The Pension Committee of Croydon Council is scheduled to convene on Tuesday 15 September 2026. The meeting's agenda includes a review of the Pension Fund's Annual Report and Financial Statements for 2025/26, alongside discussions on various policies and strategies governing the fund's operation and investments.

Pension Fund Annual Report and Financial Statements 2025/26

A key item for consideration is the draft London Borough of Croydon Pension Fund Annual Report and Pension Fund Financial Statements for the 2025/26 period. The committee is recommended to review and approve these documents for publication. It is also proposed that the Annual Report be re-published following the completion of the audit of the financial statements, incorporating the audit opinion and any consequential amendments. This aligns with the Local Government Pension Scheme Regulations 2013, which mandate the preparation and publication of such reports. The report pack notes that Under The Accounts and Audit (Amendment) Regulations 2024 all outstanding audited accounts for years up to 2022/23 were required to be published by 13 December 2024, those for 2023/24 by 28 February 2025, those for 2024/25 by 27 February 2026 and those for 2025/26 by 31 January 2027. ¹

Governance Strategy

The committee is scheduled to review the Croydon Pension Fund Governance Strategy. This strategy outlines the framework for how the London Borough of Croydon, as the administering authority and Scheme Manager, discharges its responsibilities for the management, administration, funding, and investment of the fund. The strategy aims to ensure compliance with the Local Government Pension Scheme Regulations, the Pension Schemes Act 2026, and associated statutory guidance. The committee is asked to consider if the strategy provides an appropriate and effective governance framework and to offer any observations or recommendations for officers to incorporate before it is presented to Full Council for approval.

Croydon Pensions Administration Report

The committee will receive an update on the Croydon Pensions Administration for the period of May to July 2026. This report will present Key Performance Indicators (KPIs) and performance against these indicators. The report notes that recruitment activity has been completed following the retirement of a Senior Pension Officer, with a preferred candidate appointed, expected to join in October. The administration team has also undertaken focused blitz days to address outstanding workloads and prepare for the Annual Benefit Statement (ABS).

Representation Policy

A review of the Representation Policy is scheduled. This policy addresses the representation of scheme members and non-administering authority employers on committees, outlining the rationale for the approach to representation and voting rights. The updated policy reflects the current composition of the Committee and Board following the May 2026 elections. The report highlights that there is currently no representative for members with deferred benefits, and a vacancy exists for an employer representative on the Board, with efforts to address these gaps planned.

Conflicts of Interest Policy

The committee is asked to review and approve a revised Conflicts of Interest Policy. This revision is in response to new statutory requirements under the Local Government Pension Scheme (Amendment) (Governance) Regulations 2026, which mandate the preparation, publication, and regular review of such a policy. The revised policy addresses potential conflicts arising from various roles, including those of committee members, officers, the LGPS Senior Officer, and the Independent Person, as well as conflicts related to investment pooling through the London CIV.

Training Strategy and Plan

The meeting agenda includes a review and approval of the draft Pension Fund Training Strategy and the draft Pension Fund Training Plan for 2026/27. The strategy incorporates the CIPFA Knowledge and Skills Framework and aligns with new requirements from the Local Government Pension Scheme (LGPS) (Amendment) (Governance) Regulations 2026 and The Pensions Regulator's General Code of Practice. The training plan has been developed to support committee and board members, officers, and other relevant individuals in meeting required knowledge and understanding standards.

Reporting Breaches of the Law Policy

A revised draft of the Pension Fund 'Reporting Breaches of the Law' Policy is presented for review and approval. This policy outlines procedures for identifying, recording, assessing, and reporting breaches of pensions legislation to The Pensions Regulator, in line with Section 70 of the Pensions Act 2004 and The Pensions Regulator's General Code of Practice. The revised policy ensures continued compliance with legal and regulatory responsibilities.

Risk Management Policy

The committee is asked to review and approve the revised Pension Fund Risk Management Policy. This policy establishes the framework for identifying, assessing, managing, and monitoring risks associated with the fund's administration and management, aligning with The Pensions Regulator's General Code of Practice. It details the risk philosophy, implementation procedures, responsibilities, and internal controls.

Data Improvement Policy

An updated Data Improvement Policy is presented for review and approval. This policy details the Fund's approach to monitoring and improving data quality, addressing issues such as missing or inaccurate member data. It reflects recent regulatory and statutory guidance changes and includes updated data quality controls.

Investment Strategy Statement Requirements under the 2026 Regulations

The committee will be updated on the requirements of the 2026 investment regulations and statutory guidance concerning the preparation and publication of an Investment Strategy Statement (ISS). A proposed timetable and process for developing, consulting on, and approving the Fund's first ISS under this new framework, aiming for publication by 31 March 2027, will be presented for agreement. The new framework significantly expands the scope and content of the ISS, with a focus on high-level investment objectives, strategic asset allocation, responsible investment, and local investment objectives.

Investment Progress Report

The committee is recommended to note the contents of the Investment Progress Report for the quarter ended 30 June 2026.

Local Government Pension Scheme Advisory Board and The Pensions Regulator Update

A report will be presented to update the committee on matters being considered by the Local Government Pension Scheme Advisory Board (SAB) and The Pensions Regulator (TPR) that are relevant to the Fund. Any implications for the Fund will be noted and addressed in consultation with Fund advisers.

London CIV Implementation Plan

The committee is recommended to note the contents of the London CIV Implementation Plan. London CIV is responsible for the implementation and management of the Fund's investment portfolio under the terms of the Investment Management Agreement (IMA). The committee is invited to provide any comments or observations for officers and London CIV to consider as implementation progresses.

Cyber Hygiene Guidelines

The committee is recommended to approve the Cyber Hygiene document attached as Appendix A.