Pension fund performance supports delivering council services
Published Wednesday, 17 October 2018
The outstanding performance of the council’s pension fund has been recognised as Bromley have won the ‘LGPS Fund of the Year’ title as this year’s Local Authority Pension Fund awards.
The high performance of the £970m pension fund, which is part of the Local Government Pension Scheme (LGPS) reduces the need for the council to ‘top-up’ the fund. The news about the award follows similar success last year when the council was awarded the title of LGPS Investment performance of the Year.
“Careful management of the council’s resources has to be and is at the heart of what we do as a council, which enables us to focus on delivering much needed and valued services. I am very pleased that the council’s high performance of these pension fund investments has been recognised. The careful stewardship and corresponding performance protects council taxpayers as it reduces the need for the council to make up a shortfall which we would be required to do and it also benefits our staff who also contribute financially to the scheme” said Councillor Graham Arthur, Executive Councillor for Resources.
Based on the fund value as at 31 March 2018, out of the 59 local authority funds currently signed up with PIRC (“benchmarking club”) the rankings put the Bromley fund 1st over 3 and 10 years, 2nd over 5,20 and 30 years and 3rd over one year to 31.03.18.
This represents outstanding performance compared with the rest of the local authority benchmarking group consistently through the comparative year periods. The fund is currently “fully funded” to reflect the outstanding performance, with this regularly reviewed, with the outcome of the next actuarial valuation due in 2019.
- The investment funds and corresponding asset allocation are kept under review. The asset allocation review was completed in February 2012 with an updated asset allocation review completed in April 2017 to reflect changing circumstances and maintaining the funds proactive approach to ensure that it addresses significant challenges such as moving towards a cash flow negative position and ensuring that the fund protects fund members and council taxpayers’ interests.
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