The Local Pension Board meeting on 9 February 2026 reviewed the fund's performance, governance updates, and noted the passing of Councillor Keith Onslow. Key discussions included the strategic asset allocation, the government's Fit for the Future programme, and the ongoing administration of the pension fund.

Performance Monitoring Report 2025/26 - Year to Date

The Board received and noted the Performance Monitoring Report for the 2025/26 financial year. This report allows the Board to assess the Bromley Pension Fund's compliance with The Pensions Regulator's Code of Practice on Governance and Administration. The Board noted the Code of Practice as a guide to good governance, the procedures in place to monitor Liberata's performance, Liberata's current performance levels, and the latest Fund Newsletter.

Report from the Pensions Committee - 2 December 2025

The Board reviewed the minutes from the Pensions Committee meeting held on 2 December 2025. This included discussions on Pension Fund Performance during Quarter 2 of 2025/26 and Key Developments in the Local Government Pension Scheme (LGPS). A significant point of discussion was the Strategic Asset Allocation Review undertaken by Apex. A Board Member raised concerns about the lack of explicit focus on Environmental, Social, and Governance (ESG) factors within the proposed alternative portfolio options. The Assistant Director for Pensions Shared Service clarified that ESG was considered, and highlighted a proposed 5% allocation to Social Housing/Projects. The Board Member emphasised the need for the Board to gain a better understanding of asset classes to effectively fulfil its advisory and scrutiny role, and a briefing on this topic was promised for a future meeting. The Board noted the reports considered at the Pensions Committee meeting.

Update on Government's Good Governance Programme

An update was provided on the government's Fit for the Future programme, which aims to enhance governance within LGPS. The report detailed upcoming requirements, including the appointment of a senior LGPS officer, an independent advisor to the Pensions Committee, and the transfer of investment asset management to the London Collective Investment Vehicle (LCIV) by April 2026. The Board was informed about the need to agree Governance, Training, and Conflicts of Interest policies by September 2026, and the requirement for an independent governance review every three years. The report also outlined the updated Investment Strategy Statement (ISS) requirements, which include a focus on responsible investment and local investment targets. The Board noted the report.

Administration Update (Verbal Update)

A verbal update was given on current issues in Pensions administration. This included forthcoming changes to the LGPS, such as the potential reintroduction of Councillors to the membership on an opt-in basis, the New Fair Deal to ensure outsourced staff retain LGPS access, and the planned increase in the minimum pension age from 55 to 57 years, with protections for existing members. The Board was informed about ongoing work to record reasons for opting out of the Scheme to identify potential systemic issues. Progress on the Pension Dashboards Programme was also discussed, which aims to provide a secure digital service for individuals to view all their pension information. The Board noted the update, with a Board Member suggesting that future pension newsletters include more practical information directly impacting scheme members, such as the proposed increase in the minimum pension age.

Risk Register

The Board considered the updated risk register for the Bromley Pension Fund. A Board Member raised concerns about Risk 9 (Climate Change) and Risk 8 (Knowledge and Experience), suggesting these risks should be scored higher due to a perceived lack of specialist training for Members on climate risk and its impact on investments. The Assistant Director for Pensions Shared Service confirmed that climate risk would be considered in the ongoing triennial actuarial valuation. Another Board Member raised concerns about Risk 10 (Regulatory Changes) regarding the Local Authority's engagement with consultations. The Board noted the updated risk register.

Any Other Business

The Board formally paid tribute to the late Councillor Keith Onslow, who had served as Chairman of the Pensions Committee, acknowledging his dedication and leadership. An update was also provided on the recruitment process for vacant Employer and Scheme Member representative positions on the Board. The Board recorded its thanks to departing Board Members for their service.

Date of Next Meeting

The date of the next meeting would be agreed with Board Members following the meeting.

Local Government Act 1972

The Board resolved to exclude the press and public from consideration of specific items of business due to the likely disclosure of exempt information. Part 2 (Exempt) information from the Pensions Committee meeting on 2 December 2025 was noted.