The Pension Board of Croydon Council met on Wednesday 26 August 2026 to discuss the Pension Fund's Annual Report and Financial Statements for 2025/26, review key performance indicators for pensions administration, and consider updates on policies related to representation, conflicts of interest, data improvement, and the administration strategy. The Board also received an update on the activities of the Local Government Pension Scheme Advisory Board and The Pensions Regulator.

Pension Fund Annual Report and Financial Statements 2025/26

The Board was scheduled to review the London Borough of Croydon Pension Fund Annual Report for 2025/26. This report, along with the draft financial statements, was to be presented to the Pension Committee on 15 September 2026 for approval for publication, subject to the completion of the financial statement audit. The report details the Fund's financial performance, investments, governance, and administration activities for the year. The report highlights that the Fund's net assets increased by £182 million during 2025/26, bringing total net assets to £2.145 billion. The Fund achieved an investment return of 10.3% for the year, outperforming its benchmark of CPI + 4% by 2.8 percentage points. The report also noted that the Fund's funding level was 132% as of 31 March 2025, indicating a surplus.

Croydon Pensions Administration Report for May to July 2026

The Board was to receive an update on the performance of the Croydon Pensions Administration Team for the period May to July 2026. This report detailed Key Performance Indicators (KPIs) against legal and internal requirements for administering the Local Government Pension Scheme (LGPS). The report indicated that while most legal deadlines were met, the process for informing members who have left the scheme of their calculated benefits was below target, with an average of 65 days to process these cases. Recruitment was underway to fill a vacant Senior Pension Officer role. The report also noted progress on McCloud remedy calculations and the ongoing work related to the Pensions Dashboard programme, including address tracing and data cleansing.

Review of Representation Policy

The Board was asked to consider a reviewed Representation Policy. This policy outlines the Fund's approach to the representation of scheme members and non-administering authority employers on its committees. The review was prompted by recommendations from the Scheme Advisory Board's Good Governance Review and updated statutory requirements under the Local Government Pension Scheme (Amendment) (Governance) Regulations 2026. The policy details the composition and voting rights of the Pension Committee and Pension Board, noting current vacancies and efforts to improve diversity.

Review of Conflicts of Interest Policy

A revised Conflicts of Interest Policy was presented for the Board's consideration. This update ensures compliance 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 individual roles, the Council's dual capacity as administering authority and employer, and participation in investment pooling arrangements like the London CIV. It also incorporates changes related to the forthcoming appointment of an LGPS Senior Officer, an Independent Person, and an Independent Governance Reviewer.

Review of Data Improvement Policy

The Board was asked to review an updated Data Improvement Policy. This policy details the Fund's approach to monitoring and identifying data quality issues, implementing corrective measures, reporting, and setting long-term improvement goals. The review ensures the policy aligns with current regulatory and statutory guidance, including requirements from The Pensions Regulator (TPR) for regular data quality reviews. Appendix A of the policy outlines the processes in place for identifying data issues, such as annual data quality scoring, monthly employer data collection, and reconciliations between various systems.

Review of Pension Administration Strategy

The Board was scheduled to consider a reviewed draft Pension Administration Strategy. This strategy is a mandatory requirement under the Local Government Pension Scheme Regulations 2013, as amended by the Local Government Pension Scheme (Amendment) (Governance) Regulations 2026. The reviewed strategy aims to ensure compliance with current regulatory and statutory guidance and reflects existing practices. It sets out performance standards for the Administering Authority and Scheme employers, procedures for liaison and communication, and outlines the process for addressing poor performance. The strategy will be subject to consultation with employers following the Board's review.

Local Government Pension Scheme Advisory Board and The Pensions Regulator Update

The Board was to receive an update on matters being considered by the Local Government Pension Scheme Advisory Board (SAB) and The Pensions Regulator (TPR). This included information on new investment working groups established by the SAB focusing on fiduciary oversight of pools, cost transparency, local investment projects, and responsible investment strategies. Updates were also provided on the decommissioning of the LGPS Code of Transparency data system run by Byhiras and the launch of a new Cost Transparency and Benchmarking Services framework. The Board was also informed about the SAB's revised Code of Transparency and its autumn programme of engagement events. Regarding TPR, the report noted that no specific publications with direct relevance to the LGPS had been issued in the last twelve months, although a consultation on TPR's new Enforcement Strategy was referenced. The report also detailed recent announcements from the SAB concerning the Pension Schemes Act 2026, the 2025 actuarial valuations, and responses to consultations on access and protections, and the gender pension gap.