Bexley Pension Fund is facing a £70,312 cash call from the London CIV (CIV), prompting scrutiny of the fund's financial management and investment strategies.
The Bexley Council Pensions Committee met on Tuesday 24 June 2025 to discuss the request, along with a range of other issues including investment performance and future strategies. The request from the London CIV is for a cash contribution to meet regulatory capital requirements. As an FCA-regulated firm, London CIV is required to maintain sufficient regulatory capital. The request was made because, due to the growth in Assets under Management (AuM
) in recent years, the London CIV regulatory capital surplus has fallen below the targeted 150% and will continue to be the case with the acceleration of pooling.
The committee also reviewed the fund's investment performance for the quarter ending 31 March 2025. The report included details of current market conditions and the Bexley Fund's performance. The committee was scheduled to discuss the strategic asset allocation (SAA) of the fund, which is a core part of the Investment Strategy Statement (ISS). As part of this, committee members were asked to complete a survey by 25 July 2025, to give their view on a range of investment strategy related topics, including the primary objectives of the Fund, investment return, risk, responsible investment, and the 'fit for the future' consultation.
Other key items on the agenda included an update on the management of the Pension Fund, including the Pension Fund outturn for 2024/25 and forecast budgets for 2025/26, and a review of the fund's abatement policy. The agenda also included discussion of the LGPS Pensions Review, focusing on asset pooling, UK and local investment, and governance.
Committee members were asked to approve the 2025/26 pension administration budget. From April 2024 Bexley Pension Fund delegated its pension administration function to Lancashire County Council in accordance with Section 101 of the Local Government Act 1972, by way of a discharge agreement. Lancashire County Council fulfils their obligation under the discharge agreement through Local Pensions Partnership Administration (LPPA), a subsidiary of Local Pensions Partnership (LPP), a company it jointly owns with London Pensions Fund Authority (LPFA).