The Local Government Pensions Board of the City of London Council convened to discuss several key items, including the election of a chair and deputy chair, updates on pension administration, risk management, and compliance with regulatory standards. The board was also scheduled to discuss the implications of recent consultations and government responses related to the Local Government Pension Scheme (LGPS).

Election of Chair and Deputy Chair

The meeting was scheduled to include the election of a chair and a deputy chair for the board.

Minutes

The board was scheduled to approve the public minutes and non-public summary from its meeting on 17 January 2025. Members were also to receive the public note and non-public summary of the Pensions Committee meeting on 13 February 2025, which did not have a quorum.

Pensions Committee Update

The board was to receive an update from the Chamberlain on the public agenda items discussed at the Pensions Committee meetings held on 13 February 2025 and 7 July 2025. According to the report pack, since the last meeting of the Local Government Pensions Board, Deputy Henry Pollard and Deputy Madush Gupta had stepped down from the Pensions Committee, and Alderman Simon Pryke had been appointed to the committee on 26 June 2025. At the 7 July meeting, Deputy Tim Butcher was re-elected as Chairman, and David Sales was re-elected as Deputy Chair.

The update included a review of the Investment Consultant review for 2024, and the delegation of authority to the Chamberlain to sign the Compliance statement, as well as a follow up on the Pension Fund Audit Findings. The report also covered the 2024/25 Statement of Accounts and planning for the City Fund, Pension Fund and City's Estate audit, the Local Government Pension Scheme - Administration Policy, the City of London Pension Fund Training Policy, the Local Government Pension Scheme - Communication Policy, the City of London Pension Fund Breaches of Law Policy, the Access and Fairness Consultation, and the Government Response – Fit for the Future Consultation.

Pension Scheme Administration

The board was scheduled to receive an update on the administration of the City of London Local Government Pension Scheme. The update included a summary of general information on a range of topics related to scheme administration since the last meeting on 17 January 2025. Members were asked to note the report and provide feedback. The report pack included an annual schedule of events for the administration of the pension scheme, and information on scheme record keeping.

According to the report pack, the City's scheme data is measured annually and the data scores are submitted to the Pensions Regulator (tPR) in the annual scheme return. Since the last board meeting, there had been two stage one and three stage two Internal Disputes Resolution Process (IDRP) applications received. The Pensions Office had rolled out the Online Member Portal, which allows scheme members to access their pension record, make amendments to selected personal data, and to run their own retirement estimates. The system has been rolled out to all active scheme members and is now also available to retired and deferred scheme members.

The report pack also noted that the Pensions Office is currently working on the 2025 Annual Benefit Statements (ABS), which for eligible active and deferred scheme members must be provided by 31 August 2025 and reflect the estimated underpin protection as provided for by the McCloud Remedy¹.

Risk Register

The board was scheduled to review the Risk Register for the Pensions Committee. The Risk Register details the key risks that have been identified alongside a risk score which indicates the likelihood of a risk being realised together with the potential impact to the organisation and the appropriate mitigations. The Pensions Committee reviews the Risk Register every six months and last reviewed it at the meeting held on 17 September 2024.

The risk register included risks relating to McCloud Remedy, insufficient assets, cyber security, targeted returns, short term cash flow, breach of GDPR²/Data Protection regulations, employer insolvency, pension scheme administration, service provider failure, governance/legislative compliance, failure to discharge responsible investment duties, and fraud.

Statement of Accounts Update

The board was to receive an update on the production of the 2024-25 Statement of Accounts and planning for the 2024-25 audit of the City Fund, Pension Fund, and City's Estate accounts. The report pack included the External Auditor's reports outlining Grant Thornton's work plan for undertaking the audit of the City Fund and Pension Fund Accounts for 2024-25. The reports also identify specific risks and include a statement of their fees.

Local Government Pension Scheme - Administration Strategy

The board was scheduled to discuss the City of London's Local Government Pension Scheme Administration Strategy. The Pensions Regulator released its General Code of Practice in March 2024 and the City subsequently commissioned Barnett Waddingham to review the City of London Pension Fund's compliance with the code. Barnett Waddingham's findings were brought to the Committee for the 3 December 2024 meeting together with their suggested additions to be made to the Administration Strategy document.

Based upon this report, it was agreed that documents/policies would be drafted on the following areas which had been flagged red or amber: a training policy, a document setting out the processes for monitoring, reviewing and protecting scheme data, a revised administration strategy, and an updated Pensions Committee Risk Register.

City of London Pension Fund Training Policy

The board was to discuss the City of London Pension Fund Training Policy. At the Pensions Committee meeting on 3 December 2024, members received a report on Barnett Waddingham's General Code of Practice Compliance Review which checked the City of London Pension Fund's compliance with the Pension Regulators General Code of Practice. This report followed up on the recommendation made at that Committee to draft a Training Policy for the City of London Pension Fund.

Local Government Pension Scheme - Communication Policy

The board was scheduled to discuss the Local Government Pension Scheme – Communication Policy. At the Pensions Committee on 3 December 2024, members received a report on Barnett Waddingham's General Code of Practice Compliance Review which checked the City of London Pension Fund's compliance with the Pension Regulators General Code of Practice. This report followed up on the recommendation made at that Committee to update the Communications Policy for the City of London Pension Fund.

City of London Pension Fund Breaches of Law Policy

The board was to discuss the City of London Pension Fund Breaches of Law Policy. In July 2024, members of the Local Government Pensions Board raised the issue of reporting breaches of law to the Pensions Regulator (tPR) and identifying themes. This report followed up on the recommendation made to formally review the 'Reporting Breaches of Law' policy.

Access and Fairness Consultation

The board was scheduled to discuss the Access and Fairness Consultation. On 15 May 2025 the Ministry for Housing, Communities and Levelling Up (MHCLG) issued a consultation on the Local Government Pension Scheme entitled 'Local Government Pension Scheme in England and Wales: Access and fairness'. The consultation is seeking views on proposals intended to improve fairness in, and access to, the LGPS. The consultation is open for 12 weeks from 14 May to 7 August 2025.

Government Response - Fit for the Future Consultation

The board was to discuss the Government Response to the Fit for the Future Consultation. The Government released the 'Local Government Pension Scheme (England and Wales): Fit for the Future Consultation' on the 14 November 2024. The consultation sought views on proposals relating to investments of the Local Government Pension Scheme (LGPS) and covered the areas of minimum standards for asset pooling, local and regional investment and governance.