cost control
Councils are currently managing financial outturns and adapting pension scheme governance to control expenses.
Havering Council reported a £37.7 million underspend for the 2025/26 financial year in July 2026, attributed to stringent cost controls and effective financial management. This positive outturn, reviewed by the Council's Cabinet, reduced the need for exceptional financial support. Lambeth's Audit and Risk Committee also focused on financial health and risk management in June 2026, approving its work programme.
Regarding pension schemes, Westminster's Pension Board is preparing for governance changes under the Pension Schemes Bill, which received Royal Assent in March 2026. This legislation, effective from April 2026, mandates asset pooling into companies like London CIV by March 2026, with Westminster working to finalise agreements.
Cost control involves measures to manage and limit expenses, a significant consideration for councils in their financial management and pension scheme governance. This includes reviewing risk registers, as Bromley Council did in July 2025, to identify and manage potential risks to pension funds.
Key facts
- Havering Council reported a £37.7 million underspend for the 2025/26 financial year in July 2026. Source
- The Pension Schemes Bill received Royal Assent in March 2026. Source
- Under new legislation, all fund investment assets must be pooled into asset pool companies by 31 March 2026. Source
- Westminster is working with officers and LCIV to finalise investment management agreements. Source
- Bromley Council reviewed its Pension Fund Risk Register on 29 July 2025. Source
About this summary
This summary was written automatically from our published stories and the council meeting records they draw on. It describes what councils have discussed and decided; it does not take a view on any decision. Each key fact links to the story it comes from. Updated 1 October 2026. Spotted a mistake? Email community@opencouncil.network.