Issue - meetings

Report FSD17079

Members received the annual report and accounts of the L B Bromley Pension Fund for year ending 31^st March 2017 which included the following documents requiring the Sub-Committee’s approval:

·  Governance Policy Statement

·  Funding Strategy Statement

·  Investment Strategy Statement

·  Communications Policy Statement.

The annual report had been audited by the Fund’s external auditor, KPMG LLP and the Council would publish the report on its website by 1^st December 2017.

The Bromley Pension Fund had total net assets of £913.4m at 31^st March 2017 (£748.0m at 31^st March 2016). The Fund outperformed against its benchmark by 2.2% over the year (+26.8% against a benchmark return of +24.6%). Performance compared to the 60 LGPS funds in the PIRC local authority universe (average return of +20.2%) was excellent, ranking in the first percentile for the year. Rankings over the medium and long term were also excellent – first over three, five and ten years, and second over 20 years to March 2017.

Total fund membership reduced from 16,605 at 31^st March 2016 to 16,404 at 31^st March 2017 when it comprised 6,076 employees, 5,070 pensioners and 5,258 deferred members. Payments into the Fund from contributions (employee and employer), transfers in and investment income totalled £44.9m in 2016/17 (£42.1m in 2015/16) and payments from the Fund for pensions, lump sums, transfers out and administration totalled £71.0m (£35.1m in 2015/16). The increase in value of payments made during 2016/17 was mainly the result of two group transfers out.

The accounts had been audited by KPMG and were made available in draft form on the Council’s website before the end of June 2017.

It was highlighted to officers that Brian Toms had been recorded twice at page 5 of the Annual Report.

RESOLVED that:

(1)  the Pension Fund Annual Report 2016/17 be noted and approved;

(2)  the Governance Policy Statement and Communications Policy Statement as outlined at paragraph 3.2 of Report FSD17079 and in the Annual Report be approved;

(3)  the changes to the Funding Strategy Statement and Investment Strategy Statement as set out at paragraph 3.3 of Report FSD17079 be approved; and

(4)  arrangements be made to ensure publication of the Annual Report by the statutory deadline of 1^st December 2017.