The Pensions Committee of Bexley Council was scheduled to meet on Tuesday 23 June 2026 to discuss a range of financial and investment-related matters concerning the council's pension fund. The meeting's agenda included presentations from London CIV and Barnett Waddingham, alongside updates on the fund's administration, business plan, investment objectives, financial management, and investment performance.

London CIV Presentation

Representatives from London CIV were scheduled to present an update on their latest activities. This presentation was expected to cover ongoing work at the CIV and address queries raised by committee members at a previous meeting regarding local investment opportunities and Environmental, Social, and Governance (ESG) considerations. The report indicated that this item would involve exempt information, meaning the press and public would likely be excluded from this part of the meeting.

Barnett Waddingham - Introductory Presentation

Barnett Waddingham, who had been appointed as the Pension Fund's new Actuary, replacing Mercer, were scheduled to provide an introductory presentation. Barry McKay from Barnett Waddingham was expected to address the committee.

Quarterly Administration Report

The committee was set to receive an update on the administration of the Bexley Pension Fund. This report detailed the latest position on upcoming legislative changes impacting the Local Government Pension Scheme (LGPS) administration. It included information on the McCloud remedy, which addresses age discrimination in public service pension schemes, and the progress of the Pensions Dashboards initiative, designed to allow individuals to access their pension information online. The report also covered ongoing projects related to efficiency and service improvement, such as the new online leaver form, and provided a performance update from the fund's administrators, Local Pensions Partnership Administration (LPPA). The report highlighted that LPPA's overall operational casework performance was 98.7% against Service Level Agreements (SLAs) for the quarter.

Business Plan 2026-27

The committee was scheduled to review the proposed 2026-27 Pension Fund Business Plan and Budget. This plan outlines the strategic medium-term objectives for the fund, covering areas such as administration, communication, actuarial/funding, committee member development, financial and risk management, investment, and the Local Pension Board. An accompanying Investment Work Plan for 2026-27 was also to be presented, detailing planned investment topics and presentations throughout the year.

CMA Investment Objectives 2026-27

This agenda item concerned the setting of new targets for the investment consultants for the 2026-27 period, as required by the Competition and Markets Authority (CMA). The report outlined the proposed objectives and aims for the investment consultant, Gallagher, against which their performance would be reviewed. These objectives covered areas such as strategic asset allocation, the Pension Risk Management Framework (PRMF), cashflow management, oversight of the investment pool, and compliance with legislation and responsible investment policies.

Financial and Fund Management Update - 31 March 2026

This report provided an update on the Pension Fund's financial management. It included the outturn for the 2025/26 financial year and forecast budgets for 2026/27, detailing an expected deficit of £0.053m for 2025/26 and a forecast deficit of £2.081m for 2026/27. The report also covered the cashflow position for the quarter ending 31 March 2026, predicting sufficient liquidity to fund liabilities until the end of the financial year. Key risks were highlighted, including regulatory developments, geopolitical risks, inflationary pressures, and liquidity risk. An update on the status of London CIV and the fund's assets within the pool was also included, indicating that 53% of assets were pooled (72% including passive holdings).

Pension Fund Investment Performance - Quarter ended 31 March 2026

This report summarised the investment performance of the Bexley Pension Fund and its investment managers for the quarter ending 31 March 2026. It noted an overall decrease in the fund's valuation during the quarter, attributed to global economic uncertainty, geopolitical events, and ongoing inflationary pressures. The report detailed the fund's performance against its benchmark over various periods, indicating a marginal lag from the short term to five years. The market value of the fund at 31 March 2026 was £1.06bn, a decrease of £26.2m. Appendices to this report included Gallagher's market update and manager performance reports.

2025-26 Investment Strategy Update

This report provided a review of the key investment matters discussed by the Pensions Committee during the 2025-26 period. It covered the strategic asset allocation review (SAA), including the setting of investment beliefs, the implications of the Fit for Future reforms for the LGPS, the Investment Strategy Statement, and the approach to local investment. The review considered liquidity, cashflow management, and social impact, with recommendations for a formal cashflow policy and the implementation of local investment principles.