The Pension Committee of Croydon Council convened on Tuesday, 11 June 2024, to discuss various matters related to the management and administration of the council's pension fund. Key decisions included the approval of the joint Pension Committee and Board Training Plan for 2024/25 and the updated Pension Fund Communications Policy Statement.

Training Plan

The Acting Head of Pensions and Treasury introduced the training plan for 2024/25, developed in collaboration with AON. Mary Lambe from AON highlighted that the plan was informed by the National Knowledge Assessment conducted in December 2022, which identified gaps in the training for Committee and Board Members. The plan aims to align training topics with emerging issues and includes foundation-level training. The Committee resolved to agree on the proposed joint Pension Committee and Board Training Plan for 2024/25.

Pension Fund Governance: Pension Fund Communications Policy Statement

The Acting Head of Pensions and Treasury presented the updated Pension Fund Communications Policy Statement, which complies with the Local Government Pension Scheme Regulations. The policy outlines communication strategies with fund members, prospective members, representatives, and employers. The Committee agreed to the updated policy.

Croydon Council Pension Fund Data Retention and GDPR

The Pension Manager discussed the necessity of holding personal data for pensioner members and the requirements under the UK General Data Protection Regulations. The Committee approved the updated documentation, including the Full Privacy Notice, Summary Privacy Notice, Personal Data Retention Policy, and Memorandum of Understanding for Employers.

Croydon Pensions Administration Team Key Performance Indicators

The Pensions Manager reported on the performance of the admin team from November 2023 to January 2024. The team performed well in handling deaths, retirements, and estimates but identified areas for improvement in leaver calculations. The Committee noted the Key Performance Indicators and the performance against these indicators.

Inter-valuation Funding Update

Robbie McInroy from Hymans Robertson provided an update on the funding position as of 31 December 2023. The Fund showed a surplus with a 122% funding level, driven by improved investment returns. However, maintaining a 4% investment return over the next 20 years is essential to retain a 100% funding level. The Committee discussed options for managing the surplus, including reducing employer contribution rates, adjusting the investment strategy, or retaining the surplus as a buffer against market volatility.

Audit Findings Report

The Acting Head of Pensions and Treasury presented the audit findings report by Grant Thornton on the 2019/20 accounts. The report, which was carried out in 2021 and presented to the Audit and Governance Committee in November 2023, raised no issues. However, the final certification is pending due to the Kroll report.

Local Government Pension Scheme Advisory Board / The Pensions Regulator Update

The Committee was informed about the new code of practice from the Pension Regulator, effective from 27 March 2024. Officers will work with AON to assess the fund's compliance with the new requirements and inform the Committee of any necessary changes.

For more detailed information, you can refer to the printed minutes of the meeting.