The Pension Committee of Croydon Council met on Tuesday 09 June 2026 to discuss the London CIV update, the performance of the Croydon Pensions Administration Team, and the audit plan for the Pension Fund. The committee also reviewed the Governance Best Practice Compliance Statement, breaches of the law, and the risk register.

London CIV Update

The committee was scheduled to receive an update on the evolving relationship between the Pension Fund and London LGPS CIV Ltd (London CIV ). This included discussions on the contractual and governance arrangements to be put in place by 30 June 2026, following the Fit for the Future reforms and the Pension Schemes Act 2026. The report also covered the Fund's pooling position at 31 March 2026 and any cost savings achieved. Legislation enacted on 29 April 2026, with further regulations due to come into force on 30 June 2026, requires all Local Government Pension Scheme assets to be managed through FCA-regulated asset pool companies, fundamentally changing the operating model for LGPS funds.

Croydon Pensions Administration Team Key Performance Indicators and Pensions Dashboard Reporting

This report was scheduled to outline the Key Performance Indicators (KPIs) for the administration of the Local Government Pension Scheme for the period February 2026 to April 2026. It was expected to measure performance against legal requirements, team performance targets, case levels, and the take-up of the member self-service portal. Information regarding the Pension Dashboard was also to be included. The report indicated that the team had generally met targets for most indicators, with the exception of deferred benefit calculations, which remained below expected levels. Plans were in place to address these older leaver cases, which were noted as being more complicated and requiring more data verification.

The Audit Plan for the London Borough of Croydon Pension Fund

The committee was to be presented with The Audit Plan for the London Borough of Croydon Pension Fund for the Year Ending 31 March 2026, as provided by Grant Thornton UK LLP. This plan was to offer an overview of the planned scope and timing of the statutory audit of the Fund for those charged with governance. The report highlighted that the Accounts and Audit (Amendment) Regulations 2024 require the Fund to publish audited financial statements for the year ended 31 March 2026 by 31 January 2027. Grant Thornton has been appointed by Public Sector Audit Appointments Limited (PSAA) as the auditor for the Fund.

Governance Best Practice Compliance Statement

This report was intended to update the Governance Best Practice Compliance Statement for the committee's consideration. Regulation 55 of the Local Government Pension Scheme Regulations 2013 mandates that administering authorities prepare a written statement detailing their compliance with guidance from the Secretary of State regarding the delegation of functions. The statement was to outline where the Pension Fund was fully compliant with current guidance and provide explanations for any areas of non-compliance. Three substantive changes were noted from the previous version of the statement, relating to Principle Ab, Principle Ba(i), and Principle Ea.

Review of Breaches of the Law

The committee was scheduled to review the current Breaches of the Law log extract for the Pension Fund and highlight any changes since the last review on 17 March 2026. Section 70 of the Pensions Act 2004 imposes a duty on certain individuals involved in pension scheme administration to report breaches of the law to The Pensions Regulator if they believe the failure to comply is likely to be of material significance. The report indicated that no new entries had been added to the log since the last review, three entries had been removed due to being over three years old, and no entries had been updated.

Review of Risk Register

This report was to present the current Risk Register for the Pension Fund, highlighting any changes since the last review on 17 March 2026. The register details relevant risk scenarios, their likelihood and impact, and appropriate mitigations. The report indicated that there were 20 risks on the main register, with 13 considered significant (scoring 10 or higher). It was noted that planned future controls could potentially reduce the number of significant risks to 8. No new risks had been added to the register.

Progress Report for the Quarter Ended 31 March 2026

The committee was to receive an update on the Fund's investments and current funding position for the quarter ending 31 March 2026. The report was divided into four sections: performance against strategic goals, asset allocation strategy and planned investments, risk management, and updates from investment manager meetings. The market value of the Fund's investments at 31 March 2026 was reported as £2,139.4m, a decrease of £27.4m over the quarter, with the Fund returning -1.15% during this period. Despite short-term market volatility, the Fund remained well-funded at 124%, with a surplus of £0.43bn.

Local Government Pension Scheme Advisory Board / The Pensions Regulator Update

This report was intended to inform the committee of matters currently 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 were to be noted and addressed in consultation with Fund advisers. The report detailed updates on the Government's response to the Fit for the Future reforms, the publication of the 2025 Scheme Annual Report, and discussions regarding fiduciary duty and investment in conflict zones. It also covered updates on the LGPS Code of Transparency data system and the Pension Schemes Act 2026.

Exclusion of the Press and Public

A motion was to be moved and seconded to exclude the press and public from the remainder of the meeting for specific items of business. This was proposed on the grounds that these items involved the likely disclosure of exempt information, as defined in Part 1 of Schedule 12A of the Local Government Act 1972, and that the public interest in maintaining the exemption outweighed the public interest in disclosing the information.

Part B - Progress Report for Quarter Ended 31 March 2026

This section of the report, detailed in pages 193-292 of the public reports pack, was also subject to the exclusion of the press and public. The motion to exclude was based on the likely disclosure of exempt information relating to the financial or business affairs of particular persons.