The Panel has delegated the management of the Fund's investments to external investment managers (see Note 12) appointed in accordance with regulations, and whose activities are specified in detailed investment management agreements and monitored on a quarterly basis.

f) MEMBERSHIP

The council is the administering authority for the Fund and has the major share of contributors and pensioners. Membership of the LGPS is voluntary and employees are free to choose whether to join the scheme, remain in the scheme or make their own personal arrangements outside the scheme. New joiners are auto-enrolled but can choose to opt out.

Organisations participating in the Fund include:

  • Scheduled bodies, which are automatically entitled to be members of the Fund.
  • Admitted bodies, which are other organisations that participate in the Fund under an admission agreement between the Fund and the relevant organisation. Admitted bodies include voluntary, charitable and similar bodies or private contractors undertaking a local authority function following outsourcing to the private sector.

The following table summarises the membership numbers of the Fund:

31 March 202531 March 2026
Number of employers in the Fund3535
Number of Active Members
London Borough of Ealing6,5806,332
Other employers2,6482,462
Total9,2288,794
Number of Pensioners
London Borough of Ealing7,3788,093
Other employers1,1521,202
Total8,5309,295
Number of Deferred Pensioners
London Borough of Ealing7,9687,539
Other employers2,6822,947
Total10,65011,486
Total number of members in the scheme28,40828,575

Note 2 Basis of Preparation of Financial Statements

The Statement of Accounts (SoA) summarises the Fund’s transactions for 2025/26 and its position as at 31 March 2026. The SoA has been prepared in accordance with the Code of Practice on Local Authority Accounting in the United Kingdom 2025/26 (the Code) issued by