The Pensions Committee is scheduled to meet on Tuesday 23 June 2026 to review the performance of the Bexley Pension Fund and discuss its future plans. The meeting agenda includes presentations from the London CIV and Barnett Waddingham, alongside reports on the fund's administration, business plan, and investment objectives.

London CIV Presentation

Representatives from the London Collective Investment Vehicle (LCIV) are scheduled to attend the meeting to provide an update on their latest activities. They will also address queries raised by committee members regarding local investment opportunities and environmental, social, and governance (ESG) issues. The LCIV is an investment pooling vehicle established by London boroughs to manage their pension assets collectively.

Barnett Waddingham - Introductory Presentation

Barnett Waddingham, the newly appointed actuary for the Pension Fund, will be present to introduce themselves to the committee. Barry McKay from Barnett Waddingham will deliver an introductory presentation. Actuaries play a crucial role in assessing the long-term financial health of pension schemes by calculating liabilities and advising on funding strategies.

Quarterly Administration Report

This report will provide an update on the administration of the Bexley Pension Fund, including information on legislative changes impacting the Local Government Pension Scheme (LGPS). The report details the performance of the fund's administrators, Local Pensions Partnership Administration (LPPA), covering casework performance, contact centre operations, and member satisfaction scores. It also includes updates on key projects such as the McCloud remedy¹ and the development of pensions dashboards².

Business Plan 2026-27

The committee will consider the proposed Pension Fund Business Plan for 2026-27. This plan outlines the strategic medium-term objectives for the fund and includes a budget forecast for the upcoming financial year. The plan covers various areas including administration, communication, actuarial and funding matters, financial and risk management, and investment. An accompanying Investment Work Plan for 2026-27, developed in collaboration with Gallagher, will also be presented, detailing planned investment topics and presentations throughout the year.

CMA Investment Objectives 2026-27

This report outlines new targets for the Pension Fund's investment consultants for the 2026-27 period. These objectives are set in line with requirements from the Competition and Markets Authority (CMA), which aims to improve pension fund governance. The report details the agreed objectives and aims for the investment consultant, Gallagher, against which their performance will be reviewed annually. The objectives cover areas such as strategic asset allocation, risk management, cashflow management, and compliance with legislation and responsible investment policies.

Financial and Fund Management Update - 31 March 2026

This report provides an update on the Pension Fund's financial management for the year ending 31 March 2026, including the outturn position and projected budgets for 2026-27. It details the fund's income and expenditure, cashflow position, and key risks facing the fund, such as regulatory developments, geopolitical tensions, and inflation. The report also includes an update on the status of assets within the London Collective Investment Vehicle (LCIV).

Pension Fund Investment Performance - Quarter ended 31 March 2026

This report summarises the investment performance of the Bexley Pension Fund and its investment managers for the quarter ending 31 March 2026. It includes details on market conditions, the fund's overall valuation, and the performance of individual asset classes and investment managers. The report notes a decrease in the fund's valuation during the quarter, attributed to global economic uncertainty and inflationary pressures. Gallagher's market update and manager performance reports are provided as appendices.

2025-26 Investment Strategy Update

This report reviews the key investment matters addressed by the Pensions Committee during the 2025-26 financial year. It highlights the development of the fund's investment strategy, including a strategic asset allocation review, the setting of investment beliefs, and considerations for the Fit for the Future reforms to the LGPS. The report also covers the fund's approach to local investment and the implementation of the Investment Strategy Statement. Gallagher's report, provided as an appendix, details the key topics and decisions made during the year.