The committee overseeing the Border to Coast pension pool, which includes the Kent Pension Fund, had spent £96,764 of its £100,000 budget for the year by the time it met on 23 September 2026, and an overspend is expected.
The joint committee governing the Border to Coast Pensions Partnership — which includes the Kent Pension Fund — was told in a report to its meeting on 23 September 2026 that its budget for the year was almost exhausted and that an overspend should be expected.
Budget position
A budget of £100,000 was approved for 2026/27 at the joint committee’s March 2026 meeting. By the time of the September meeting, expenditure of £96,764 had already been incurred, the majority of which related to legal advice.
The report presented to the committee noted that significant further legal work remained outstanding, principally the drafting and agreement of a new Investment Management Agreement (IMA) and the development of new investment services. The report, sponsored by Neil Mason, chair of the partnership’s Officer Operations Group, said an overspend should therefore be expected.
Why costs have risen
The report said the budget had been increased to reflect the partnership’s expansion to 18 partner funds and the need to hire a larger external meeting venue. Draft minutes of the committee’s previous meeting, on 8 July 2026, record that approximately £42,000 of the 2026/27 budget had been spent by then, mostly on legal services, and that the partnership’s expansion part-way through the year had added to the work.
The report noted that only final actual costs are recharged to partner funds, meaning the budget figure is indicative rather than a firm liability for each authority.
Kent’s role
Kent County Council took on the secretariat function for the joint committee with effect from 9 July 2026, a role previously held by South Yorkshire Pensions Authority. The draft July minutes record that Kent had volunteered for the role and that the committee approved its designation. Joel Cook of Kent County Council is listed in those minutes as attending as an observer.
Minutes of the 23 September meeting had not been published at the time of writing.