The Pensions Committee of Bromley Council met on Wednesday 3 June 2026 to review the performance of the Pension Fund and discuss its triennial valuation. The meeting also covered updates from the Chairman, Director of Finance, and Pensions Investment Advisor, and included the appointment of a new member to the Local Pension Board.

Pension Fund Performance Q4 2025/26

The committee was scheduled to review the investment performance of Bromley's Pension Fund for the fourth quarter of the 2025/26 financial year. The report indicated that the Fund's market value at the end of the March quarter was £1,593.2 million, a decrease of £25.2 million from the previous quarter. The report detailed the Fund's historical performance, noting that while medium and long-term returns had been strong, the Fund had underperformed its benchmark in the 2024/25 financial year. The report also included information on general financial and membership trends, such as early retirements, and outlined expected developments in the Local Government Pension Scheme (LGPS) over the next five years. The committee was asked to note the contents of the report, including quarterly performance data and updates on the Strategic Asset Allocation implementation.

Triennial Valuation 2025

A key item on the agenda was the outcome of the 2025 actuarial valuation for the Bromley Pension Fund. The report presented details of the Fund's financial position, comparing its assets against its liabilities. It was noted that the Fund's assets had increased since the 2022 valuation, and that the improved position was predominantly driven by a reduction in the value of liabilities. The report proposed a 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 committee was asked to agree the draft FSS and a surplus management approach for employer contributions, which would result in a contribution rate of 4.6% and a strain cost reserve of £9.2 million.

Local Pension Board - Appointment of Board Member

The committee was scheduled to consider a report seeking approval to appoint a Scheme Member representative to the Local Pension Board. The report recommended the formal appointment of David McCabe as a Scheme Member representative for the remainder of a four-year term of office ending 10 September 2027.

Updates from the Chairman/Director of Finance/Pensions Investment Advisor

The committee was to receive updates from the Chairman, Director of Finance, and Pensions Investment Advisor on recent developments relating to pensions. This included the Director of Finance advising that the Council had submitted consultation responses to the Government's Fit for the Future Technical Consultation and the Draft LGPS Statutory Guidance. The Pensions Investment Advisor commented on market volatility due to geopolitical developments, advising that pension fund investments were managed for the long term and that no immediate action was recommended in response to short-term market movements.

Confirmation of Minutes

The meeting agenda included the confirmation of the minutes of the previous meeting held on 3 March 2026, excluding any exempt information. Additionally, there was a separate item for the confirmation of exempt minutes from the same date.

Public Questions

The agenda also allowed for questions from members of the public attending the meeting. These questions were required to be submitted in writing in advance, with specific deadlines for general questions and those seeking clarification on agenda reports.

Exempt Business

A portion of the meeting was scheduled to be held in private, with the press and public excluded, to consider exempt information. This included the confirmation of exempt minutes from the meeting held on 3 March 2026 and further details related to the 2025 Triennial Valuation and Pension Fund Performance Q3 2025/26.