The Islington Council Pensions Board was scheduled to convene to discuss several key items, including an overview of the Pensions Regulator (TPR) General Code and Fund Action Plan, a review of the pension fund's performance, and the consideration of a three-year forecast for pension fund administration costs. The board was also expected to discuss the pension fund's risk register and forward work programme.

TPR General Code and Fund Action Plan

The Pensions Board was scheduled to receive training from Mercer on the TPR's General Code, which consolidates 10 existing codes into one web-based code that became effective on 28 March 2024. The training session, [Islington - General Code training March 25 Board](https://democracy.islington.gov.uk/documents/s40228/Islington+-+General+Code+training+March+25+Board.pdf), was intended to provide an overview of the code and the fund's action plan for compliance.

The report pack included a presentation that highlighted the importance of internal controls for Local Government Pension Scheme (LGPS) Funds, stating that having the right internal controls in place would help the fund to:

• Clearly define roles and responsibilities
• Meet regulatory requirements
• Ensure best practice is reflected
• Demonstrate transparency and accountability
• Satisfy internal/external scrutiny
• Manage risks

The presentation also noted that while no firm timescales for LGPS have been set out by TPR, there is an expectation that Funds should be looking to implement an action plan to address Code compliance.

A separate report, [PBoardTPR general code assessment Mar25](https://democracy.islington.gov.uk/documents/s40234/PBoardTPR+general+code+assessment+Mar25.pdf), provided a summarised high-level assessment of compliance with the requirements of the TPR’s General Code of Practice. The Pensions Committee were asked to note the assessment and agree to receive a further report detailing actions and timelines on mandatory and best practices for local government pension schemes. According to the report, the Pension Fund is compliant with 25 of 28 requirements.

Pension Fund Performance

The Pensions Committee was scheduled to review the performance of the fund from 1 October to 31 December 2024. According to the report [PENsctteMAR25PERFORMANCEv2](https://democracy.islington.gov.uk/documents/s40229/PENsctteMAR25PERFORMANCEv2.pdf), the committee was asked to note the performance of the Fund from 1 October to 31 December 2024 as per the BNY Mellon interactive performance report, and to receive a presentation by Apex, the council's independent investment advisers, on the fund managers’ quarterly performance.

The report pack included a report from Apex, [Appdix1- Apex - Islington Q4 2024final250218](https://democracy.islington.gov.uk/documents/s40230/Appdix1-+Apex+-+Islington+Q4+2024final250218.pdf), which provided an overview of the external managers and their performance.

The Apex report noted that during the quarter the FTSE–RAFI Emerging Markets Reduced Carbon Pathway, and the MSCI World Low Carbon Target index funds were transitioned into the ESG Paris Aligned Fund World Equity Fund and the Amundi Emerging Markets fund.

Pension Administration Performance

The Pension Board was scheduled to review a report providing information on the administration activities and performance of the Pension Administration from 1 November 2024 to 31 January 2025. According to the report [PenBoardAdminRepMar25-Fin MH](https://democracy.islington.gov.uk/documents/s40231/PenBoardAdminRepMar25-Fin+MH.pdf), the board was asked to note the number of members auto-enrolled into the LGPS, the information in respect of the Internal Dispute Resolution Procedure¹, compliments and complaints, and any new Internal Audit Investigations in Pensions Administration.

The report also provided an update on the Islington Council Pension’s Portal, noting that it was launched on 10 February for active members and that 30% of corporate staff who are members of the pension scheme have registered and accessed the service.

The report pack also included a letter from Roger Phillips, Chair of the Local Government Pension Scheme Advisory Board (SAB), [Appendix 1-January 2025 SAB letter](https://democracy.islington.gov.uk/documents/s40236/Appendix+1-January+2025+SAB+letter.pdf), advising Chief Financial Officers and Pension Committee Chairs to ensure that the pension function is appropriately resourced to deliver all of the statutory duties of the LGPS.

Pension Risk Register

The Pension Board was scheduled to note the contents of the report and revisions made to the Pension Risk Register (PRR). According to the report [LBI Pensions Risk Register Mar2025-Fin](https://democracy.islington.gov.uk/documents/s40232/LBI+Pensions+Risk+Register+Mar2025-Fin.pdf), the board was specifically asked to note the addition of one new risk, ‘Delayed Implementation of iConnect tool for importing payroll data to pensions database’.

The PRR outlines the key objectives of Islington Pension Fund and its administration and establishes the methodology for implementing proactive risk management to ensure that Islington Pension Fund has sufficient assets to meet its pension liabilities in accordance with the Pensions Regulator code of practice.

Pension Fund Administration Cost 3-Year Forecast and Annual Cashflow

The Committee was scheduled to review the cash flow and forecast of administration cost. According to the report [Pensionboard3yrforecst Mar25](https://democracy.islington.gov.uk/documents/s40237/Pensionboard3yrforecst+Mar25.pdf), the committee was asked to review the cash flow and forecast of administration cost attached as Appendix 1 and note for information the 2023/24 fee analysis attached as Exempt Appendix 2.

The report pack included a 3-year forecast for pension administration costs, including investment management, based on actuals to month ten in 2024/25.

Pensions Board Forward Work Programme

The Pension Board was scheduled to note the forward work programme attached as an appendix to the report [pensionboardforwardprogramMar25](https://democracy.islington.gov.uk/documents/s40240/pensionboardforwardprogramMar25.pdf), agree to make amendments to the appendix where priorities have changed, and note the LGPS Current Issue- March 2025 latest update on current issues.