The Brent Pension Fund has reported strong investment returns, with the fund's valuation reaching just under £1.5 billion at the end of the first quarter of 2026. This positive performance marks a significant turnaround for the fund, which had previously faced substantial challenges with its funding levels.
Prior to this positive actuarial valuation, the Brent Pension Fund had reported to the Pensions Regulator for failing to comply with annual report issuing requirements and had the lowest funding level of any local government fund. The current funding level stands at 113%, a significant improvement from the 87% valuation in 2022 and a substantial increase from approximately 60% when the Chair first began overseeing it.
During the quarter ending March 2026, the fund posted a negative return of 0.9%, but achieved a positive 12.7% return over the preceding 12-month period. This strong annual performance is largely attributed to significant gains in growth assets, particularly global equities, which were up 18% over the year, and UK equities, which saw an increase of nearly 22%. These gains were driven by robust corporate earnings, fuelled by positive market conditions and strong company performance.
Other asset classes, including bonds, property, and cash, also contributed positive, albeit more muted, returns.
The fund's allocation to growth assets currently stands at 58%, which is higher than the new long-term allocation target. The strategy involves reallocating towards protection and income assets over the coming years.
David Ewart, Independent Chair of the Pension Board, highlighted the significant improvements in the fund's performance. We've come an awful long way from there,
Ewart stated, expressing satisfaction with the positive actuarial valuation which has allowed for substantial reductions in employer contributions. The board's work is detailed in the Public reports pack, available here.
