Here is a summary of the topics that were scheduled to be discussed at the Bexley Council Pensions Committee meeting on 24 June 2025, according to the agenda and report pack. Note that this summary is based solely on the documents provided and does not reflect actual discussions or decisions made during the meeting.

The Pensions Committee of Bexley Council was scheduled to meet on 24 June 2025 to discuss a range of issues related to the management and performance of the Bexley Pension Fund. The agenda included updates on fund administration, budget setting, investment performance, and compliance with regulatory requirements.

Fit for the Future LGPS Pensions Review

The committee was scheduled to receive an update on the final report of the government's Pensions Investment Review, specifically focusing on the Local Government Pension Scheme (LGPS). The Fit for the Future consultation outcomes covered key areas such as:

• Minimum standards for asset pooling: This included the delegation of investment strategy implementation to LGPS pools, with principal advice taken from or through the pool. All assets were expected to be transferred to pools by 31 March 2026. The pools should be FCA regulated and have the capability to carry out due diligence on local and regional investments.
• UK and Local Investments: Administering authorities would set local investment allocation targets as part of their Investment Strategy Statement (ISS) and work with combined authorities, the Greater London Authority (GLA), and similar bodies. Funds would also be required to report on the impact of local investment within their annual reports.
• Fund and Pool Governance: Proposals included the requirement for administering authorities to appoint a senior LGPS officer responsible for the fund's management and administration, participate in triennial independent governance reviews, publish governance, administration, and training strategies, and consider appointing an independent advisor. Pooling companies would also be expected to appoint representatives from partner authorities to their boards and publish asset performance and transaction costs.

The report also noted that the government expected the 21 underlying Administering Authorities in the Access and Brunel pools to look for another pool, reducing the number of pools from eight to six.

Financial and Fund Management Update

The committee was scheduled to receive an update on the Pension Fund's management as of 31 March 2025. This included:

• The Pension Fund outturn for 2024/25 and forecast budgets for 2025/26, noting a £6.666m deficit on its income and expenditure account at the year end, covered by liquid assets. The forecast for 2025/26 anticipated a deficit of £2.974m, also to be covered by liquid assets.
• The cashflow position for the quarter ended 31 March 2025 and forecast for 2025/26, projecting sufficient liquidity to fund liabilities until the end of the financial year.
• A review of the risk register, highlighting the top five risks to the fund.
• An update on the status of the London CIV and assets in the pool, indicating that the fund was currently 52% pooled (71% including passive holdings).

Pension Fund Investment Performance

The committee was scheduled to review the investment performance of the Bexley Pension Fund and its investment managers for the quarter ended 31 March 2025. This included a market update from Redington, the fund's investment consultant, and a detailed performance report.

The report indicated that the fund had marginally lagged its benchmark over the quarter, year, three-year, and five-year periods. The value of the Fund's investments as at 31 March 2025 was £1.03bn, a decrease of £25.2m, representing a 2.39% change.

Investment Beliefs and Strategic Asset Allocation

The committee was scheduled to discuss the timeline for the strategic asset allocation review and to consider an investment beliefs survey. The survey was designed to gather input from key stakeholders on various investment strategy-related topics, including the fund's primary objectives, investment return, risk tolerance, and responsible investment considerations. Councillor Howard Jackson, Chairman of the committee, and other members were expected to complete the survey by 25 July 2025.

London CIV B Shares Subscription

The committee was scheduled to consider a request from the London CIV for a cash contribution to meet regulatory capital requirements. The recommendation was to approve the contribution of £70,312 for 70,312 £1 B Shares in proportion to the council's existing shareholding in the London CIV.

Quarterly Administration Report

The committee was scheduled to receive an update on the administration of the Bexley Pension Fund, including legislative and regulatory matters, and the performance of the fund's administrators, Local Pensions Partnership Administration (LPPA).

The report covered key areas such as:

• McCloud Remedy: An update on the implementation of the McCloud remedy, which removes age discrimination found in court cases by extending underpin protection to all members with membership between 1 April 2014 and 31 March 2022.
• Pensions Dashboards: An update on the Pensions Dashboard project, which will enable individuals to access their pensions information online, securely, and in one place. The connection deadline for all pension schemes in scope is 31 October 2026, with a connect-by date of 31 October 2025 for the LGPS.
• Efficiency and Service Improvement Programme: An update on LPPA's Efficiency and Service Improvement programme, which aims to implement system enhancements and increase automation.
• Data Project: An update on the data project, which aims to improve data quality ahead of valuation and the introduction of the Pension Dashboards.
• Performance Update: A summary of LPPA's operational casework performance, customer contact centre performance, and member online portal (PensionPoint) usage.

Administration Budget Setting

The committee was scheduled to review and approve the 2025/26 pension administration budget. From April 2024, Bexley Pension Fund delegated its pension administration function to Lancashire County Council, who fulfil their obligation through Local Pensions Partnership Administration (LPPA). The committee was also scheduled to authorise the Deputy Director for Corporate Services to agree to future budget proposals.

Abatement Policy Review

The committee was scheduled to review the council's policy on the reduction or suspension of a Local Government Pension on account of further employment within Local Government after an individual has retired, a mechanism referred to as Abatement. The recommendation was to approve the abatement policy set out in section 6 of the report, which stated that London Borough of Bexley would not abate the pension in payment upon subsequent re-employment.

Business Plan

The committee was scheduled to discuss and approve the 2025/26 Pension Fund Business Plan, which presents the strategic medium-term objectives and a budget forecast for 2025/26. The business plan objectives cover areas such as administration, communication, actuarial/funding, Pension Fund Committee members, financial and risk management, investment, and the Local Pension Board. The committee was also scheduled to discuss and approve the Investment work plan for 2025/26, detailing the investment topics and presentations to be covered throughout the year.

CMA Investment Objectives

The committee was scheduled to set new targets for the investment consultants in 2025/26 following the review which was approved by the Committee in 2024/25. The recommendation was to approve the CMA Investment Consultant Targets for 2025/26.