The Pension Committee of Croydon Council met on Tuesday 15 September 2026 to review the Pension Fund's Annual Report and Financial Statements for 2025/26, discuss the Fund's Governance Strategy, and consider various policy updates. The meeting agenda also included reports on pension administration performance and investment progress.

Pension Fund Annual Report and Financial Statements 2025/26

The committee was scheduled to review and approve the draft London Borough of Croydon Pension Fund Annual Report and Pension Fund Financial Statements for the 2025/26 financial year. The report was intended for publication, with an agreement that it would be re-published following the completion of the audit of the financial statements to incorporate the audit opinion and any consequential amendments. The report pack indicated that the Pension Committee was recommended to approve these documents for publication.

Croydon Pensions Administration Report for the Period May to July 2026

A report was scheduled to be presented detailing the Key Performance Indicators (KPIs) for the Croydon Pensions Administration Team for the period from May to July 2026. The Pension Committee was asked to note the performance against these indicators. The report highlighted ongoing recruitment activity for a Senior Pension Officer, the progress of a new Pension Administrator, and focused blitz days to prepare for Annual Benefit Statements. Updates were also provided on the implementation of updated actuarial factors from the Government Actuary's Department and progress on the Pensions Dashboard programme.

Governance Strategy

The committee was scheduled to review the Croydon Pension Fund Governance Strategy. This strategy outlines the framework through which 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 committee was asked to consider whether the strategy provided an appropriate and effective governance framework and to offer any observations or recommendations for officers to consider before it is presented to Full Council for approval. The strategy details the roles of the Pension Committee, Pension Board, officers, advisers, and service providers, as well as risk management and internal control arrangements.

Representation Policy

The committee was scheduled to review and approve the updated Representation Policy. This policy aims to ensure that the current composition of the Committee and Pension Board reflects the political balance of the Council and provides representation for scheme members and employers. The updated policy was intended to reflect the current composition following the May 2026 elections and address challenges in representing deferred members and admitted bodies. It also noted efforts to capture data on protected characteristics to promote diversity and improve decision-making.

Conflicts of Interest Policy

A revised Conflicts of Interest Policy was presented for review and approval. This policy was updated to comply with new statutory requirements under the Local Government Pension Scheme (Amendment) (Governance) Regulations 2026, which mandate the preparation, publication, and regular review of such policies. The revised policy addresses potential conflicts arising from various roles, including those of committee members, officers, the LGPS Senior Officer, Independent Person, and participation in asset pooling arrangements like the London CIV.

Training Strategy and Plan

The committee was scheduled to review and approve the draft Pension Fund Training Strategy and the draft training plan for 2026/27. The strategy incorporates the CIPFA Knowledge and Skills Framework and identifies key knowledge areas for all individuals involved in the Fund's governance and operation. The training plan, developed with the Fund's governance advisers, Hymans Robertson, aligns with the Fund's governance workplan and the nine core knowledge areas outlined in statutory guidance. Training is to be delivered through various methods, including formal sessions, conferences, e-learning, and self-directed learning, with a commitment to flexibility and ongoing review.

Pension Fund 'Reporting Breaches of the Law' Policy

The committee was asked to review and approve a revised draft of the Pension Fund 'Reporting Breaches of the Law' Policy. This policy outlines procedures for identifying, recording, assessing, and reporting breaches of pensions legislation to The Pensions Regulator (TPR), in line with TPR's General Code of Practice. The revised policy aims to ensure robust governance arrangements and compliance with legal and regulatory responsibilities.

Risk Management Policy

A revised draft of the Pension Fund Risk Management Policy was presented for review and approval. This policy establishes the Fund's approach to risk management, including its risk philosophy, implementation procedures, responsibilities, and internal controls. It aims to integrate risk management into daily activities, minimise threats, and maximise opportunities, aligning with guidance from CIPFA, TPR, and the Scheme Advisory Board.

Data Improvement Policy

The committee was scheduled to review and approve an updated Data Improvement Policy. This policy details the Fund's approach to monitoring and improving the quality of member and scheme data, addressing issues such as missing or inaccurate information. It outlines processes for identifying data quality issues, implementing corrective measures, reporting outcomes, and ensuring long-term improvements, in line with TPR's emphasis on data quality.

Investment Strategy Statement Requirements under the 2026 Regulations

The committee was updated on the requirements of new investment regulations and statutory guidance effective from 2026, which significantly expand the content of the Investment Strategy Statement (ISS). The Fund is required to publish its first ISS under this new framework by 31 March 2027. The report proposed a timetable for the development, consultation, and approval of the ISS, including facilitated sessions with the Pension Committee and Local Pension Board, formal consultation with employers and members, and final approval by March 2027.

Investment Progress Report for the Quarter Ended 30 June 2026

The committee was scheduled to note the contents of the Investment Progress Report for the quarter ending 30 June 2026.

Local Government Pension Scheme Advisory Board and The Pensions Regulator Update

A report was scheduled to provide an update on matters being considered by the Local Government Pension Scheme Advisory Board (SAB) and The Pensions Regulator (TPR) that are relevant to the Fund. The report was intended to highlight any implications for the Fund and how these were being addressed in consultation with Fund advisers. Key topics included the SAB's statement on the purpose and governance of the LGPS, discussions on investment in conflict zones, updates on new investment working groups, and the decommissioning of the LGPS Code of Transparency data system.

London CIV Implementation Plan

The committee was recommended to note the contents of the London CIV Implementation Plan and to acknowledge London CIV's responsibility for the implementation and management of the Fund's investment portfolio. The committee was also invited to provide any comments or observations for officers and London CIV to consider as implementation progresses.

Cyber Hygiene Guidelines

The committee was recommended to approve the Cyber Hygiene document attached as Appendix A. This document likely outlines best practices and procedures for maintaining cybersecurity within the Fund's operations.