4. Governance
Fit for Future - Good Governance Review
- The LGPS Fit for the Future regulations set out expectations to improve LGPS governance at Fund and Pool level. Regulations and statutory guidance are expected to be published 1st April 2026.
- The Fund has already taken action to comply with the draft requirements issued in 2021 but will conduct a further gap analysis and implementation plan during 2026.
General Code of Practice (GCOP)
- The Pension Regulator’s GCOP came into force on 27 March 2024, consolidating 10 separate Codes.
- During 2025 the Fund implemented its action plan to meet compliance with new requirements. A further review will be conducted in 2026.
Knowledge & Skills
- Knowledge & skills requirements are a key component of the Fit for Future requirements for committees, pension boards and officers.
- Committee and Board members and officers have committed to complete Hyman’s Learning Academy which now forms a mandatory part of the Fund’s Training policy.
- Achieving compliance with Fit for Future and our policy will be a priority for 2026-27.
Audit
- The Audit Plan for 2026-27 will focus on a few critical areas.
| Critical Areas | Timing |
|---|---|
| Risk Management | Q1 |
| Pension Dashboard - Data Readiness: Phase 1 | Q2 |
| Cyber Security - Staff Training & Awareness, inc. Boards | Q3 |
| Cyber Security - Malware & Ransomware: APF Response | Q4 |
| LPPI - Review of Control Environment | Q4 |
| Follow Up Reviews on 2025/26 Audits | All |
Pension Committee Recruitment
- The Fund will undertake a nomination exercise to appoint a new Academy representative as well as appointing its first Independent Person aligned with Fit for Future requirements.
Risk Management
- The Fund will keep its Business Continuity Plan under review to ensure it remains fit for purpose and resilient vs new threats.
- The Fund will also identify key risks and undertake mitigating actions to reduce the Fund’s aggregate risk exposure.