The Pension Board of Croydon Council met on Thursday, 11 April 2024, to discuss the Pension Fund's Medium Term Business Plan for 2024-2027, review key performance indicators for the Croydon Pensions Administration Team, and consider updates from The Pensions Regulator and the Local Government Pension Scheme Advisory Board. The meeting also covered the implementation of The Pensions Regulator's new General Code of Practice, training updates for board members, and a review of breaches of the law.

Pension Fund Medium Term Business Plan 2024/27

The Board was scheduled to consider a draft Business Plan for the Croydon Pension Fund covering the financial years 2024/25 to 2026/27. This plan outlines the aims and objectives of the Fund, its governance and management structure, and the work programme for members, officers, and advisers. It also details investment strategies, cash flow projections, resource allocation, and training plans. The plan includes a review of the 2023/24 financial year and key policy documents supporting the Fund's operations. The Board was invited to comment on and agree to the recommended plan.

Croydon Pensions Administration Team Key Performance Indicators

A report was presented detailing the Key Performance Indicators (KPIs) for the Croydon Pensions Administration Team for the period December 2023 to February 2024. The report measured performance against legal requirements and team targets, covering areas such as processing leaver calculations, refunds, and retirement benefit notifications. The report highlighted that while most targets were met, leaver calculations continued to be a challenge, with an action plan in place to address these issues through process streamlining, automation, and improved employer engagement.

The Pensions Regulator's New General Code Update

The Board was updated on The Pensions Regulator's (TPR) new General Code of Practice, which came into effect on 27 March 2024. This comprehensive code consolidates previous guidance into a single document, setting out expectations for scheme governance and administration. The report explained that officers were using a compliance checker model provided by Aon to assess the Fund's adherence to the code, acknowledging that this is a significant task requiring current staffing resources. A training session for the Pension Board and Committee on the TPR code was also scheduled.

Pension Committee Training Update

This report provided a record of training undertaken by Pension Board members during the 2023/24 financial year up to 2 April 2024. It included a log of training events attended and details of training completed via the Hymans Robertson training portal. The report reminded members to inform officers of any training undertaken to ensure accurate record-keeping and good governance. It also highlighted the availability of online training modules and planned sessions to address knowledge gaps identified in the National Knowledge Assessment.

Review of Breaches of the Law

The Board was presented with the current Breaches of the Law log for the Pension Fund, detailing any changes since the previous review. The report explained the legal duty to report breaches of the law to The Pensions Regulator, as outlined in the Pension Act 2004. The log included 12 reported items, with one amendment made since the last review. A specific amendment related to Breach 6, concerning the failure to publish audited fund accounts, noting that the 2019/20 accounts had been agreed by the Audit Committee. The Board was asked to review and note the contents of the log.

Croydon Council Pension Fund Data Retention and GDPR

This report addressed the need for Croydon Council, as the administering authority for the Local Government Pension Scheme (LGPS), to periodically review and update documentation related to the UK General Data Protection Regulations (UKGDPR) and the Data Protection Act 2018 (DPA). It outlined the types of personal data held, the importance of secure data transfer, and the necessity for data retention by both the Fund and scheme employers. Updated documents, including a Full Privacy Notice, Summary Privacy Notice, Personal Data Retention Policy, and a Memorandum of Understanding for Employers, had been reviewed and approved.

Local Government Pension Scheme Advisory Board / The Pensions Regulator Update

This report provided the Board with an update on matters being considered by the Local Government Pension Scheme Advisory Board (SAB) and The Pensions Regulator (TPR) that are relevant to the Fund. Updates from the SAB included information on the LGPS Gender Pensions Gap Report, advice on Sharia law and the LGPS, and the progress of the Economic Activity of Public Bodies (Overseas Matters) Bill. It also covered the SAB's response to the DLUHC consultation on the local audit backlog and the TPR's General Code of Practice. Updates from TPR included information on its new general code of practice and the importance of effective systems of governance and own risk assessments.

Cyber Security Update

This report was scheduled to update the Board on progress with the creation and implementation of cyber security requirements.

Pension Committee Training Update

This report showed a record of training undertaken by Pension Board members in Year 2023/24 to 2 April 2024. The report included a log of training undertaken attached to the report as Appendix A and a log of training completed accessed through the Hymans Robertson training portal to 31 March 2024 attached to this report as Appendix B.

Review of Breaches of the Law

This report presented the current Breaches of the Law log (in Appendix A) for the Pension Fund and highlighted any changes made since the last review carried out at the Pension Board meeting held on 17 January 2024.

Croydon Council Pension Fund Data Retention and GDPR

Croydon Council, as administering authority for the Local Government Pension Scheme, must periodically review and update documentation relating to the UK General Data Protection Regulations (UKGDPR) and the Data Protection Act 2018 (DPA) to ensure compliance with the regulations.

Local Government Pension Scheme Advisory Board / The Pensions Regulator Update

This report advised the Board of the matters currently being considered by the Local Government Pension Scheme Advisory Board and The Pensions Regulator which are relevant to the Fund. Any implications for the Fund have been noted and are being addressed in consultation with Fund advisers.