The Pensions Committee of Bromley Council met on Wednesday 3 June 2026 to discuss the performance of the Pension Fund and the triennial valuation. The meeting also covered updates from the Chairman, Director of Finance, and Pensions Investment Advisor, as well as the appointment of a 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 market value of the Fund stood at £1,593.2m at the end of March 2026. The report detailed the Fund's investment strategy, which had been reviewed in 2019/20 and revised in December 2025, with a current allocation of 60% to Global Equities, 30% to Fixed Income, and 10% to UK Property.

For the quarter ending 31 March 2026, the total fund return was -1.08%, against a benchmark of -0.63%. While medium and long-term returns were noted as strong overall, the report highlighted underperformance against benchmarks in recent financial years, though the Fund ranked highly over longer periods, particularly 20- and 30-year averages. The report also included information on early retirements and proposed attendance schedules for fund managers at future meetings.

Triennial Valuation 2025

A key item on the agenda was the outcome of the 2025 actuarial valuation for the Bromley Pension Fund. The report indicated that the Fund's assets had increased to £1,486m by 31 March 2025, with liabilities showing a reduction. The valuation suggested a surplus that would enable a reduction in employer contributions for the new triennial period. The report proposed the introduction of a 30% sustainability reserve for employers who had opted for a 10% liability reserve at the 2022 valuation, and a default reserve of 10% for others. This approach aims to prevent or limit contribution increases in the future. The committee was asked to consider the draft Funding Strategy Statement (FSS) for the Pension Fund.

Local Pension Board - Appointment of Board Member

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

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

Updates were scheduled from the Chairman, Director of Finance, and Pensions Investment Advisor. This included a public update on recent developments relating to pensions. The Director of Finance was expected to report on consultation responses submitted to the Government's Fit for the Future Technical Consultation and the Draft LGPS Statutory Guidance. The Pensions Investment Advisor was expected to comment on market volatility in light of geopolitical developments, advising that pension fund investments are managed for the long term and that no immediate action was recommended in response to short-term market movements.

Exempt Business

The agenda indicated that the committee would move to exclude the press and public to consider items involving exempt information, as likely to involve the disclosure of exempt information. This included the confirmation of exempt minutes from the meeting held on 3 March 2026, and further discussion on the 2025 Triennial Valuation and Pension Fund Performance Q3 2025/26, which were detailed in Part 2 (Exempt) appendices.