The Pension Board noted updates on a number of topics including training, administration of the Pension Fund and the Pension Regulator’s General Code of Practice, before moving into closed session to consider the General Update - Part Two.

Pension Regulator's General Code of Practice

The Board received a report on the Pension Regulator’s General Code of Practice.

The Board was pleased by the steps the Council had taken towards compliance, noting that it looked forward to receiving a more comprehensive report at its next meeting.

The Code of Practice sets out 15 standards, grouped into six main areas:

1. Scheme Management
2. Administration
3. Investment Governance
4. Actuarial Matters
5. Communicating and Reporting
6. Paying Benefits.

Administration

The Board noted a report detailing the final version of the Lewisham Pension Fund Administration Strategy, which is due to come into effect on 1 April 2025. The Board also noted a report on the activity of the Pensions team, including the transfer of 450 staff from Lewisham Homes¹ to the Council, the completion of the 2024 Annual Benefit Statements, and the purchase of the Heywood ISP service in preparation for the Pensions Dashboard².

The Board requested that a report on the use of the new Insights reporting tool be included in the next report to Board. The Board also asked that information on the new Pension legislation, and the risk register be updated with the implications of the legislation.

Draft Pension Fund Annual Report

The Board noted a draft of the Pension Fund Annual Report for 2023/24.

The Board raised a number of minor corrections to the report, and noted that information appeared to have been added incrementally over time, without much thought to its ordering.

The Board recommended that the Council review the style, structure and content of the report for next year.

The Chair also noted that paragraph 6.5 of the General Update - Part One report stated that draft committee minutes should be issued within seven weeks of a meeting. The Board agreed that the Council should be challenged to achieve a more realistic target of actions being issued within one week of a meeting, and minutes within two weeks.

Procurement of Actuarial, Governance and Advisory Services

The Board noted that the procurement and tender process for actuarial, governance and advisory services had concluded, and the contract had been awarded to Hymans Robertson³.

Risk Register

The Chair noted his satisfaction that the Risk Register had been updated using track changes, as it made it much easier to follow.

Training

The Board noted the updates to the Training log, which lists all training attended by Pension Board members.

Work Programme

The Board noted the updates to the Work Programme, which details its activities for the next year.

Future Meeting Dates

The Board noted the following meeting dates for 2025:

• 10 March 2025
• 16 June 2025.

Exclusion of the Press and Public

The Board moved to exclude the press and public from the meeting under Section 100(A)(4) of the Local Government Act 1972⁴, for the consideration of item 10 on the agenda.