The Pensions Committee of Bexley Council convened on 24 June 2024 to discuss key issues including the approval of the Pensions Administration Strategy, the review of the Pension Fund Outturn 2023-24 and Cashflow Forecast 2024-25, and the evaluation of the Residential Property Review.

Pensions Administration Strategy

The committee approved the Pensions Administration Strategy, which aims to enhance the efficiency and effectiveness of pension administration. The strategy outlines the responsibilities of both the council and scheme members, setting performance targets and standards. The decision was supported by arguments highlighting the need for improved service delivery and compliance with regulatory requirements. One councillor noted, This strategy is essential for ensuring that our pension administration is both transparent and accountable.

Pension Fund Outturn 2023-24 and Cashflow Forecast 2024-25

The committee reviewed the Pension Fund Outturn 2023-24 and Cashflow Forecast 2024-25. The report indicated a positive outturn for the previous financial year, with the fund performing better than expected. The cashflow forecast for the upcoming year was also discussed, with projections showing a stable financial position. The committee emphasised the importance of maintaining a cautious approach to investments to safeguard the fund's long-term viability.

Residential Property Review

The Residential Property Review was another significant topic. The review assessed the performance of the council's residential property investments, noting both successes and areas for improvement. The committee discussed potential strategies for enhancing returns, including diversifying the property portfolio and exploring new investment opportunities. One member remarked, Our residential properties have been a solid investment, but we must continue to seek ways to optimise our returns.

Risk Register

The committee examined the LBB Risk Register Draft, which identifies and evaluates potential risks to the pension fund. The register includes measures to mitigate these risks, ensuring the fund's stability and security. The discussion highlighted the importance of regular risk assessments and updates to the register to reflect changing circumstances and emerging threats.

Performance Reports

The committee also reviewed several performance reports, including the LB Bexley Q2 2024 Market Update and the Performance Report Committee 240624. These reports provided insights into the fund's performance over recent months, with a focus on investment returns and market conditions. The committee discussed the implications of these findings and potential adjustments to the investment strategy.