The Pension Board of Croydon Council was scheduled to discuss significant reforms to the Local Government Pension Scheme (LGPS) known as 'Fit for the Future', alongside updates on the Fund's relationship with the London CIV and the performance of the Croydon Pensions Administration Team. The meeting's agenda also included a review of the Pension Fund's risk register and a log of breaches of the law.

Local Government Pension Scheme 'Fit for the Future' Update

The Board was scheduled to receive an update on the Government's 'Fit for the Future' reforms for the LGPS. These reforms, stemming from draft regulations and statutory guidance issued by the Ministry of Housing, Communities and Local Government (MHCLG), propose mandatory participation in a single asset pool, delegation of investment implementation and advisory functions to these pools, and the introduction of new statutory governance roles and compulsory Independent Governance Reviews. Officers had noted widespread sector concerns that these requirements might be operationally unrealistic, risk diluting fiduciary responsibility, embed structural conflicts of interest, and place significant pressure on pool and fund capacity due to challenging timescales and current resource constraints. The report highlighted a need for clearer drafting, proportionate timelines, and detailed statutory guidance, while also outlining the legislative status of the Pension Schemes Bill.

Arrangements between the Fund and the London CIV: Update

This report was intended to inform the Board of the latest developments concerning the relationship between the Fund and the London Collective Investment Vehicle (CIV). These developments are a consequence of the Government's 'Fit for the Future' reforms and associated consultations. Legislation due to take effect from 31 March 2026 will mandate the transfer of the Fund's assets to Pool management. The Board was to be advised of the contractual arrangements that must be in place by this date. It was noted that at a meeting on 9 December 2025, the Pension Committee had agreed to delegate the authority for implementing these arrangements to the Corporate Director of Resources (Section 151 Officer) and the Head of Pensions.

Croydon Pensions Administration Team Key Performance Indicators and Pensions Dashboard Reporting for the Period September to November 2025

The Board was scheduled to review the Key Performance Indicators (KPIs) for the Croydon Pensions Administration Team, measured against the legal requirements for administering the LGPS. This report covered the three-month period up to the end of November 2025 and also included information regarding the Pensions Dashboard. The report indicated that the team had generally met targets for most indicators, with a few exceptions, notably in deferred benefit calculations. An increase in sign-ups to the Member Self-Service Portal was noted following the release of Annual Benefit Statements. The team had also completed Annual Allowance calculations and begun recalculating pensions for those affected by the McCloud judgement. The report also detailed the team's work on clearing old deferred benefit cases and highlighted recruitment challenges within the governance team.

Review of Risk Register

This report was to present the current Risk Register for the Pension Fund and highlight any changes made since the last review on 13 November 2025. The register details significant risks relating to governance, funding, assets and liabilities, and operational matters. The report noted that 17 risks were on the main register, with 10 identified as significant. It also highlighted the addition of one new risk concerning potential employer consolidation, particularly within Multi-Academy Trusts, and updates to several existing risks.

Review of Breaches of the Law

The Board was scheduled to review the current Breaches of the Law log extract for the Pension Fund. This report details any changes since the last review on 13 November 2025. The log includes breaches related to annual benefit statements, with a shortfall in issuing statements to deferred members, and issues concerning refunds, attributed to factors outside the Fund's direct control. The log also reflected updates regarding the 2023/24 accounts and the receipt of audit opinions.

Local Government Pension Scheme Advisory Board / The Pensions Regulator Update

This report was intended to inform the Board of matters currently under consideration 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 were to be noted and addressed in consultation with Fund advisers. The update included information on the SAB's response to the Government's 'Fit for the Future' consultation, its work on the LGPS Code of Transparency, and its response to CIPFA's Code of Practice on Local Authority Financial Reporting. It also covered the SAB's statements and legal advice regarding fiduciary duty, lobbying, and the implications of the conflict in Gaza, as well as its survey on diversity of representation and its response to the 'Access and Fairness' consultation. Updates on TPR's enforcement strategy consultation were also to be provided.