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The decisions as the council's minutes record them. A plain-language summary follows once it has been written.
RESOLVED To approve the updated a) Pensions Administration Strategy b) Complaints and Compliments Policy Communication Policy
RESOLVED: To approve the updated Overpayment and Underpayment Policy.
RESOLVED: To note the recent developments related to the WPP Investment Pool and the Fund’s Investment holdings.
RESOLVED To: approve the Investment decisions below: (1) A commitment of £50m for the WPP Closed Ended Infrastructure sub-fund Series II (2) An investment of £20-£30m in the WPP Real Estate UK Impact sub-fund funded from top-slicing the existing Property Investments (3) The transfer of the existing BlackRock Low Carbon Tracker Fund into the new WPP bespoke BlackRock passive fund. The decision on the private credit fund was delegated to the Section 151 Officer and Chairperson, with further information to be gathered and shared with committee members.
RESOLVED To note the contents of the Risk Register.
RESOLVED To note the Fund’s responses to the Fit for the future consultation.
RESOLVED to note the minutes and acknowledged the progress in addressing vacancies and clearing the backlog of cases.
None received.
Cllr Weaver declared a personal interest as a member of the Scheme Advisory Board on behalf of the WLGA. Cllr Taylor declared a personal interest as his employer is funded in part by investment through WPP.
The minutes of the meeting held on 27 November 2024 were approved as a correct record.
Decision as recorded
RESOLVED To approve the updated a) Pensions Administration Strategy b) Complaints and Compliments Policy Communication Policy
Officers presented the report which included the administration strategy, complaints and compliments policy, and communication policy. Members were advised that the updates to the policies and strategies were minor, such as updating addresses and references. RESOLVED To approve the updated a) Pensions Administration Strategy b) Complaints and Compliments Policy Communication Policy
Decision as recorded
RESOLVED: To approve the updated Overpayment and Underpayment Policy.
Officers outlined the proposed changes to the overpayment policy and provided a comprehensive overview of the report. Members discussed the following points Officers outlined the proposed changes to the overpayment policy, including increasing the threshold for not recovering overpayments from £100 to £250 net and not seeking to recover overpayments in the month of death. These changes aim to reduce the administrative burden and provide a more compassionate approach. Officer advised that the estimated cost of these changes would be less than £10,000 per annum. This estimate is based on historical data and includes a contingency for potential fluctuations. Members were advised that for any outstanding overpayments that fall under the new threshold, the committee would write to the affected families to inform them that the debt will not be pursued. This approach ensures consistency and fairness in the implementation of the updated policy. After discussing the proposed changes and their implications, Members expressed their support for the changes, highlighting the importance of a compassionate approach. RESOLVED: To approve the updated Overpayment and Underpayment Policy.
Decision as recorded
RESOLVED: To note the recent developments related to the WPP Investment Pool and the Fund’s Investment holdings.
Officers provided a comprehensive update on the WPP and investment matters, including the fund's valuation and recent investments. Members discussed the following points Fund Valuation – Officers reported that the total value of the fund at the end of November 2024 was £3.2 billion, with 90% of investments pooled. This represents a significant increase from the previous year, where the fund's value was £2.7 billion in November 2023. Recent Investments - Officers highlighted recent investments, including a £2 million investment in a private equity fund and a £4.5 million final commitment to the open-ended infrastructure fund with CBRE. These investments contribute to the fund's growth and diversification. Oscar Mayer Investment – Members discussed the issue of the Oscar Mayer investment, which is part of the private credit fund managed by Russell. Pemberton, a sub-manager in the fund, owns Oscar Mayer. There has been a long-running dispute involving financial issues and cost-cutting measures at Oscar Mayer, which has led to concerns from the Unite Union. Officers explained that Pemberton had to introduce cost-cutting measures at Oscar Mayer due to the loss of a major supermarket customer. These measures included reducing the benefits and conditions of the workforce. Pemberton viewed these cuts as necessary to avoid closing the site. The Chairperson suggested sharing information with committee members about the Oscar Mayer investment and the ongoing dispute. He also proposed discussing the issue at the Officer Working Group and at Chair level within the WPP to determine the appropriate response and actions. Actions: • Discuss the feasibility of having a WPP statement or policy on Israel and Palestine at the Officer Working Group next week. Officers • Produce and circulate correspondence for committee members to use when contacted about the fund's responsible investment approach. (Chairperson) • Draft a letter of correspondence covering the fund's considerations and discussions on the Israel and Palestine issue and share it with committee members before sending it out. (Officers/Chairperson) • Share the information received from Pemberton regarding the Oscar Mayer investment with committee members. (Officers) • Draft and share public correspondence regarding the Oscar Mayer investment for committee members to use in responses. (Chairperson) RESOLVED: To note the recent developments related to the WPP Investment Pool and the Fund’s Investment holdings.
Decision as recorded
RESOLVED To: approve the Investment decisions below: (1) A commitment of £50m for the WPP Closed Ended Infrastructure sub-fund Series II (2) An investment of £20-£30m in the WPP Real Estate UK Impact sub-fund funded from top-slicing the existing Property Investments (3) The transfer of the existing BlackRock Low Carbon Tracker Fund into the new WPP bespoke BlackRock passive fund. The decision on the private credit fund was delegated to the Section 151 Officer and Chairperson, with further information to be gathered and shared with committee members.
Officers presented the Asset Allocation 2025-2026 report, including commitments to the closed-ended infrastructure sub-fund, private credit fund, and impact sleeve of the real estate fund. Members discussed the following points Infrastructure Sub-Fund: Members noted there was a £50 million commitment to the closed-ended infrastructure sub-fund managed by GCM Grosvenor. This investment aims to diversify the fund's assets and align with the strategic allocation target for infrastructure. Private Credit Fund: Members were advised of a £50 million investment in the next vintage of the WPP private credit fund managed by Russell. Impact Sleeve: A discussion took place around the top slicing £30 million from existing UK property investments to invest in the impact sleeve of the real estate fund managed by Schroders. This investment aligns with the fit for the future consultation and focuses on areas such as affordable housing and town centre regeneration. Passive Equity Fund: Members discussed the transferring of the existing Black Rock low carbon tracker fund into a bespoke WPP exclusive fund. This approach allows for closer alignment with net zero policy and specific exclusions, despite a potential increase in fees and tracking error. RESOLVED To: approve the Investment decisions below: (1) A commitment of £50m for the WPP Closed Ended Infrastructure sub-fund Series II (2) An investment of £20-£30m in the WPP Real Estate UK Impact sub-fund funded from top-slicing the existing Property Investments (3) The transfer of the existing BlackRock Low Carbon Tracker Fund into the new WPP bespoke BlackRock passive fund. The decision on the private credit fund was delegated to the Section 151 Officer and Chairperson, with further information to be gathered and shared with committee members.
Decision as recorded
RESOLVED To note the contents of the Risk Register.
Officers introduced the risk register update, highlighting the addition of a new risk related to compliance with the pension regulator code of practice. Members discussed the following points. The committee noted the update and agreed to monitor potential risks arising from the fit for the future consultation. RESOLVED To note the contents of the Risk Register.
Decision as recorded
RESOLVED To note the Fund’s responses to the Fit for the future consultation.
Officers provided a comprehensive outline of the report which was to update the Committee on the Cardiff & Vale of Glamorgan Pension Fund’s response to the Ministry for Housing, Communities and Local Government (MHCLG) LGPS Fit for the Future consultation. Members discussed the following points. Members discussed the fund's response to the fit for the future consultation, which was broadly supportive but highlighted potential challenges, such as the March 2026 deadline for setting up an FCA-regulated investment management company. The committee noted the responses and ongoing preparatory work. RESOLVED To note the Fund’s responses to the Fit for the future consultation.
Decision as recorded
RESOLVED to note the minutes and acknowledged the progress in addressing vacancies and clearing the backlog of cases.
Officers presented the minutes of the November meeting of the Local Pension Board, which included discussions on the annual report and resource challenges. The committee RESOLVED to note the minutes and acknowledged the progress in addressing vacancies and clearing the backlog of cases.
Noted
None
To be arranged.
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