The Pension Board of Croydon Council met on Thursday 09 July 2026 to discuss a range of important matters concerning the management and governance of the Croydon Pension Fund. Key topics included the Fund's annual report, updates on government reforms affecting the Local Government Pension Scheme (LGPS), and reviews of crucial policies such as risk management and reporting breaches of the law. The meeting also covered the Fund's financial performance and audit findings for the 2024/25 financial year.

Pension Board Annual Report 2025/26

The Board was scheduled to review the Pension Board Annual Report for 2025/26. This report summarises the Board's activities over the year, its observations on the Fund's performance and governance, and its planned priorities for the upcoming year. The Board was asked to review and comment on the draft report before its potential publication.

Croydon Pensions Administration Report for December 2025 to May 2026

A report detailing the Key Performance Indicators (KPIs) for the administration of the Local Government Pension Scheme was presented, covering two three-month periods due to a previous meeting cancellation. This report measured performance against statutory requirements and internal standards, providing an update on case levels, member self-service portal registration, and operational challenges faced by the administration team.

Update on Fit for the future Proposals

The Board was to receive an update on the government's Fit for the Future reforms for the LGPS. This included information on new pooling and governance regulations that came into effect on 30 June 2026. The report outlined the evolving relationship between the Fund and London CIV, contractual arrangements for the new pooling framework, and actions required to comply with new governance requirements. It also highlighted the Fund's ongoing responsibilities for investment strategy, oversight, and governance.

Knowledge and Skills Policy Review and Training Plan

This agenda item involved the presentation of a reviewed Knowledge and Skills Policy, incorporating CIPFA framework role requirements and key document information. A draft training plan for 2026/27 was also presented for the Board's review and comment, aiming to ensure all relevant individuals possess the necessary knowledge to effectively govern and operate the Fund.

Pension Fund Medium Term Business Plan 2026/29

The Board was presented with the Pension Fund's Business Plan for the financial years 2026/27 to 2028/29. This plan outlines the Fund's aims, objectives, and key activities, including commentary on significant legislative changes such as the Pension Schemes Act 2026 and related regulations impacting LGPS pooling, management, and governance.

Review of Breaches of the Law Policy

The Board was asked to review an updated draft of the 'Reporting Breaches of the Law' Policy. This policy outlines the procedures for identifying, recording, and reporting breaches of the law to The Pensions Regulator, incorporating requirements from The Pensions Regulator's General Code of Practice.

Review of Breaches of the Law

This report presented the current Breaches of the Law log extract for the Pension Fund, highlighting any changes since the previous review. The log details identified breaches, their categorisation, and their status, with the aim of ensuring good governance and appropriate action is taken.

Governance Best Practice Compliance Statement

The Board was updated on the Governance Best Practice Compliance Statement, which was agreed by the Pension Committee on 9 June 2026. This statement details the extent to which the Fund's governance arrangements comply with statutory guidance and outlines any areas of non-compliance and the reasons for them.

Review of Risk Management Policy

The Board was invited to review and comment on the updated draft of the Fund's Risk Management Policy. This policy details the Fund's risk philosophy, implementation, responsibilities, and procedures for identifying, analysing, assessing, and managing risks, in line with The Pensions Regulator's General Code of Practice.

Review of Risk Register

This report presented the current Risk Register for the Pension Fund, highlighting any changes since the last review. The register details identified risks, their likelihood and impact, and planned mitigation strategies, with the aim of ensuring good governance and mitigating risks to the Fund.

Audit Findings Report - Pension Fund Annual Report and Financial Statements for 2024/25

The Board was updated on the completion of the audit of the Pension Fund's Annual Report and Financial Statements for 2024/25. The report included the final Audit Findings Report, the auditor's opinion (a disclaimer of opinion), and the auditor's consistency opinion for inclusion in the Pension Fund Annual Report. This indicated that while audit work had progressed, limitations due to prior years' disclaimed opinions prevented a full audit opinion.

Local Government Pension Scheme Advisory Board / The Pensions Regulator Update

This report advised the Board of matters being considered by the Local Government Pension Scheme Advisory Board and The Pensions Regulator that are relevant to the Fund. It outlined implications for the Fund and noted that these were being addressed in consultation with Fund advisers. This included updates on government reforms, pooling, governance, and the LGPS Code of Transparency.

The meeting was scheduled to conclude with the exclusion of the press and public for discussions on cyber security.