The Local Pension Board meeting was scheduled to cover a range of topics concerning the management and performance of the Bromley Pension Fund. Key discussions were expected to focus on the fund's financial performance, governance, and risk management, alongside updates from the Pensions Committee and the Board's own annual report and work plan.

Performance Monitoring Report 2025/26 Full Year and 2026/27 Year to Date

The Board was scheduled to review the Performance Monitoring Report for the 2025/26 financial year and the year to date for 2026/27. This report, prepared by the Assistant Director of Pensions Shared Service, was intended to help the Board assess whether the Bromley Pension Fund was complying with its obligations regarding the governance and administration of public service pension schemes. The report recommended that the Board note The Pensions Regulator's General Code of Practice as a guide to good governance, the procedures and policies in place to monitor Liberata's performance, and Liberata's current performance levels. The report also detailed the performance of various fund managers and the overall fund performance, noting that while long-term returns remained strong, there had been periods of underperformance against benchmarks. The report also included an analysis of fund membership data and regulatory compliance, noting one breach logged for late delivery of active members' annual statements.

Report from the Pensions Committee - 3 June 2026

The Board was scheduled to receive a report from the Pensions Committee meeting held on 3 June 2026. This report would have provided an update on the Pension Fund's performance in the fourth quarter of 2025/26, including information on general financial and membership trends, and early retirements. It was also expected to outline key developments in the Local Government Pension Scheme (LGPS) over the next five years. The report indicated that Quarter 4 of 2025/26 had been challenging due to geopolitical tensions impacting oil prices and inflation expectations, which in turn affected equity and bond markets. Despite a rebound in global equities, the Fund was noted to be trailing its benchmark over one, three, and five-year periods, although long-term returns remained strong and supportive of the Fund's overall funding position. The report also detailed the transition of the Fund's assets to the London Collective Investment Vehicle (LCIV), with approximately 92% of assets having been transitioned by the end of March 2026.

Local Pension Board Annual Report 2025/26

The Board was scheduled to review and approve its Annual Report for 2025/26 and its Work Plan for 2026-27. The Annual Report, as required by the Board's Terms of Reference, was intended to summarise the Board's activities, areas of concern and recommendations, any conflicts of interest, identified training needs, and expenses incurred. The report highlighted that no significant areas of risk or concern had been raised with the Scheme Manager during the reporting period and that no declarations of interest were made at formal Board meetings. The Work Plan outlined tasks such as reviewing monthly administration reports and KPIs, monitoring employer compliance, assisting in the development of scheme documentation, considering fund investment reports, and reviewing training requirements.

Risk Register Review

The Board was scheduled to review the draft Risk Register for the Bromley Pension Fund. This register, a requirement under The Pensions Regulator's General Code of Practice, identifies, evaluates, and outlines control measures for key risks. The report indicated that the majority of changes to the register related to the Fit for the Future initiative, with officers engaging with the London CIV to implement necessary changes. The register detailed risks across categories such as Investment and Funding, Administration, and Regulatory and Compliance. Notably, risks related to Investment Performance, Knowledge and Experience, Climate Change, Regulatory Changes, Mandatory Pooling, and Conflicts of Interest were identified as Medium or High in rating, with specific control measures outlined for each.

Training - Local Pension Board: Roles and Responsibilities

A session was scheduled to focus on training for the Local Pension Board members regarding their roles and responsibilities. This training is a regulatory requirement under the Public Service Pensions Act, ensuring Board members are conversant with LGPS rules and the Administering Authority's policy documents. The report indicated that members had access to The Pensions Regulator's e-learning packages and received updates on legislative changes and governance from the Assistant Director of Pensions Shared Service.

Other Business and Next Meeting

The agenda also included a slot for Any Other Business, allowing for the discussion of any urgent matters not otherwise listed. Finally, the date of the next meeting was to be agreed upon by the Board members.