This meeting was scheduled to receive updates on the administration of the City of London's Local Government Pension Scheme (LGPS) and consider its compliance with the Pensions Regulator's General Code of Practice. The meeting was also scheduled to receive an update on recent changes to pensions announced in the Autumn Budget and Mansion House Speech, including the publication of a consultation on the future of the LGPS in England and Wales.

Barnett Waddingham's Review of Compliance With the General Code of Practice

The committee was scheduled to consider a report by the City of London's actuary, Barnett Waddingham, about the Pension Fund's compliance with the General Code of Practice, which came into force on 27 March 2024.

Barnett Waddingham identified three areas where the Fund was not compliant with the code:

the Fund does not comply with the Code and action is required

These areas were:

• Data monitoring and improvement
• Registrable information and scheme returns
• Scheme returns

Barnett Waddingham also identified four areas where the Fund may wish to comply with the code as a matter of good practice:

• Knowledge and Understanding
• Governance of knowledge and understanding
• Record keeping
• Scams

Barnett Waddingham made a number of recommendations to improve the Fund's compliance with the code in these areas. For example, to improve the Fund's data monitoring and improvement, they recommended that the Fund:

confirm if there are data monitoring and improvement plans, documents or policies in place.

Autumn Budget, Mansion House Speech, and LGPS (England and Wales): Fit for Future Consultation

The committee was scheduled to receive an update on the Autumn Budget, Mansion House Speech, and the LGPS (England and Wales): Fit for Future consultation.

Key points from the budget included:

• Maintaining the state pension triple lock
• A requirement for all scheme administrators of registered pension schemes to be UK resident
• Aligning the conditions of OPS and ROPS in the EEA with those in the rest of the world.

Key points from the Mansion House Speech included:

• The creation of 'megafunds' through the consolidation of defined contribution schemes and the pooling of LGPS assets.
• The introduction of a new Pension Scheme Bill in 2025 to implement these reforms.

The LGPS: Fit for Future Consultation, which was launched on 14 November 2024, proposes a number of reforms to the LGPS including:

• Mandating minimum standards for LGPS asset pools to ensure optimal and consistent management.
• Boosting local investment by requiring local authorities to set targets for local investment.
• Strengthening governance by requiring local authorities to publish governance and training strategies.

Pensions Scheme Administrator's Update

The committee was scheduled to receive an update on the administration of the LGPS, including information on:

• The annual schedule of events for the administration of the scheme.
• Complaints or disputes under the scheme's internal disputes resolution process.
• The roll-out of an online member portal.
• The implementation of the McCloud Remedy.
• Key performance indicators for the administration of the scheme.
• The Pension Dashboards project.

Annual Review of the Committee's Terms of Reference

The committee was scheduled to review its terms of reference, as required annually. The terms of reference set out the committee's responsibilities, including:

• Formulating strategies and policies around the Pension Fund.
• Selecting and appointing external service providers.
• Monitoring the Pension Fund’s investment arrangements.
• Monitoring liabilities and making arrangements for the triennial actuarial valuation.
• Ensuring the Corporation effectively discharges its obligations to scheme members.
• Considering and approving the Pension Fund’s Annual Report.

The committee was also scheduled to consider whether any change was required to the frequency of its meetings.

Work Plan

The committee was scheduled to receive an update on the work plan for the 2024/25 financial year. The work plan sets out the key tasks and projects that the committee will be working on during the year.

Key items on the work plan included:

• The triennial valuation of the Pension Fund.
• A review of the Pension Fund’s responsible investment policy.
• A review of the Pension Fund’s administration strategy.

Confirmation of Minutes

The committee was scheduled to confirm the minutes of the previous meeting, which was held on 17 September 2024. The minutes provide a record of the discussions and decisions that took place at the meeting.

The meeting was also scheduled to consider a number of other matters, including:

• Performance monitoring of the Pension Fund.
• An update on the London Collective Investment Vehicle (LCIV).
• An update on the Pension Fund's cashflow.
• A draft of the Pension Fund's Annual Report for the year ended 31 March 2024.