Croydon's Pension Fund is under increased scrutiny after failing to meet statutory deadlines for publishing its annual accounts and reports for the years 2019/20, 2020/21, 2021/22, 2022/23 and 2023/24, prompting concerns about governance and transparency. The delays are primarily attributed to issues with the Council's accounts, specifically concerning the accounting treatment of Croydon Affordable Homes LLP, and the effects of the Coronavirus pandemic, according to a letter to update The Pensions Regulator 10 June 2025.
The Pensions Regulator (TPR) may investigate further and consider using its powers to ensure that good governance standards are being maintained if their expectations are not met. A person can also be subject to a civil penalty if they fail to comply with the requirement to report breaches without a reasonable excuse.
The Croydon Pension Board reviewed the Pension Fund Breaches of the Law Log Extract at their meeting on Thursday 24 July 2025. The report pack stated that since the board last reviewed the log extract, no new entries have been added, but that 5 entries have been updated to include details of the letter to be issued by the fund to The Pensions Regulator informing them that the fund has failed to meet the statutory deadlines in respect of publishing annual accounts and annual reports for each of these years. The report pack also included a copy of the letter to update The Pensions Regulator 10 June 2025.
A letter to The Pensions Regulator had previously been sent in March 2023, informing them of breaches to the law for the publication of the Fund's Annual Report and Accounts for the years 2019/20, 2020/21 and 2021/22. A further letter updating The Pensions Regulator was sent following the Pension Committee on 10 June 2025.
To prevent future breaches, the fund welcomes the recent announcement by the Government of its commitment to pension fund accounts being separated from administering authority main accounts
as stated in the letter to update The Pensions Regulator 10 June 2025.
The Croydon Pension Board met on 24 July 2025 to discuss a range of issues, including a review of breaches of the law. The board was also scheduled to review and comment on the draft Pension Board Annual Report for 2024/25.
Another item on the agenda was the implementation of the McCloud Remedy. The board was asked to give their views for consideration as required by The Pensions Regulator (TPR) remedial service statements delivery (LGPS) statement as to whether the administering authority should exercise its discretion under Regulation 2(6) of The Local Government Pension Scheme (Information) Regulations 2024 (SI 2024/880) to defer the inclusion of the remedial service information until the 2025/26 Annual Benefit Statement (ABS). The board was also informed that there are certain members who do not receive an ABS under the regulations and are affected and that these members will have the McCloud remedy implementation phase extended to 31 August 2026.
