Sustained high performance of the council’s pension fund means that annual savings of over £10 million will support the council’s overall funding position in the years to come.
The news follows confirmation from the Actuary at the Pensions Committee meeting on Tuesday. The latest Triennial Valuation confirms that Bromley’s pensions will remain fully funded. The fund is ranked as one of the top performing funds amongst all local authority pension schemes in the UK, with this performance successfully reducing contributions and saving the council over £10 million annually.
Councillor Michael Tickner, Chairman of Pensions Committee said, “Bromley’s continued careful financial stewardship of all the funds it controls, demonstrates why this is so important for all residents in the borough. This outstanding performance is now achieving much needed savings for the council, directly benefiting council taxpayers, whilst we continue to fulfil our obligations to pensioners and employees saving towards their retirement. There should be no doubt that our long term careful approach is very much continuing to benefit all concerned.”
The council’s pension fund is separate from the council and the council’s general funds, with both council staff and the council itself, as the employer, contributing. The pension fund is managed within the national legislative framework.
The Actuaries’ assessment is designed to ensure that the Pension funds’ obligations for all its 20,300 members are met. Latest financial figures show that since the 2022 valuation, the assets of the Pension Fund have increased from £1,339 million in March 2022 to £1,486 million in March 2025.
Ends
For media enquiries, please contact Andrew Rogers, Head of Public Affairs on 020 8461 7670 or email: Andrew.Rogers@bromley.gov.uk