The Pensions Committee meeting scheduled for Tuesday 3 March 2026 was set to review the performance of the Bromley Pension Fund in the third quarter of the 2025/26 financial year and consider the outcomes of the 2025 triennial actuarial valuation. The committee was also scheduled to discuss the appointment of a new member to the Local Pension Board.

Pension Fund Performance Q3 2025/26

The committee was scheduled to receive a report on the investment performance of Bromley's Pension Fund for the third quarter of the 2025/26 financial year. This report, detailed in the Pension Fund Performance Q3 2025/26 document, was expected to include information on general financial and membership trends, as well as summarised data on early retirements. Additionally, the report was to outline key developments anticipated within the Local Government Pension Scheme (LGPS) over the next five years. Appendices to this report were to provide quarterly performance monitoring, details of expected LGPS developments, consultation responses, and the external audit results for the Pension Fund.

Triennial Valuation 2025

A significant item on the agenda was the Triennial Valuation 2025. The committee was to consider the outcomes of this valuation, which assesses the funding level of the pension fund. The report was to include details of the actuarial valuation results, presented in Appendix 1 (Part 2 - Exempt) of the Triennial Valuation 2025 document. Members were also asked to review the draft Funding Strategy Statement (FSS) for the Pension Fund, as required by the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016. The FSS outlines how the pension liabilities are to be met and includes key changes from previous policies. The committee was to consider the proposed surplus management approach for the Council's contributions, which would result in a specific contribution rate and a strain cost reserve. Finally, the committee was to agree to delegate any final changes to the FSS to the Director of Finance, in consultation with the Chairman and Vice-Chairman of the Committee.

Local Pension Board - Appointment of Board Member

The committee was scheduled to discuss the appointment of a new member to the Local Pension Board. The report, LPB - Appointment of Board Member, detailed that under the Public Service Pensions Act 2013, Local Pension Boards are established to assist in the governance of pension schemes. The current Terms of Reference for the Bromley Local Pension Board stipulate a membership of four, with an equal number of Employer and Scheme Member Representatives. A vacancy had arisen for a Scheme Member Representative, and expressions of interest had been sought. The committee was to consider the expression of interest received from Scheme Member David McCabe for a four-year term ending in September 2027.

The meeting agenda also included standard items such as apologies for absence, declarations of interest, and questions from the public. Additionally, there were provisions for updates from the Chairman, Director of Finance, and Pensions Investment Advisor, and a section for considering exempt information under the Local Government Act 1972.