Annual Report & Financial Statements: Brunel achieving double projected cost savings

Brunel Pension Partnership is achieving £41 million in annual cost savings, according to the company’s Annual Report & Financial Statements (AR&FS), which was published today following approval at our AGM.

That figure is double the savings anticipated for this stage in the company’s development, putting Brunel on track to deliver £43m net savings (11.7bps) per year by 2025.

By the government’s own criteria, cost savings are the first indicator of pooling success. We are very proud of how the whole partnership has worked together to make Brunel such a pooling success story. It provides the ideal foundation for the future.

Another key metric of Brunel’s success as a pool is the Value for Money Balanced Scorecard. As the new AR&FS shows, Brunel has now successfully implemented the Scorecard. The company is thus far making strong progress across all the Scorecard’s criteria.

In addition to the financial statements, the AR&FS also reports on strategic development, remuneration, ‘Walking the Talk’, RI & Stewardship, the gender pay gap, the CEO pay ratio, and corporate governance. It also emphasises Brunel’s continued focus on governance and the potential significance of evolving governance plans on LGPS pooling.

The Report highlights Brunel’s three core strategic objectives, illustrated in the chart below.

You can access the full report via our Library: Annual Report & Financial Statements.

For an overview of highlights through the previous calendar year, see our 2023 Review.