The Kent Pension Board met to discuss a governance update, pensions administration, and an investment update. The board was also scheduled to discuss updates from the Pension Fund Committee, and to review the risk register. Some items, including a performance dashboard demonstration, and employer governance matters, were marked as exempt from press and public access.

Investment Update

The board was scheduled to receive an investment update, which included a summary of the Kent Pension Fund's investment strategy, asset allocation, performance, and responsible investment activity.

According to the Public Reports Pack, as of 30 September 2025, the fund's value was £9.1 billion, compared to £8.7 billion as of 30 June 2025. The report noted that the current asset allocation was broadly aligned with the new strategic asset allocation, and that no rebalancing was required at this stage.

The fund's investments reportedly returned 4.7% in the three months to 30 September 2025, compared to the benchmark return of 4.4%. UK equities, global equities, emerging market equities, and fixed income markets all delivered positive returns over the quarter.

The investment update also included information on the fund's responsible investment activity, namely the work officers are undertaking with the fund's new pooling partner, Border to Coast Pensions Partnership (BCPP).

Pensions Administration

The board was scheduled to discuss a report updating members on the administration of the Kent Pension Fund for the period 1 July to 30 September 2025. The report covered updates on the operations team, recruitment, IDRPs¹, complaints, compliments and comments, overpayment recovery and write off limits, the engagement and systems team, and the technical and training team.

According to the Public Reports Pack, changes had been implemented in the Operations Team following a review of work volume and in response to training/recruitment needs. The new five areas of responsibility have been defined as: Retirements, Estimates and Divorce, Deaths, Transfers and Interfunds, Aggregation.

The report also noted that the administration section of the fund was carrying 12 full time equivalent (FTE) vacancies, and that a schedule to fill the remaining vacancies was in place for the remainder of 2025 and 2026.

Governance Update

The board was scheduled to receive a governance update, which included information on fund policies, the business plan and budget, the Pension Board Independent Chair appointment, and local government reorganisation.

According to the Public Reports Pack, there were no policy updates to report to the Pension Board. Officers were awaiting confirmation of a range of regulatory changes impacting governance in areas such as member training and risk management.

The update also noted that officers were considering the potential impacts of Local Government Reorganisation (LGR) on the Kent Pension Fund. Current proposals indicated that Kent County Council and the District and Borough Councils in Kent would cease to exist in 2028 and be replaced by unitary authority (ies).

The report stated that it was proposed that a formal decision be taken to the Pension Fund Committee in December 2025 to appoint an Independent Member to Pension Board, who would then be considered for the role of Independent Chair for Pension Board in 2026.