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City of London Police Pensions Board - Wednesday, 4th June, 2025 10.45 am

June 4, 2025 View on council website
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Summary

The City of London Police Pensions Board met on 4 June 2025 to discuss the City of London Police Pension Scheme, review the board's activities, and receive an update from the Scheme Manager. The board was also scheduled to review the risk register for the Police Pensions Board, and to consider a report summarising the activities of the Police Pensions Board, for submission to the CoL Police Authority Board.

McCloud Remedy

The meeting was scheduled to receive an update on the implementation of the McCloud remedy1.

The Public Service Pensions and Judicial Offices Act 2022 was enacted to address age discrimination found in public sector pension schemes, including the Police Pension Scheme. The remedy involves two phases: moving active members of the 1987 and 2006 schemes to the 2015 scheme (completed in April 2022), and providing eligible members a choice between legacy and new scheme membership for the period between April 2015 and March 2022.

According to the report pack, 97.5% of all Remediable Service Statements were issued before the deadline of 31 March 2025.

The report pack noted that:

While the initial deadlines have now been passed, McCloud still posses a significant challenge for the Pensions Office and City of London Police and therefore the current risk score remains high. However, it is hoped that this may be reduced later in 2025

Risk Register

The board was scheduled to review the Risk Register for the Police Pensions Board. The Risk Register details the key risks that the Board has identified alongside a risk score which indicates the likelihood of a risk being realised together with the potential impact and the appropriate mitigations.

The register contained eight risks:

  • McCloud Legal Case
  • Legislative Compliance
  • Pension Scheme Admin (Personnel)
  • Pension Scheme Admin (Systems)
  • Pension Fraud
  • Cyber Security
  • Actuarial Data
  • Protected Pension Age

Officers had conducted a preliminary review of the Risk Register and were recommending an additional action be added to the CHB COLP PSB 05 Pension Fraud risk to cover the due diligence that is required to be carried out in the event of a transfer-out of the pension scheme.

Review of Activities

The meeting was scheduled to consider a report summarising the activities of the Police Pensions Board for the period 1 April 2024 to 31 March 2025, for submission to the CoL Police Authority Board.

The report noted that over the last twelve months the Board:

  • continued to review the working practices of the City of London Police Pensions Office including reviews of all letters and documents issued to scheme members, prospective scheme members, leavers and retirees;
  • monitored and where appropriate updated the Board’s Risk Register ; and
  • continues to undertake online training modules with the Pensions Regulator’s Toolkit.

The report also noted that as at 10 February 2025, all training modules had been completed by the incumbent Members of the Board.

Scheme Manager Update

The board was scheduled to receive an update on Scheme Manager activities over the period of 1 January 2025 – 30 April 2025.

During this period, four applications under the compensation scheme were approved. The compensation scheme is available for officers who have incurred a specific financial loss linked to McCloud Remedy which is clearly identifiable and is not subject to automatic reimbursement.

The City of London Police received 84 complaints and 9 queries, of which 73 had been resolved.

A new internal Pension Service Delivery Board had been established to monitor delivery of pension services and respond to national changes that impact both scheme manager and pension administrator responsibilities.

The following had been identified as areas where service improvements could be made and work was underway to develop plans to achieve this:

  • Communications about pensions related issues and retirement
  • Managing and responding to queries
  • Managing and resolving complaints
  • Clarity on roles and responsibilities across scheme manager, administrator and employer and knowledge of pensions across relevant functions
  • Preventing future payment errors
  • Delivering against annual requirements linked to remedy

Other Matters

The agenda also included:

  • Approval of the minutes of the meeting held on 10 February 2025.
  • Exclusion of the public for certain items of business.
  • Non-public minutes and updates.
  • Questions on matters relating to the work of the board.
  • Any other business that the chair considers urgent.

  1. The McCloud case refers to a legal challenge regarding age discrimination in public sector pension schemes. 

Attendees

Ray Eaglesmith
Helen Isaac
John Todd
Alan Yau
Matt Mott
Caroline Al-Beyerty
Kate Limna
Graham Newman

Topics

No topics have been identified for this meeting yet.