications are contained within the body of the report. The executive summary report is provided by LCIV without charge. LEGAL IMPLICATIONS There are no legal implications in the report.

Working together to deliver sustainable prosperity for the communities that count on us all Quarterly Executive Summary: Hillingdon Page 1 of 11 Unrestricted Document • • • 1600000000 2400 1 2 3 Quarterly Executive Summary 31 December 2025 - 31 March 2026 Funding and Liabilities 114% £1.39bn Pension Assets 1.56bn (1.54)% The Funding level decreased by (13)% this quarter Source: Hymans actuarial data. The liabilities increased by £120m over the quarter. market value this quarter. Source: Northern Trust custody data decrease in market value this quarter Investment Performance (1.4)% 1.5% The Fund returned (1.4)% this quarter. Source: Northern Trust custody data Funding Level The Fund underperformed its benchmark by 1.5% this quarter Source: Hymans actuarial data. Source: Hymans actuarial data. By Progression 160 2300 140 2100 120 1900 100 1700 80 1500 60 1300 40 1100 20 900 0 Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- 22 22 22 22 23 23 23 23 24 24 24 24 25 25 25 25 26 Liabili ties £m (LHS) Assets Value £m (LHS) Funding Level % (RHS) £(m) Percentage Assumptions to calculate liabilities 31 Mar 2025 31 Mar 2026 Funding Level (%) 118 114 Deficit/Surplus (£m) 211 190 Funding basis Ongoing Ongoing Discount rate (%p.a.) 6.3 6.0 Pension increases (%p.a.) 2.3 2.6 • Salary increases are assumed to be 0.5% above pension increases, plus an additional promotional salary scale. • Discount rate methodology: Expected returns on the entire strategy over 20 years with a 75% likelihood. • Pension increase methodology: Expected CPI inflation over 20 years with a 50% likelihood. Working together to deliver sustainable prosperity for the communities that count on us all Quarterly Executive Summary: Hillingdon Page 2 of 11 Unrestricted Document Performance: Total Fund vs Benchmark 25 20 15 % 10 5 0 -5 3 months YTD 1 year 3 years 5 years Since Inception Hillingdon Benchmark Relative Performance Source: Northern Trust custody data as of 31 March 2026. Returns are gross of fees and annualised for periods greater than 1 year. Manager Contribution to Total Return - Q1 2026 0.50 0.00 -0.50 -1.00 -1.50 -2.00 Source: Northern Trust custody data as of 31 March 2026. Returns are gross of fees. -1.4 -1.5 -1.4 -1.5 -1.0 -0.9 -1.1 -0.2 -0.59 -0.30 -0.06 -1.40 -0.40 LGIM - World Developed Equity LGIM - Future World Fund LCIV Global Alpha Growth Paris Aligned LCIV Glb Equity Value Fund LGIM - UK Index Linked Gilts LCIV MAC Fund AEW UK UBS Property Indirect Real Estate LCIV Absolute Return Fund Blackstone Dislocation Fund Adam Street LGT Capital LCIV Infrastructure Fund Macquarie M&G Investments LCIV Private Debt Fund Permira Credit Total Working together to deliver sustainable prosperity for the communities that count on us all Quarterly Executive Summary: Hillingdon Page 3 of 11 Unrestricted Document Commentary Economies and Markets Update – Q1 2026 Market valuations for risk assets, like equities, have declined from late 2025 highs but are still over their 80th percentile for the past twenty years. Meanwhile UK bond values have fallen as yields are up this year and remain relatively inexpensive compared to historical averages. Gilt yields - remain prone to bouts of volatility – continue to price at a relative premium to U.S. Treasuries. Equities The Iran conflict dominated Q1 2026, triggering the worst quarterly performance for U.S. equities since 2022. The S&P 500 declined 4.6% for the quarter, marking its first quarterly loss in over a year and snapping a three-quarter winning streak. The Nasdaq Composite fell 7.1%, reflecting heightened pressure on technology-heavy indices. The style rotation that mainly favoured U.S. growth stocks in 2025 reversed sharply. This dynamic accelerated dramatically in Q1 2026, as the MSCI World Growth Index declined 8.4% while the MSCI World Value Index posted a 1.3% gain— a 9.7 percentage point underperformance for growth. Rising oil prices and rate hike expectations reproduced conditions reminiscent of 2022, punishing growth-oriented portfolios. More than half of the S&P 500's industry sectors entered correction territory by late March, with technology stocks bearing the brunt of the sell off despite a strong rally on the final day of the quarter. This can be seen in the chart below. Source: Bloomberg, 31 March 2026 Equity market performance by sector The quarter witnessed a pronounced shift toward inflation- sensitive sectors and real assets. Energy stocks averaged more than 30% returns in Q1, while materials and utilities companies posted double-digit gains and industrials delivered circa. 5% returns— all significantly outperforming the broader market. Within materials, chemical producers LyondellBasell and Dow Chemical surged 83.6% and 73.6% respectively, benefiting directly from elevated energy input costs and pricing power. Consumer Discretionary and Tech retreated more than seven percent. Source: Bloomberg, 31 March 2026 Regional equity markets showed mixed results as geopolitical tensions and energy disruptions caused uneven impacts. North America dropped over 2%, mainly due to tech weakness and higher oil prices; Europe was more resilient, down only 0.8%. Asia Pacific saw strong gains in North Asia, particularly with South Korea's export surge. India, however, saw sharp losses. Africa and the Middle East were also positive, helped by energy producers. Emerging markets experienced heightened volatility in March, with the MSCI Emerging Markets Index seeing its biggest drop since the pandemic, while developed markets stayed relatively stable. Defensive assets offered little protection, as bond yields rose and gold fell from record highs. Working together to deliver sustainable prosperity for the communities that count on us all Quarterly Executive Summary: Hillingdon Page 4 of 11 Unrestricted Document Fixed Income and Currencies U.S. Treasury yields rose sharply during the quarter as inflation concerns mounted. The 10-year Treasury yield climbed from 4.17% at the start of January to peak at 4.43% in late March before settling at 4.32% by quarter-end. UK Gilt yields climbed even more dramatically, rising from 4.48% in early January to peak at 4.99% in late March, reflecting elevated inflation expectations and concerns over debt sustainability. Inflation traders questioned the case for a rally in front-end Gilts, as pricing for inflation remained elevated with few signs of abating. UK Gilts: 10 year nominal and breakeven rates and real yields Source: Bloomberg, 31 March 2026 Gold's sustained rally over several years, despite significantly higher U.S. real rates, has been attributed to geopolitical uncertainty, increased central bank purchases, and worries over government debt. In early 2026, gold's momentum driven rally continued, rising from roughly $4,395 at the beginning of the year to a record high of $5,589 per ounce by the end of January. Nevertheless, the metal's reputation as a safe haven faltered when the Iran war began, dropping up to 19% during March before recovering somewhat. Source: Bloomberg, 31 March 2026 Currency markets experienced a marked shift between late 2025 and early 2026. The U.S. dollar weakened through 2025 and declined further on a trade-weighted basis in Q4, reflecting softer U.S. economic data and rising expectations of Federal Reserve rate cuts. During this period, sterling firmed against the dollar and strengthened modestly versus the euro, although it remained weaker against the single currency over the full year. This trend reversed sharply in Q1 2026. The Bloomberg Dollar Spot Index rose 2.4% in March— its largest monthly gain since July 2025— and finished the quarter up 1.5%. The euro suffered its weakest quarter since 2024, falling around 2% to approximately $1.15, while sterling weakened against the dollar, sliding from $1.35 at the start of the year to $1.32 by quarter-end, despite modest gains versus the euro. Credit markets repriced meaningfully in Q1 2026 following the escalation of geopolitical risk and a sharp rise in energy prices. After entering the year at historically tight levels, U.S. and U.K. investment-grade spreads widened, reflecting a reversal of rate-cut expectations and higher inflation risk. Spread widening was modest at the top of the quality spectrum but became more pronounced in lower- rated IG and BBB segments, with dispersion across sectors increasing. US high-yield spreads widened more sharply, rising by over 50bps during the quarter as investors reassessed refinancing risk, margin pressure and demand uncertainty. While absolute spread levels remained below long-term averages, the direction of travel marked a clear shift away from the unusually benign credit conditions that characterised 2024–25. Source: Bloomberg, March 2026. Working together to deliver sustainable prosperity for the communities that count on us all Quarterly Executive Summary: Hillingdon Page 5 of 11 Unrestricted Document Investment Manager Monitoring Equities As with Q4 2025, LCIV Global Equity Value again performed well, marginally beating its benchmark and just behind its objective. The continued rotation out of growth and the "Magnificent 7" to value and small caps benefited the fund’s positioning in those areas. The Global Alpha Growth Paris Aligned fund underperformed during the quarter, down -7.35% vs - 1.17% for the benchmark. This was driven by increased market concerns over AI disruption risk as well as the escalation of the conflict in the Middle East. Several of the fund’s higher aggregate exposure to areas affected by AI disruption, together with a lack of exposure to stocks of “asset-heavy” companies, amplified the impact on relative performance. In March, a rapid escalation of the conflict in the Middle East widened sector dispersion in equity markets and the strong performance of Energy - which is not typically defensive and to which the fund has limited exposure proved a relative headwind. Fixed Income The LCIV MAC fund was negative for the quarter (-1.17%). However, given the biggest sell off in Fixed Income occurred in the High Yield and Leveraged Loan markets we were pleased that the fund's diversification plays across numerous credit markets – especially in non-corporate credit areas helped the fund avoid sharper losses. This does not come across when compared to the Sonia plus 4.5% absolute return objective, (which is currently under review), but when compared to peers and against a credit benchmark this represents a strong relative performance. Multi Asset The Absolute Return fund plays a diversifying role within the portfolio. The fund was up 1.04% in Q1 so producing positive performance in a quarter when equity and credit markets were negative. The first part of the quarter returns came from gold and equities which reversed in March when oil and energy related equity positions drove attribution. Fund Development and Investment Manager Monitoring In line with the changes planned for Fit For Future implementation LCIV is undergoing a rationalisation of its ACS fund range. Recent performance and market events support the rationale behind our strategic move to multi manager to further enhance diversification and lower dispersion while still trying to generate alpha. We continue to move forwards with the planned launch of a new multi manager, LCIV Core Global Equity fund. The target date is the end of May 2026. The fund is intended to be our core equity offering for Partners. Other proposed changes include making modifications to enhance our Global Growth offerings and scoping out a new UK Equity product. Q2 2026 will also see the closure of our Equity Quality fund and our Diversified Growth fund with several of our existing equity products under review after the continued period of underperformance. Outlook Q2 2026 has started with greater market uncertainty than we have seen for a long time. While the year began with a broadly positive outlook for equities and fixed incomes the three very significant shocks that hit the markets in Q1 – the rapid disruption caused by AI to many sectors of the equity market, the liquidity pressure on the private credit sector and the inflationary shock caused by the Iran conflict – all remain live and unresolved. How these three key issues play out in the coming months will largely drive market returns for 2026. So, while corporate earnings remain robust and markets believe the current oil prices rises remain a short-term issue, accurately predicting the next political moves of the US and Iranian governments and understanding the true implications & winners and losers of the AI revolution are very difficult to ascertain. Keeping portfolios well diversified remains very important in the coming months. Working together to deliver sustainable prosperity for the communities that count on us all Quarterly Executive Summary: Hillingdon Page 6 of 11 Unrestricted Document Manager Performance Asset Class / Fund Name Weight 3 Months (%) 1 Year (%) 3 Years p.a. (%) Since Inception p.a. (%) Fund Benchmark Fund Benchmark Fund Benchmark Fund Benchmark Inception Date Global Equities 57.7 LGIM - Global Equities 24.1 (1.7) (1.7) 18.8 19.0 15.4 15.8 10.1 10.3 31 Oct 2016 LGIM - Future World Fund 24.0 (2.5) (2.6) 17.4 17.1 14.5 14.2 10.9 10.7 23 Sep 2020 LCIV Global Equity Value Fund 5.3 (1.1) (0.9) 17.0 19.2 0.0 0.0 10.9 12.6 28 Oct 2024 LCIV Global Alpha Growth Paris Aligned Fund 4.3 (7.0) (0.9) 9.1 19.5 7.8 17.3 0.9 13.6 22 Apr 2021 Property 12.3 LCIV/CBRE Indirect Real Estate 11.7 (1.9) 0.4 0.0 0.0 0.0 0.0 (1.1) 1.0 25 Apr 2025 AEW UK 0.6 (1.5) 0.7 (4.0) 4.3 1.2 3.3 5.5 5.1 30 Jun 2014 Multi-Asset Credit 9.2 LCIV MAC Fund 9.2 (1.2) 2.0 5.9 8.4 8.4 9.1 6.7 8.8 26 May 2022 Index Linked Gilts 6.6 LGIM - UK ILG 6.6 1.3 1.3 4.1 4.1 (3.1) (3.1) (2.0) (1.9) 22 Feb 2017 Infrastructure 4.8 LCIV Infrastructure Fund 4.3 0.8 1.6 6.8 6.9 7.1 7.6 5.8 5.7 14 Nov 2019 Macquarie 0.5 1.1 1.6 1.7 6.9 11.9 7.6 9.2 4.6 30 Sep 2010 Private Debt 4.6 LCIV Private Debt Fund 4.1 1.3 1.5 13.7 6.0 7.5 6.0 7.6 6.0 16 Nov 2021 Permira 0.5 1.1 1.9 2.6 7.9 7.7 8.6 7.2 5.8 30 Nov 2014 M&G Investments 0.0 1.8 1.9 17.7 7.9 (13.5) 8.6 1.9 5.5 31 May 2010 Diversified Growth 2.4 LCIV Absolute Return Fund 2.4 1.0 0.9 7.9 4.2 1.8 4.8 5.0 1.6 28 May 2010 Opportunistic Dislocation 2.3 Blackstone Dislocation Fund 2.3 4.1 3.6 30.8 15.0 0.0 0.0 8.5 15.1 27 Mar 2024 Private Equity 0.2 Adam Street 0.1 4.1 (0.2) (2.4) 22.1 (7.3) 18.6 5.5 0.0 31 Jan 2005 LGT 0.1 (0.3) (0.2) 3.7 22.1 3.9 18.6 9.8 0.0 31 May 2004 Source: Northern Trust custody data as of 31 March 2026 Returns are gross of fees and annualised for periods greater than 1 year. Working together to deliver sustainable prosperity for the communities that count on us all Quarterly Executive Summary: Hillingdon Page 7 of 11 Unrestricted Document Asset Allocation Asset Class Strategic Asset Actual Asset Actual Asset Change in Asset Actual Asset Allocation (%) Allocation (%) Allocation (%) Allocation (%) Allocation (%) 31 December 2023 31 December 2025 31 March 2026 Quarter on Quarter 31 March 2026 vs Strategic Asset Allocation (%) Global Equities 51 58 57 (0) +6 Multi-Asset Credit 12 9 9 0 -3 Infrastructure 8 5 5 0 -3 Property 7 12 12 (0) +5 Index Linked Gilts 7 6 7 0 -0 Private Debt 5 4 5 0 -0 Opportunistic Dislocation 5 2 2 0 -3 Diversified Growth 0 2 2 0 +2 Cash & Cash Equivalents 0 1 1 (0) +1 Private Equity 0 0 0 (0) +0 Source: Northern Trust custody data as of 31 March 2026 Actual Asset Allocation vs Target Allocation by Asset Class As of 31 March 2026 Global Equiti es Multi-Asset Credit Infrastructure Property Index Linked Gilts Private Debt Opportunisti c Dislocation Diversified Growth Cash & Cash Equivalents Private Equity -4 -2 0 2 4 6 8 Source: Northern Trust custody data as of 31 March 2026 (%) Working together to deliver sustainable prosperity for the communities that count on us all Quarterly Executive Summary: Hillingdon Page 8 of 11 Unrestricted Document Asset Allocation Changes - Q1 2026 Asset Class Market Value 31 December 2025 (£'m) Net contribution* (£'m) Income (£'m) Appreciation (£'m) Market Value 31 March 2026 (£'m) Global Equities 911 - - (22) 889 Property 193 - 1 (5) 190 Multi-Asset Credit 143 - 5 (6) 141 Index Linked Gilts 100 - - 1 102 Infrastructure 75 (1) 1 - 75 Private Debt 71 (1) 1 - 71 Diversified Growth 37 - - - 37 Opportunistic Dislocation 28 6 - 1 35 Cash & Cash Equivalents 20 (6) - - 15 Private Equity 3 - - - 2 Total 1,580 (2) 8 (30) 1,556 Source: Northern Trust * Net contributions include cash contributions/distributions, securites/receipts, fee/fee rebates, inter account transfers for consolidations and benefit payments. Copied history of backloaded data may not display the correct contributions/withdrawals creating misrepresentation. Working together to deliver sustainable prosperity for the communities that count on us all Quarterly Executive Summary: Hillingdon Page 9 of 11 Unrestricted Document Assessment Framework As of 31 March 2026 ACS Sub-Fund LCIV Global Alpha Growth Paris Aligned Fund LCIV Global Equity Value Fund LCIV Absolute Return Fund Investment Manager Baillie Gifford Wellington Ruffer Skills tests Resourcing Investment process Responsible investment and engagement Risk Management Enabling tests Business Management Strategy Execution Skills proposition: overall rating Value proposition: rating 2 1 2 3 N/A 3 Source: London CIV. Value Proposition: Rating of Sub-Funds Skills Proposition: Overall Rating of investment managers Rating Key / Definition Key / Definition 1 Achieving objectives. Formal annual reviews of Skills factors and regular monitoring cadence and intensity. Best in class capabilities, robust investment, RI and risk management processes. Expected to achieve objectives. Add to Prospects list, prioritise for selection for LCIV funds. 2 Not achieving objective, underperforming benchmark or reference index; Areas of potential improvement flagged and monitored through regular updates and formal annual reviews of Skills factors. Strong capabilities and processes, room for improvement in certain criteria which are flagged and monitored. Expected to achieve objectives. Eligible for Prospects lists and LCIV funds. 3 Not achieving objective, underperforming benchmark or reference index, trend in rolling 3 and Skill assessment identifies shortcomings which could hinder achievement of objectives. Position 5-year relative performance * is improving; in-depth review of Skills factrors triggered and repeated at risk. Not eligible for Prospects lists, selection for LCIV funds or allocations of additional every 6 months (at least). Monitoring intensified. Action points and milestones agreed. EIC reviews capital. Monitoring intensified. Action points and milestones agreed with investment manager progress every quarter. and communicated to investors. EIC reviews progress every quarter. 4 Not achieving objective, underperforming benchmark or reference index, trend in rolling 3 and Serious concerns about capabilities and/or execution of key processes. Not expected to achieve 5-year relative performance * is static or negative; Skills factors reassessed and challenged by EIC. objectives. Initiate manager termination process. Actions and milestones agreed and communicated to investors. * Since inception data used if performance record does not extend to 3 or 5 years. Working together to deliver sustainable prosperity for the communities that count on us all Quarterly Executive Summary: Hillingdon Page 10 of 11 Unrestricted Document Disclaimer Important information London LGPS CIV, Fourth Floor, 22 Lavington Steet, London, SE1 0NZ Issued by London LGPS CIV Limited, which is authorised and regulated by the Financial Conduct Authority number 710618. London CIV is the trading name of London LGPS CIV Limited. This material is for limited distribution and is issued by London LGPS CIV and no other person should rely upon the information contained within it. This document is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution would be unlawful under the laws governing the offer of units in the collective investment undertakings. Any distribution, by whatever means, of this document and related material to persons who are not eligible under the relevant laws governing the offer of units in collective investment undertakings is strictly prohibited. Any research or information in this document has been undertaken and may have been acted on by London CIV for its own purpose. The result of such research and information are being made available only incidentally. The data used may be derived from various sources, and assumed to be correct and reliable, but it has not been independently verified; its accuracy and completeness is not guaranteed, and no liability is assumed for any direct or consequential losses arising from its use. The views expressed do not constitute investment or any other advice and are subject to change and no assurances are made as to their accuracy. Past performance is not a guide to future performance. The value of investments and the income from them may go down as well as up and you may not get back the amount you invested. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Level and basis of taxation may change from time to time. Subject to the express requirements of any other agreement, we will not provide notice of any changes to our personnel, structure, policies, process, objectives or, without limitation, any other matter contained in this document. No part of this material may be produced, reproduced, stored in retrieval system, published on any websites or transmitted in any form or by any means, electronic, mechanical, recording or otherwise, without the prior written consent of London LGPS CIV. London LGPS CIV Limited. is a private limited company, registered in England and Wales, registered number 9136445. About London CIV London LGPS CIV Ltd ('London CIV') is the investment pool for Local Government Pension Schemes (LGPS) of London and Buckinghamshire local authorities, which have combined assets of c.£60bn AUM. Authorised and regulated by the Financial Conduct Authority ('FCA'), the pool is owned by all London boroughs, the City of London and Buckinghamshire (also known as London CIV's Partner Funds). Fourth Floor, 22 Lavington Street, London, SE1 0NZ Company No. 9136445 www.londonciv.org.uk Unrestricted Document Appendix Asset Allocation Asset Class / Fund Name Market Value (31 December 2025) £m Net Contributions £m Income £m Fees £m Appreciation £m Market Value (31 March 2026) £m Weights (%) (31 December 2025) Weights (%) (31 March 2026) Change in weights (%) Strategic Asset Allocation (%) 31 Dec 2023 Asset Allocation vs Strategic Asset Allocation (%) 31 Dec 2023 Global Equities 911 - - - (22) 889 58 57 -0.50 51 6 LCIV Global Alpha Growth Paris Aligned Fund 72 - - - (5) 67 5 4 -0.25 LCIV Global Equity Value Fund 82 - - - (1) 81 5 5 0.02 LGIM - Future World Fund 379 - - - (9) 370 24 24 -0.24 LGIM - Global Equities 378 - - - (6) 372 24 24 -0.03 Index Linked Gilts 100 - - - 1 102 6 7 0.18 7 - LGIM - UK ILG 100 - - - 1 102 6 7 0.18 Multi-Asset Credit 143 - 5 - (6) 141 9 9 0.03 12 (3) LCIV MAC Fund 143 - 5 - (6) 141 9 9 0.03 Property 193 - 1 - (5) 190 12 12 -0.03 7 5 AEW UK 9 - - - - 9 - - 0.00 LCIV/CBRE Indirect Real Estate 184 - 1 - (5) 181 12 12 -0.03 UBS Property 0 - - - - - - - 0.00 Diversified Growth 37 - - - - 37 2 2 0.06 - 2 LCIV Absolute Return Fund 37 - - - - 37 2 2 0.06 Private Equity 3 - - - - 2 - - -0.02 - - Adam Street 1 - - - - 1 - - -0.01 LGT 1 - - - - 1 - - -0.01 Infrastructure 75 (1) 1 - - 75 5 5 0.08 8 (3) LCIV Infrastructure Fund 67 (1) 1 - - 67 4 4 0.07 Macquarie 8 - - - - 8 - - 0.01 Private Debt 71 (1) 1 - - 71 4 5 0.08 5 - LCIV Private Debt Fund 63 (1) 1 - - 63 4 4 0.06 M&G Investments 0 - - - - - - - 0.00 Permira 8 - - - - 8 - - 0.01 Cash & Cash Equivalents 20 (6) - - - 15 1 - -0.34 - - Non-custody 20 (6) - - - 15 1 - -0.34 Opportunistic Dislocation 28 6 - - 1 35 2 2 0.47 5 (3) Blackstone Dislocation Fund 28 6 - - 1 35 2 2 0.47 Total 1,580 (2) 8 - (30) 1,556 100 100 Source: Northern Trust custody data as of 31 March 2026 Page 11 of 11 Working together to deliver sustainable prosperity for the communities that count on us all Quarterly Executive Summary: Hillingdon

London Borough of Hillingdon Pension Fund Funding update report at 31 March 2026 This report is addressed to the Administering Authority of the London Borough of Hillingdon Pension Fund (the Fund). This document should be read in conjunction with the Fund's Funding Strategy Statement (FSS). The purpose of this report is to provide the funding position of the London Borough of Hillingdon Pension Fund as at 31 March 2026 and show how it has changed since the previous valuation at 31 March 2025. This report has not been prepared for use for any other purpose and should not be so used. The report should not be disclosed to any third party except as required by law or regulatory obligation or with our prior written consent. Hymans Robertson LLP accept no liability where the report is used by or disclosed to a third party unless such liability has been expressly accepted in writing. Where permitted, the report may only be released or otherwise disclosed in a complete form which fully discloses the advice and the basis on which it is given. The figures presented in this report are prepared only for the purposes of providing an illustrative funding position and have no validity in other circumstances. This report also contains the data and assumptions underlying the results and the reliances and limitations which apply to them. Surplus/(deficit) £0.19bn -£0.02bn vs last valuation Funding level 114% -4% vs last valuation Required return 5.1% +0% vs last valuation Return likelihood 84% -2% vs last valuation 13 May 2026 Page 1 of 12 Results Funding position update The table on this page shows the estimated funding position at 31 March 2026 on the Fund's Ongoing basis (as defined in the Fund's FSS). The table also shows what future investment return would be required for the Fund to be 100% funded, along with the likelihood of the investment strategy achieving this return. The equivalent results at 31 March 2025 on the Ongoing basis are shown for comparison. An increase in the likelihood corresponds to an improvement in the funding position (and vice versa). Please note that the asset value at 31 March 2026 shown in this report may differ to the actual asset value at that date. The asset value in this report is an estimate based on a rollforward from 31 March 2025 using estimated cashflows (see section A2) and estimated investment returns (see section A3). This approach ensures the asset value is consistent with the liabilities and gives a more reliable estimate of the funding position than if the actual asset value was used. Ongoing basis 31 March 2025 31 March 2026 Assets 1.41 1.58 Liabilities Active members 0.28 0.38 Deferred pensioners 0.28 0.33 Pensioners 0.64 0.67 Total liabilities 1.20 1.39 Surplus/(deficit) 0.21 0.19 Funding level 118% 114% Required return (% pa)* 5.1% 5.1% Likelihood of achieving this return 86% 84% * Future investment return for funding level to be 100% Monetary amounts in £bn 13 May 2026 Page 2 of 12 Understanding the funding level To help better understand the funding level, the chart below shows how the funding level varies with the assumed rate of future investment returns at 31 March 2025 and 31 March 2026. The percentages next to each point on the lines show the likelihood of the investment strategy achieving that return at the respective date (for further details see section A4). The solid-coloured point indicates the funding level on the Fund's chosen assumptions. Assumed future investment return (% pa) Funding level 95% 90% 85% 80% 75% 70% 65% 60% 55% 50% 31 Mar 2025 31 Mar 2026 3.5% 4.5% 5.5% 6.5% 7.5% 8.5%60% 70% 80% 90% 100% 110% 120% 130% 140% 150% 160% 13 May 2026 Page 3 of 12 Funding level progression The chart below shows how the funding level has progressed between 31 March 2025 and 31 March 2026. It allows for changes in market conditions and other factors described in Appendix B. Funding level FundingLevel 31 Mar 2025 30 Apr 2025 31 May 2025 30 Jun 2025 31 Jul 2025 31 Aug 2025 30 Sep 2025 31 Oct 2025 30 Nov 2025 31 Dec 2025 31 Jan 2026 28 Feb 2026 31 Mar 2026 0% 20% 40% 60% 80% 100% 120% 140% 160% 13 May 2026 Page 4 of 12 Next steps Change in funding level since the last valuation is to be expected due to the volatile nature of both the Fund's assets and liabilities. However, understanding the factors underlying the change may help inform the Fund's ongoing monitoring of its funding strategy and risk management. The results at 31 March 2026 in this report are estimates based on rolling forward the fund's funding position from 31 March 2025. You should understand the methodology and limitations of this approach described in Appendices B and C, and that factors such as changes to the investment strategy and membership profile may not be fully reflected in the results. No decisions should be made solely on the results in this report. Please get in touch with your Hymans Robertson contact if you wish to discuss the results in this report further. 13 May 2026 Page 5 of 12 Appendix A - Data and assumptions A.1 Membership data The membership data underlying the figures in this report was supplied by the fund for the purpose of the valuation at 31 March 2025 and is summarised below: 31 March 2025 Number Avg. age Accrued benefit (£k pa) Payroll (£k pa) Active members 8,454 55.9 29,976 198,053 Deferred pensioners 15,172 55.2 27,092 Pensioners and dependants 8,641 70.8 54,260 Average ages are weighted by liability. The membership is assumed to evolve over time in line with the demographic assumptions described in the Fund's FSS. Please see Appendix B for details of the rollforward methodology which includes the estimated changes in membership data which have been allowed for. A.2 Cashflows since the valuation at 31 March 2025 We have allowed for the following cashflows in estimating the assets and liabilities at 31 March 2026. Estimated cashflows (£k) 31 March 2025 to 31 March 2026 Employer contributions 48,257 Employee contributions 13,378 Benefits paid 58,501 Cashflows are assumed to be paid daily. Contributions are based on the estimated payroll, certified employer contributions (including any lump sum contributions) and the average employee contribution rate at 31 March 2025. Benefits paid are projections based on the membership at 31 March 2025. 13 May 2026 Page 6 of 12 A.3 Investment returns since the valuation at 31 March 2025 Investment strategy Actual/ index From To Return Whole fund Actual 1 April 2025 31 March 2026 11.67% The total investment return for the whole period is 11.67%. A.4 Financial assumptions Assumption 31 March 2025 31 March 2026 Funding basis Ongoing Ongoing Discount rate (% pa) 6.3% 6.0% Pension increases (% pa) 2.3% 2.6% Salary increases are assumed to be 0.5% pa above pension increases, plus an additional promotional salary scale. For further details on the methodology used to derive the assumptions, please see the Fund's FSS. 13 May 2026 Page 7 of 12 A.5 Demographic assumptions Life expectancy (years) Ongoing basis Male Female Pensioners 22.2 24.8 Non-pensioners 22.8 25.8 Life expectancies are from age 65 and are based on the Fund's membership data at 31 March 2025. Non-pensioners are assumed to be aged 45 at that date. All other demographic assumptions are the same as at the most recent valuation at 31 March 2025. 13 May 2026 Page 8 of 12 Appendix B - Technical information B.1 Funding update methodology The last formal valuation of the fund was carried out as at 31 March 2025. The results in this report are based on rolling forward the results of the last formal valuation to 31 March 2026 using approximate methods. The roll-forward allows for: The CARE, deferred and pensioner liabilities at 31 March 2026 include a total adjustment of 1.5% to reflect the difference between actual September CPI inflation values (up to 30 September 2025) and the assumption made at 31 March 2025. The adjustment for each year's actual inflation is applied from 31 October 2025 that year, cumulative with prior years' adjustments, which may lead to step changes in the funding level progression chart. In preparing the updated funding position at 31 March 2026, the membership is assumed to have changed since 31 March 2025 in line with the demographic assumptions described in the Fund's FSS. No allowance has been made for any other changes. The principal reason for this is that insufficient information is available to make any such adjustment. Significant membership movements, or any material difference between estimated inputs and actual experience, may affect the reliability of the results. The Fund should consider whether any such factors mean that the roll forward approach may not be appropriate. No allowance has been made for any early retirements or bulk transfers since 31 March 2025. There is also no allowance for any changes to Local Government Pension Scheme (LGPS) benefits except where noted in the formal valuation report or Funding Strategy Statement. Where the Fund has moved to a different funding basis since 31 March 2025 this may give rise to step changes in the funding level on the date of the change. estimated cashflows over the period as described in section A.2 investment returns over the period (estimated where necessary) as described in section A.3 changes in financial assumptions as described in section A.4 estimated additional benefit accrual. 13 May 2026 Page 9 of 12 B.2 Sensitivity of results to assumptions The results are particularly sensitive to the real discount rate assumption (the discount rate net of pension increases) and the assumptions made for future longevity. If the real discount rate used to value the accrued liabilities was lower then the value placed on those liabilities would increase. For example, if the real discount rate at 31 March 2026 was 1.0% pa lower then the liabilities on the Ongoing basis at that date would increase by 17.3%. In addition, the results are sensitive to unexpected changes in the rate of future longevity improvements. If life expectancies improve at a faster rate than allowed for in the assumptions then, again, a higher value would be placed on the liabilities. An increase in life expectancy of 1 year would increase the accrued liabilities by around 3-5%. 13 May 2026 Page 10 of 12 Appendix C - Reliances and limitations The report should not be disclosed to any third party except as required by law or regulatory obligation or with our prior written consent. Hymans Robertson LLP accept no liability where the report is used by or disclosed to a third party unless such liability has been expressly accepted in writing. Where permitted, the report may only be released or otherwise disclosed in a complete form which fully discloses the advice and the basis on which it is given. The last formal valuation of the fund was carried out as at 31 March 2025 and this report relies upon the results of that valuation. The reliances and limitations that applied to that valuation apply equally to these results. The results of the valuation have been projected forward using approximate methods. The margin of error in these approximate methods increases as time goes by. The method may not be appropriate if there have been significant data changes since the previous formal valuation (for example redundancy exercises, significant unreduced early retirements, ill health retirements and bulk transfers). The methodology assumes that actual experience since the valuation at 31 March 2025 has been in line with assumptionss. The data used in this exercise is summarised in Appendix A. Data provided for the purposes of the formal valuation at 31 March 2025 was checked at the time for reasonableness and consistency with other sources. Data provided since then (eg actual investment returns) has been used as-is. The data is the responsibility of the Administering Authority and the results rely on the data. The results in this schedule are based on calculations run on 13 May 2026 using the data set out in Appendix A. Any other factors coming to light after this report was prepared have not been allowed for and could affect the results. If any data has materially changed since 13 May 2026 the results could be materially different if they were recalculated. Some financial assumptions may be based on projections from our Economic Scenario Service (ESS) model which is only calibrated at each month-end. Results between month ends use the latest available calibration, adjusted in line with the movement in market conditions. This adjustment is approximate and there may be step changes at month-end dates when a new ESS monthly calibration is factored in. The methodology underlying these calculations mean that the results should be treated as indicative only. The nature of the fund's investments means that the surplus or deficit identified in this report can vary significantly over short periods of time. This means that the results set out should not be taken as being applicable at any date other than the date shown. 13 May 2026 Page 11 of 12 During periods of high market volatility, actual asset returns may differ more significantly from the market index returns we use to estimate them from day to day. This means that estimated asset values will be less reliable in such periods, particularly at dates not coinciding with periods of known returns. If you want to make a decision based on your current funding position, we strongly recommend you get an up to date valuation from your asset manager and speak to your Hymans Robertson LLP consultant. As with all modelling, the results are dependent on the model itself, the calibration of the underlying model and the various approximations and estimations used. These processes involve an element of subjectivity and may be material depending on the context. No inferences should be drawn from these results other than those confirmed separately in writing by a consultant of Hymans Robertson LLP. Decisions should not be based solely on these results and your Hymans Robertson LLP consultant should be contacted to discuss any appropriate action before any is taken. Hymans Robertson LLP accepts no liability if any decisions are based solely on these results or if any action is taken based solely on such results. Data used directly or indirectly in the preparation of these results may have been sourced from third parties, including Bloomberg, Bank of England, FTSE and iBoxx (IHS Markit). This report complies with the relevant Technical Actuarial Standards. Hymans Robertson LLP is a limited liability partnership registered in England and Wales with registered number OC310282. A list of members of Hymans Robertson LLP is available for inspection at One London Wall, London EC2Y 5EA, the firm's registered office. Authorised and regulated by the Financial Conduct Authority and licensed by the Institute and Faculty of Actuaries for a range of investment business activities. Hymans Robertson is a registered trademark of Hymans Robertson LLP. 13 May 2026 Page 12 of 12

Classification: Public Pensions Committee 11 June 2026 RESPONSIBLE INVESTMENTS UPDATE ITEM 7 Committee Pensions Committee Officer Reporting Babatunde Adekoya, Finance Papers with this report Full manager voting - Shared drive. LGIM Engagement Report Q1 2026 – Shared drive LAPFF Engagement Report Q1 2026 – Shared drive HEADLINES Environmental, Social, and Governance (ESG) refers to the three central factors in measuring the sustainability and societal impact of an investment in a company or business. These criteria help to better determine the future financial performance of companies (return and risk). The purpose of this report is to provide information on how managers entrusted with investing the Pension Fund assets are implementing their ESG policies and demonstrate their commitment to ensuring it is a cogent part of their investment process. In addition, the report details the progress on the UK Stewardship Code project, policy updates and other relevant information. RECOMMENDATIONS It is recommended that Pensions Committee: 1. Note the fund managers’ ESG activities and compliance efforts 2. Note LCIV & LAPFF activities SUPPORTING INFORMATION Voting and Engagement Fund managers carry out proxy voting on the Pension Fund’s behalf. Below is a breakdown of voting statistics by LGIM, and London CIV (Ruffer, Wellington and Baillie Gifford). Classification: Public Pensions Committee 11 June 2026 Fund Managers Voting Breakdown Q1, 2026 LCIV Meetings Resolutions Votes With Against Abstention/non -voting Mar-26 LCIV - Ruffer 21 322 237 15 70 LCIV - Baillie Gifford 8 132 118 8 6 LCIV - Wellington 14 186 151 24 11 43 640 506 47 87 % 79.06 7.34 13.59 LGIM Meetings Resolutions Vo tes With Against Abstention Dec-25 2,281 17,807 14,130 3,351 326 2,281 17,807 14,130 3,351 326 % 79.35 18.82 1.83 The volume of meetings attended, and resolutions voted on by all the fund managers shown above, encapsulates their commitment to ESG issues and demonstrates alignment of their stewardship activities with their own investment beliefs, policies, and guidelines. Through this approach, they seek to be active owners on behalf of their clients, by encouraging good governance and a high standard of corporate practices. The voting breakdown above indicates LGIM have voted against proposed management resolutions on 19% of voting opportunities and supported resolutions on approximately 79% of occasions. The London CIV, through three equities portfolio managers, Wellington and Baillie Gifford, absolute return manager, Ruffer combined to back various management resolutions on 79% of voting opportunities and about 7% against the resolutions proposed by company managements. Abstentions for LGIM and LCIV were 2% and 14% respectively. Classification: Public Pensions Committee 11 June 2026 The snapshots below further contextualise the voting patterns and issues addressed with voting decisions by the managers above. LGIM Classification: Public Pensions Committee 11 June 2026 Classification: Public Pensions Committee 11 June 2026 Classification: Public Pensions Committee 11 June 2026 Classification: Public Pensions Committee 11 June 2026 Engagement ESG factors play an increasingly important role in determining the performance of certain assets. Pension Fund asset managers, as part of their ESG commitments undertake various engagement activities in their holistic approach in making investment decisions. These activities aim to affe ct changes with in invested companies where it is deemed necessary or to complement existing practices. LGIM Holding boards to account To be successful, companies need to have people at the helm who are well equipped to create resilient long-term growth. By voting and engaging directly with companies, LGIM encourages management to control risks while seeking to benefit from emerging opportunities. The manager aims to safeguard and enhance clients’ assets by engaging with companies and holding management to account for their decisions. Voting is an important tool in this process, and one which they use extensively. Creating sustainable value LGIM believe it is in the interest of all stakeholders for companies to build sustainable business models that are also beneficial to society. They work to ensure companies are well-positioned for sustainable growth, and to prevent market behaviour that destroys long-term value. Th eir investment process incl udes an assessment of how well companies incorporate relevant ESG factors into their everyday thinking. The manager engages directly and collaboratively with companies to highlight key challenges and opportunities, and support strategies that seek to deliver long-term success. Promoting market resilience As a long-term investor for its clients, it is essential that markets (and, by extension, the companies within them) can generate sustainable value. In doing so, LGIM believe companies should become more resilient amid change and therefore, seek to benefit the whole market. They use their influence and scale to ensure that issues affecting the value of clients’ investments are recognised and appropriately managed. This includes working with key policymakers, such as governments and regulators, and collaborating with asset owners to bring about positive change across markets. Global Investment Stewardship themes LGIM Investment Stewardship activity is structured around six core themes: • Climate: Keeping 1.5°C alive • Nature: Supporting a world that lives in harmony with nature, recognising the economic value of natural capital • People: Improving human capital across the corporate value chain Classification: Public Pensions Committee 11 June 2026 • Health: Safeguarding global health to limit negative consequences for the global economy • Governance: Strengthening accountability to deliver stakeholder value • Digitisation: Establishing minimum standards for how companies manage digitisation-related risks The manager believes these themes are financially material to their clients’ portfolios, often pose systemic risks and opportunities, and cover areas where LGIM as an asset manager can influence change. Net Zero Asset Managers Initiative LGIM has committed to remain signatory to the Net Zero Asset Managers Initiative, reflecting their long‑standing belief that climate risk is investment risk. The manager is focused on supporting clients through robust climate-risk mitigation, active stewardship, and investment in economically viable transition opportunities. The Net Zero Asset Managers (NZAM) Initiative is a global, voluntary coalition enabling asset managers to commit to and transparently report on strategies that support net-zero emissions. After facing political and regulatory challenges, it relaunched in 2026 with an updated, more flexible framework that continues to align with the goals of the Paris Agreement while accommodating global diversity in regulation and practice. The initiative has over 250 managers as signatories. NZAM was suspended in January 2025 due to political and regulatory pressures particularly rising anti‑ESG sentiment in the U.S. and after major departures such as BlackRock. Engagement Focus LAPFF During the quarter LAPFF engaged various companies worldwide on issues covering all aspects of ESG during the quarter under review. Below are two examples of their engagement activities in Q1 2026. Environment Climate change represents a systemic and financially material risk for long ‑term investors. LAPFF believes that companies with credible, measurable, and transparent climate transition plans are better equip ped to manage these ri sks. Although more companies now publish transition plans, many still lack science‑based targets, delivery pathways, or transparent financial alignment. LAPFF considers regular shareholder oversight—via “Say on Climate” votes at least every three years—to be essential for accountability, especially for minority shareholders. Classification: Public Pensions Committee 11 June 2026 CLIMATE CHANGE ADAPTATION & RESILIENCE Objective: What can LAPFF do to encourage companies to prepare? The starting point is for investee companies to understand and be clear about what a higher temperature outcome might mean for their business. LAPFF is therefore actively encouraging companies to identify and describe climate adaptation issues that are financially material. Such disclosures should include the potential impacts and the actions that the company is taking to reduce the risks. By doing so, companies would be aligning with the IFRS S2 standard. Achieved: Engagement with Sainsburys, M&S and Nestle Sainsburys Sainsbury’s disclosed that supply chain resilience is embedded within its commercial strategy; it has and continues to be a high priority for the Board. Sainsbury’s identified water stress and scarcity as one of its greatest risks, particularly in Peru and Spain, noting that the four growing areas across Spain face different climate hazards. A key pillar of its adaptation strategy is to prioritise long-term supplier partnerships, whereby the sustained commitment empowers suppliers to invest in localised mitigation and adaptation measures. Sainsbury’s aims to enhance traceability across the end-to-end value chain by establishing shorter supply chains. It emphasised its commitment to industry collaboration, particularly in sourcing regions where it cannot operate alone. Marks & Spencer M&S’s Board has ultimate oversight of ESG strategy, supported by a board-level ESG Committee. A cross-functional ESG Busi ness Forum meets quarterly to track progress, manage risks, and repor t to senior leadership, wi th recent focus on supply chains. In 2025, M&S assessed risks across its top 50 raw material s (e.g., palm oil, cocoa, coffee) to prioritise resilience efforts. It supports innovation through its £1m annual Plan A Accelerator Fund, backing projects such as extending UK crop seasons, drone crop monitoring, and biochar trials. Its milk pool of 40 British farmers strengthens resilience through high welfare and environmental standards, supported by a five-year programme funding real-time animal health monitoring and regenerative practices. Performance is tracked across 42 metrics and reviewed by environmental experts. Long-term supplier partnerships, particularly in the UK, help drive investment in climate mitigation and adaptation, while M&S also works with the UK government to support relevant policy development. Nestle Nestlé has developed a climate resilience strategy supported by a proprietary risk‑mapping tool to identify sourcing locations, climate risks, and biodiversity hotspots. It is scaling regenerative agriculture across its supply chain and exploring alternative sourcing regions. In Côte d’Ivoire and Ghana, the company supports cocoa farmers with practices such as shade‑tree systems and regular pruning. Malaysia has Classification: Public Pensions Committee 11 June 2026 been identified for future cocoa sourcing through intercropping with palm oil to improve resilience and diversify monocultures. Nestlé is also expanding climate-linked insurance for crops like coffee and palm oil, though uptake remains difficult in cocoa due to variable yields. The company highlights the need for a common definition of regenerative agriculture and more consistent industry reporting and regulation. In Progress LAPFF views climate transition plan oversight as an evolving governance responsibility rather than a one ‑off activity. The Forum will monitor climate-related resolutions throughout 2026 and continue dialogue with issuers whose plans are voted on or significantly changed. A particular concern is the trend of companies weakening, pausing, or withdrawing previously stated climate commitments without giving shareholders the opportunity to approve revised plans. LAPFF will expect clear justification, enhanced disclosure, and evidence of thorough board ‑level oversight whenever companies alter or step back from commitments. Social Zero-hours contracts & employment rights act Objective Building on LAPFF’s ongoing focus on workforce standards and modern slavery risk, engagements were held with InterContinental Hotels Group (IHG) and Mitie Group (Mitie) to assess preparedness for forthcoming changes under the UK Employment Rights Act (ERA), including rights to request guaranteed hours, reforms affecting agency labour, and wider provisions such as Day 1 unfair dismissal rights. Achieved IHG IHG clarified the distinction between its directly managed and franchised operations, confirming that zero-hours contracts are not used within its core, directly controlled business and are typically phased out in newly integrated hotels. The company is engaging with upcoming labour reforms, recognising both operational challenges and reputational sensitivities, while aiming to increase role permanency where feasible. Although employment practices in franchised hotels remain under owner control, IHG has established governance and engagement mechanisms to influence compliance and mitigate risks, including contractual requirements, owner forums, HR briefings and whistleblowing channels. It acknowledged heightened reputational exposure within the franchise model and identified agency and migrant workers as higher-risk groups. While granular workforce data across franchisees is not centrally collected, IHG continues to monitor metrics within its managed estate and has committed to enhanced transparency through its forthcoming modern slavery statement. Classification: Public Pensions Committee 11 June 2026 Mitie Mitie’s engagement focused on preparing for the practical impacts of the Employment Rights Act (ERA). Since September 2024, the legislative environment has evolved, with some proposals amended or dropped (e.g., removal of the unfair dismissal compensation cap), leaving Mitie’s overall position broadly unchanged but clearer. Guaranteed hours: Seen as more manageable than expected, as Mitie often has surplus hours. However, requiring guaranteed hours for employees who prefer flexibility could create administrative and operational challenges. Advocacy and concerns: Mitie signed an open letter to government ministers warning of unintended consequences and has engaged with the House of Lords. It is particularly concerned that Day 1 unfair dismissal rights could lead to more cautious and bureaucratic hiring. Performance management: Operates a 3‑month probation (extendable) within a 6‑month qualifying period. About 630 employees are in the lowest performance category (out of ~72,000), and improvements to consistency and clarity in performance management are underway. Workforce structure: Agency labour is limited but important for flexibility in certain sectors (e.g., airports). Around 25% of staff are union members. Trade union access: Expanded rights could be one of the most significant operational impacts, especially on client sites. Outlook: Mitie is monitoring potential developments such as sector-wide collective bargaining, which could significantly evolve in the near term. FINANCIAL IMPLICATIONS ESG initiatives included within the Pension Fund budget. LEGAL IMPLICATIONS Legal implications are included in the report.

Classification: Public Pensions Committee 11 June 2026 Pension Fund Risk Register Item 8 Committee Pension Committee Officer Reporting Pete Carpenter - Finance Tunde Adekoya, Finance Papers with this report Pension Fund Risk Register Open & Closed Risk Matrix HEADLINES The purpose of this report is to identify to the Pension Committee the main risks to the Pension Fund and to enable them to monitor and review risks going forward (see appendices). RECOMMENDATIONS It is recommended that Pensions Committee: • Consider and agree the Risk Register in terms of the approach, the specific risks identified, and the measures being taken to mitigate those current risks. • Note the format agreeing the retired risks and those which remain open SUPPORTING INFORMATION Risk Register The Council’s risk management software, JCAD, permits all 14 risks to be classified into two categories, open and closed risks. The software allows risks that are being managed as, day-to-day, business as usual items, to be retired but maintained in the background as a record. In the event the risk requires active management it can then easily be re-introduced. Whilst open risks are constantly monitored and reviewed every three months, to ensure the status are still aligned with the risk measurement. Attached are two reports covering open and retired/closed risks: Closed risks being managed as business as usual or tolerated include: • PEN 1 - Fund assets fail to deliver returns in line with the anticipated returns underpinning the valuation • PEN 2 - Inappropriate long-term investment strategy Classification: Public Pensions Committee 11 June 2026 • PEN 3 - Active investment manager under-performance relative to benchmark • PEN 4 - Inflation - Pay and price inflation significantly more than anticipated • PEN 5 - Pensioners living longer • PEN 6 - Poor Performance of Outsourced Administrator • PEN 8 - ESG - Risk of financial loss through the negative impact of ESG matters Risks which remain open, and which are actively being managed Include: • PEN 7 - Cyber Security • PEN 9 - Liquidity on asset management - risk of failure to liquidate assets or meet drawdown calls • Pen 10 - Liquidity on members dealings - risk that the fund is unable to settle member payments • PEN 11 - Failure of the pool in management of funds / access to funds • PEN 12 - Failure of the Fund’s governance to comply with statutory requirements • PEN 13 - Key officer risk • PEN 14 - Failure of employers to deliver accurate and timely employee administration information Six of the seven open risks remain unchanged from the previous quarter. However, PEN13 (Key Officer Risk) has been increased due to uncertainty surrounding the “Fit for the Future” 2026 regulations, which require each administering authority to appoint a Senior Responsible Officer (SRO) with overall accountability for the Pension Fund. At present, there is no clear guidance on the reporting framework for this role, its interaction with the Section 151 Officer, or the final person specification. There is a risk that, if the current Director of Pensions is unable to transition into the SRO role by the December 2026 deadline, a leadership gap could emerge within the pension administration and management structure, further heightening risk exposure. In addition, succession planning across the wider Pension Fund officer group will need to be reviewed and strengthened to ensure continuity of operations and resilience against potential staffing changes. The significance of risks is measured by interaction of the li kelihood of occurrence (likelihood) and by the potential damage that might be caused by an occurrence (impact). The risks are also RAG (Red, Amber, Green) rated to identify level. Scoring is included in the attached Risk Matrix. FINANCIAL IMPLICATIONS The financial implications are contained in the risk register attached. LEGAL IMPLICATIONS The legal implications are contained in the risk register attached.

Risk Ref Risk Title and Description Causes Consequences Status Risk Owner Risk Category Directorate Service Risk Type Created Date Current Rating Controlled Profile Controlled Rating Uncontrolled Profile Uncontrolled Rating PENS0009 PEN 9 - Liquidity on asset management - risk of failure to liquidate assets or meet drawdown calls Lack of notice given for drawdown Poor cashflow management Unable to meet trades Financial penalties Overdraft fees Static Tunde Adekoya Financial Finance Directorate Statutory Accounting, Investments & Pensions Operational 30/05/2024 8 F1 4 E1 8 PENS0011 PEN 11 - Failure of the pool in management of funds / access to funds Lack of interest in common fund launch Poor CIV governance Government intervention Lack of diversity in investmen t Inability to meet pooling requirement Unable to meet any changing in ISS requirements Static Tunde Adekoya Financial Finance Directorate Statutory Accounting, Investments & Pensions Operational 30/05/2024 12 E1 8 E1 8 PENS0017 PEN 12 - Failure of the Fund’s governance to comply with statutory requirements New General CoP needs gap analysis and rectification GMP moral vs regulatory requirement Knowledge gaps resulting in ineffectiveness of Committee and/or Board Actions taken against the Fund by TPR for non code compliance Not delivering best practice in accordance with the new code TPR/DLUHC action taken against the Fund for not GMP non compliance Poor decisions and/or oversight by Committee/Board members Static Tunde Adekoya Statutory Service Provision Finance Directorate Statutory Accounting, Investments & Pensions Operational 30/05/2024 6 E4 2 D3 6 PENS0015 PEN 14 - Failure of employers to deliver accurate and timely employee administration information Poor outsource contract management by employers Poor performance of outsourced service providers Inadequate payroll reporting by Hillingdon Council Lack of ownership by employers Reporting of employers to TPR - and subsequent ramifications (Fines) Incorrect pensions being paid Pensions payment not processed efficiently Additional pension administration costs Static Tunde Adekoya Statutory Service Provision Finance Directorate Statutory Accounting, Investments & Pensions Operational 30/05/2024 8 F4 1 A3 12 PENS0024 PEN 7 - Cyber Security Inappropriate cyber protection, ongoing management and contingency planning leading to vulnerabilities. Los of data Ransom demands Non delivery of statutory service Static Tunde Adekoya IT & Technology Finance Directorate Statutory Accounting, Investments & Pensions Operational 30/05/2024 8 E1 8 E1 8 PENS0010 Pen 10 - Liquidity on members dealings - risk that the fund is unable to settle member payments Cashflow negative (Payments greater than income) Increased Pensions payment due to inflation. Non payment of pensions Negative impact on pensioners Reputational damage Fines Static Tunde Adekoya Financial Finance Directorate Statutory Accounting, Investments & Pensions Operational 30/05/2024 4 E3 4 E3 4 PENS0016 PEN 13 - Key officer risk Small team with specialist knowledge in each role. Limited capacity for succession planning. Non delivery of service statutory requirements Agency staff costs to cover any vacant position. Increasing R Tunde Adekoya Statutory Service Provision Finance Directorate Statutory Accounting, Investments & Pensions Operational 30/05/2024 9 E4 2 B3 10

Risk Ref Risk Title and Description Causes Consequences Status Risk Owner Risk Category Directorate Service Risk Type Created Date Current Rating Controlled Profile Controlled Rating Uncontrolled Profile Uncontrolled Rating PENS0020 PEN 01 - Fund assets fail to deliver returns in line with the anticipated returns underpinning valuation Market and economic environment not conducive to asset performance. Incorrect asset allocation. Underperforming fund managers. Reduced asset value. Reduced funding level. Increase in employer contributions. Closed/Tolerated Tunde Adekoya Financial Finance Directorate Statutory Accounting, Investments & Pensions Operational 29/05/2024 12 D1 12 D1 12 PENS0021 PEN 02 - Inappropriate long-term investment strategy Incorrect asset allocation and fund Increased employer contributions. Closed/Tolerated Tunde Adekoya Financial Finance Directorate Statutory Accounting, Investments & Pensions Operational 29/05/2024 12 E1 8 D1 12 PENS0019 PEN 03 - Active investment manager under-performance relative to benchmark Incorrect manager decisions Incorrect market environment for their Strategy Key staff loss Reduced investment returns vs passive strategy Lower returns / funding level Increased employer contributions Closed/Tolerated Tunde Adekoya Financial Finance Directorate Statutory Accounting, Investments & Pensions Operational 29/05/2024 12 D1 12 D1 12 PENS0023 PEN 04 - Inflation - Pay and price inflation significantly more than anticipated Global and national market/geo political environment causing higher inflation. Incorrect BoE actions to rectify Increased pension payments / cashflow negative Reduced asset values & increased negative actuarial assumptions reduce funding level Discount rate may be higher which could improve funding level Closed/Tolerated Tunde Adekoya Financial Finance Directorate Statutory Accounting, Investments & Pensions Operational 29/05/2024 12 E1 8 D1 12 PENS0018 PEN 05 - Pensioners living longer Improvements in longevity Pension costs exceeding forecast Reduced funding level Closed/Tolerated Tunde Adekoya Financial Finance Directorate Statutory Accounting, Investments & Pensions Operational 30/05/2024 6 E2 6 E2 6 PENS0025 PEN 06 - Poor Performance of Outsourced Administrator Poor service delivery of outsource partner Poor contract management Lack of action when improvements required Non delivery of pension payments Non compliance with pension regulations Closed/Tolerated Tunde Adekoya Statutory Service Provision Finance Directorate Statutory Accounting, Investments & Pensions Operational 30/05/2024 6 F2 3 E2 6 PENS0022 PEN 8 - ESG - Risk of financial loss through the negative impact of ESG matters Negative ESG influences creating a Reduced asset value Reduced funding level Closed/Tolerated Tunde Adekoya Financial Finance Directorate Statutory Accounting, Investments & Pensions Operational 30/05/2024 0 Not Set 0 Not Set 0

Classification: Public Pensions Committee 11 June 2026 GOVERNANCE Part I Item 9 Committee Pensions Committee Officer Reporting Pete Carpenter, Finance Tunde Adekoya, Finance Papers with report Pension Committee Workplan HEADLINES This report is to enable the Pension Committee to review the Committee workplan, note governance updates as well as approval of various triennial and interim policy updates. RECOMMENDATIONS That the Committee: 1. Note the dates for Pensions Committee meetings. 2. Note Committee Work Plan 3. Note Committee’s Continuous Professional Development update 4. Note GCoP Update SUPPORTING INFORMATION The Pension Committee workplan has been updated and is now shown as an appendix to this report. The policies listed below have been rescheduled for review at the dates next to each policy to ensure that they are in line with triennial valuation and responsibly manage Pensions committee agenda items. Governance Policy & Compliance Statement– December 26 Training Policy – December 26 Scheme Pays Policy – December 26 Committee are asked to review the workplan and make suggestions for consideration and inclusion. The new pensions legislation and related Fit for The Future guidance has only just received Royal Assent and been published. The Work plan and relevant policies will need to be re-visited for changes to policies. Agreed future meeting dates: Classification: Public Pensions Committee 11 June 2026 29 September 2026 10 December 2026 31 March 2027 Training Under the LGPS “Fit for the Future” reforms (2024–2026), the approach to training for Pension Committee members is being significantly strengthened and formalised. While the final detailed statutory guidance is still evolving, the direction of travel is now clear from the draft 2026 regulations, and industry implementation planning. Under “Fit for the Future” (2026): Training for LGPS Pension Committee members becomes: • Formalised • Compulsory in practice • Evidence-based and monitored Committee Members must: • Maintain ongoing knowledge and understanding • Undertake structured, continuous training • Show competence in governan ce, funding, and investments Funds Responsibilities: • Implement training frameworks, plans, and records • Report on compliance • Treat training as a core governance control To accomplish the above objectives, a training policy and implementation plan will be developed and brought to the attention of committee members at September 2026 meeting for approval. An initial Committee Training Session took place on the 2 nd June. Pensions Committee Continuous Professional Development Log 2026/27 A training and continuous professional development log (CPD) will be produced, updated and presented to Pension Committee at each meeting, starting from September 2026. General Code of Practice The general code of practice became effective in September 2025, and we are compliant with the code. The main compliance policy documents outstanding, the Cyber Policy and EDI Policy have now been updated and approved by committee at the December 2025 meeting. The next phase of compliance regarding the Cyber Policy is the implementation of Cyber hygiene training for all Pension Committee, Pension Board, Fund Officers and Advisers, scheduled for a date to be confirmed between June and September 2026. Classification: Public Pensions Committee 11 June 2026 FINANCIAL IMPLICATIONS Continued training will incur fees dependant on the platform and events attended. LEGAL IMPLICATIONS Where applicable the legal implications are included within the body of the report.

London Borough of Hillingdon Pension Fund - Pensions Committee agenda plan Frequency Last review Jun-26 Sept 26 Dec 26 Mar 27 June 27 Policies Governance Policy & Compliance Statement inc Governance Compliance Statement Dec-23 Y Conflicts of Interests Policy Mar-23 Y Risk Management Policy Mar-25 Procedure for Reporting Breaches of the La w Oct-24 Funding Strategy Statement Mar-26 Investment Strategy Statement Mar-26 Responsible Investment Policy Mar-26 Training Policy Dec-23 Y Pensions Administration Strategy Dec-25 Y Scheme pays policy Dec-23 Y Internal Disputes Resolution Procedure (IDRP) Employees Guid e Dec-25 Communications Policy Sep-24 Discretions Policy Jun-25 Pensions Administration Pensions Administration Performance Quarterly YYYYY Breaches, Complaints and Appeals Annually Y Pension Board Annual Report Annually Y Funding Actuarial Valuation Every 3 years Mar-26 Investment Review of Investment Strategy Every 3 years Mar-26 Investment update and manager revie w Quarterly YYYYY Responsible Investment Update Quarterly YYYYY Climate Risk Dashbaord (TCFD) Every 3 years Dec-25 At least every 3 years