The Local Pension Board met on 29 February 2024 to review reports from the Pensions Committee, discuss the fund's performance, and consider the Pensions Administration Strategy. Key discussions included the performance monitoring report, the draft Pensions Administration Strategy, and an update on Local Government Pension Scheme matters.

Report from the Pensions Committee

The Board reviewed reports from the Pensions Committee meeting held on 14 December 2023. These included updates on pension fund performance, the Apex Q2 2023/24 report, key developments in the Local Government Pension Scheme (LGPS), and the Actuarial Climate Change Analysis Report from Mercers. A Board Member emphasised the importance of the Pensions Committee having a thorough understanding of investment risks, particularly in emerging areas like climate risk. The Board resolved to note these reports.

Performance Monitoring Report 2023/24 to January 2024

The Board considered the Performance Monitoring Report for the 2023/24 financial year up to January 2024. This report provides information to help the Board assess the Bromley Pension Fund's compliance with The Pensions Regulator's Code of Practice on Governance and Administration of public service pension schemes. The Board resolved to note the 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.

Pensions Administration Strategy Report

The Board reviewed the draft Pensions Administration Strategy (PAS) before it was sent for consultation with scheme employers and approval by the Pensions Committee. A Board Member raised concerns about communicating the benefits of joining the Bromley Pensions Scheme to Scheme Members, and the Board agreed to revisit this issue at a future meeting. Another member questioned the effectiveness of the Charging Schedule for Scheme Employers who fail to meet their responsibilities. The Head of the Pensions Shared Service clarified that employers would be charged monthly until breaches were resolved, a measure that has proven effective. The Board resolved to note the draft PAS.

Local Pension Board - Verbal Update on Latest LGPS Matters

The Board received a verbal update on the latest matters concerning the Local Government Pension Scheme. A discussion arose regarding delays to the Pensions Dashboards Programme, which aims to provide individuals with secure online access to their pension information. The Head of the Pensions Shared Service explained that challenges exist in accurately connecting individuals to their data due to variable factors like names and addresses, and the government's reluctance to use National Insurance numbers due to potential input errors. Reassurance was provided that the Local Authority is aligned with Heywood, a major pension service provider, and is part of The Class Group, which offers quality assurance at a low cost. The Board resolved to note this update.

Any Other Business

The Senior Accountant: Pensions informed the Board that the Pensions Committee meeting scheduled for 23 July 2024 was likely to be moved to September 2024 to better align with quarterly reporting. The new date will be communicated to Board Members once confirmed.

Date of Next Meeting

The Board agreed that a further meeting would be scheduled for June 2024.