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The decisions as the council's minutes record them. A plain-language summary follows once it has been written.
AGREED that the minutes of the meeting for the Pension Board held on the 21st January 2026 be confirmed as a correct record.
AGREED that the Wales Pension Partnership Inter Authority Agreement be noted.
AGREED that the minutes of the Dyfed Pension Fund Committee held on the 24th February 2026 be received.
AGREED that the Dyfed Pension Fund Pension Board Report, 21st January 2026 be noted.
AGREED that the budget for 2026-2027 be noted
AGREED to note the Dyfed Pension Fund Discretionary Notional Investment Strategy Policy.
AGREED to note the Business Plan for 2026-2029
AGREED that the Training Plans for 2025/26 and 2026/27 be noted.
AGREED that the update report be noted.
AGREED that the minutes of the Dyfed Pension Fund Committee held on the 11th March 2026 be received.
AGREED that the Pension Board Budget Monitoring report for the period 1 April 2025 – 31 March 2026 be noted
AGREED that the Pension Board Action Log be noted.
AGREED that the Draft Funding Strategy Statement be noted
AGREED that the Budget Monitoring Report and Cash Position be noted
AGREED that the report be noted
AGREED to note any breaches that occurred in the Dyfed Pension Fund.
AGREED to note the Risk Register report
AGREED that the Pension Board Work Plan for 2026 be approved.
An apology for absence was received from Michael Evans, Member Representative.
There were no declarations of personal interest.
Decision as recorded
AGREED that the minutes of the meeting for the Pension Board held on the 21st January 2026 be confirmed as a correct record.
AGREED that the minutes of the meeting for the Pension Board held on the 21st January 2026 be confirmed as a correct record.
Decision as recorded
AGREED that the Wales Pension Partnership Inter Authority Agreement be noted.
The Board considered a report on proposed amendments to the Wales Pension Partnership (WPP) governance arrangements that was approved at the Pension Committee meeting on 24th February 2026. The Director of Corporate Services presented the report and outlined the background to the changes as a result of the Local Government Pension Scheme (LGPS) Fit for The Future Consultation. He set out the process leading to the establishment of the WPP Investment Management Company (IM Co), which is currently awaiting FCA authorisation. The Inter Authority Agreement had been approved by 7 of the 8 constituent authorities of the WPP. It was also noted that this new agreement built upon the original 2018 agreement with changes to account for the new IM Co. The Pension Board was advised in response to a question regarding the governance structure, that the new IM Co would have more governance and oversight than before, included non-executive directors on the company board, who would have responsibility to report back to the Shareholder Board. It was noted that the Pension Board would continue running as it has done, and that the Pension Fund Board chairs would continue to meet twice yearly. In response to a question regarding Carmarthenshire County Council’s hosting of the Dyfed Pension Fund and Wales Pension Partnership, the board were advised that this would continue, but some of the responsibilities would change. The costs would be charged equally between the eight constituent authorities and Carmarthenshire would also continue to administer the Pension Board and WPP Joint Governance Committee. It was also noted that there would be regulatory capital placed within the IM Co in the region of £6.5 to £7m (also on an equal basis between the authorities). AGREED that the Wales Pension Partnership Inter Authority Agreement be noted.
Decision as recorded
AGREED that the minutes of the Dyfed Pension Fund Committee held on the 24th February 2026 be received.
The Board received the draft minutes of the Dyfed Pension Fund Committee meeting held on the 24th February 2026. AGREED that the minutes of the Dyfed Pension Fund Committee held on the 24th February 2026 be received.
Decision as recorded
AGREED that the Dyfed Pension Fund Pension Board Report, 21st January 2026 be noted.
The Board received a report from the Independent Chair, providing an update from the Pension Board meeting on 21st January 2026, which was noted at the Pension Committee meeting on 11th March 2026. The items discussed at the Pension Board meeting included the: - External Audit Report - Budget Monitoring - Risk Register - Notices of Motion - Wales Pension Partnership - Investment Performance AGREED that the Dyfed Pension Fund Pension Board Report, 21st January 2026 be noted.
Decision as recorded
AGREED that the budget for 2026-2027 be noted
The Board received a report that was provided to the Pension Committee, with the Dyfed Pension Fund Budget for 2026-2027. The Pensions Investment Officer presented the report and noted some of the key figures including that total contributions were estimated at £100.2m, comprising £69.3m from employers and £30.9m from employees. Benefits payable was estimated at £133.6m. A question was asked regarding the likelihood of employers’ contributions needing to be re-assed before the scheduled date in three years. The Board was reassured that this was very unlikely, and that there was a tolerance in place within contributions to account for changing market conditions. AGREED that the budget for 2026-2027 be noted
Decision as recorded
AGREED to note the Dyfed Pension Fund Discretionary Notional Investment Strategy Policy.
The Board received a report previously provided to the Pension Committee on the fund’s Discretionary Notional Investment Strategy Policy. The Policy will allow flexibility for Employers to request a lower risk (notional) investment strategy. It sets out the criteria that determines the eligibility of an Employer to make such a request, the process for making a request and the application of the arrangement should a request be granted. The Board asked if that had been any requests under this policy yet, or any expected soon, and they were advised that eight employers so far had elected to participate. It was also noted that this would not impact large employers who would continually have new entrants to the scheme. AGREED to note the Dyfed Pension Fund Discretionary Notional Investment Strategy Policy.
Decision as recorded
AGREED to note the Business Plan for 2026-2029
The Board received a report previously provided to the Pension Committee on the Business Plan for 2026-2029. The purpose of the business plan was to: - Provide information about the Fund and how it is run - Explain the background and governance structure of the Fund Outline the principal responsibilities of the Fund - Introduce the Fund’s key documents - Highlight the Fund’s investment strategy including strategic asset allocation - Provide key statistics for the Fund - Outline the financial budget for the next year - Outline the priorities and business objectives of the Fund over the next three years It was noted that the new pensions regulations – expected at the end of June – would mandate investment locally, but that the fund already did this to a large extent. It was also noted that while the Board itself was included in the business plan, no reference was made to the membership. The Head of Financial Services noted this for future Business Plans. AGREED to note the Business Plan for 2026-2029
Decision as recorded
AGREED that the Training Plans for 2025/26 and 2026/27 be noted.
The Board received an update on the 2025/26 and 2026/27 Training Plans which detailed the schedule of committee meetings, and training events for members and officers of the Dyfed Pension Fund. This report had previously been provided to the Pension Committee. AGREED that the Training Plans for 2025/26 and 2026/27 be noted.
Decision as recorded
AGREED that the update report be noted.
The Board received an update on the Wales Pension Partnership (WPP) Joint Governance Committee meeting on Monday 8th December 2025, that had been provided to the Committee on 11th March 2026, including the: – Joint Governance Committee (JGC) Update – Responsible Investment Update – 30 September 2025 – Business Plan – WPP Investment Management Company Business Plan – Updated Responsible Investment Policy A question was asked regarding Robeco voting against the board elections at the AGM of Nu Holdings’, the Brazilian digital-banking-services company as well as Compangnie Financière Richemont, and whether this was unusual for them to do when they were in a minority against what the company had proposed. The Board was advised that Robeco have their own standards when voting on company boards, and that these could be shared with members privately as the information is not in the public domain. It was also noted that in the Business Plan Q2 Review there was a lot of work that was classed as ongoing; the Board asked that there be more detail in terms of target dates and actions. The Director of Corporate Services advised that he would take this comment back to WPP. In response to a question on the coherence of the Responsible Investment (RI) Policy across the eight funds of the WPP, the Board was advised that there will be one policy across the eight funds and that the IM Co as the investments advisor would play a significant role in this too. The fund will not be able to dictate to the IM Co its RI policy, but because of the relationship and the shareholders responsibility the company was very unlikely to not embrace the fund’s RI policy. A question was asked regarding the new requirement for all pools to be registered Authorised Investment Fund Managers, and whether this was in the WPP IM Co business plan. The Director of Corporate Services advised that he was unsure if this was the case and would follow it up outside of the meeting. AGREED that the update report be noted.
Decision as recorded
AGREED that the minutes of the Dyfed Pension Fund Committee held on the 11th March 2026 be received.
The Board received the draft minutes of the Dyfed Pension Fund Committee meeting held on 11th March 2026. AGREED that the minutes of the Dyfed Pension Fund Committee held on the 11th March 2026 be received.
Decision as recorded
AGREED that the Pension Board Budget Monitoring report for the period 1 April 2025 – 31 March 2026 be noted
The Board received the Pension Board Budget Monitoring report for the period 1 April 2025 – 31 March 2026. The position as at 31 March 2026 was a total actual expenditure incurred of £21.7k. Expenditure for the year was an underspend compared to budget. AGREED that the Pension Board Budget Monitoring report for the period 1 April 2025 – 31 March 2026 be noted
Decision as recorded
AGREED that the Pension Board Action Log be noted.
The Board considered the Pension Board Action Log which included details of actions and updates presented at previous meetings. The Action Log is reviewed at each Board meeting and updated as necessary. AGREED that the Pension Board Action Log be noted.
The Board received, for consideration and comment, the reports considered by the Dyfed Pension Fund Committee on the 24th February 2026, as referred to in minutes 4.1 – 4.3 below.
Decision as recorded
AGREED that the Draft Funding Strategy Statement be noted
The Board received for consideration the draft Funding Strategy Statement (FSS) which provided a clear and transparent funding strategy regarding how each Fund employer’s pension liabilities would be met. This had been approved by the Pension Committee on 24th February 2026. The Head of Financial Services advised that the purpose of this was to align with the fund’s statutory responsibility to be sustainable, affordable and resilient. Key points noted were the strengthened approach to climate risk, revised covenant of notable risks, and expanded guidance of surplus management. A question was asked regarding increasing life expectancy and the impact of the age which people live to in good health being below the retirement age. The Head of Financial Services advised that this would affect the fund, but that there were different tiers to ill health retirement and clear criteria for an equitable approach for members of the fund. Any additional costs that arise where there is an early release of pension would be borne by the individual employer. Regarding life expectancy, it was noted that this was increasing, but the growth was slowing. It was also requested that future reports have an executive summary to help the Board and members of the public make sense of what was a lengthy report. AGREED that the Draft Funding Strategy Statement be noted
The Board received, for consideration and comment, the reports considered by the Dyfed Pension Fund Committee on the 11th March 2026, as referred to in minutes 5.1 – 5.11 below.
Decision as recorded
AGREED that the Budget Monitoring Report and Cash Position be noted
The Board received a report that had provided the Pension Committee with an update on the latest budgetary and cash positions as at 31st December 2025. The Board asked a question regarding the £4.46m of WPP Global Credit Fund income that was distributed to the Fund as cash instead of being reinvested. It was advised that some of this cash was shown to be needed due to the SAA review, but that it could only be taken as this lump sum, so the decision was to take all of it rather than none. AGREED that the Budget Monitoring Report and Cash Position be noted
Decision as recorded
AGREED that the report be noted
The Board received a report that had given the Pension Committee an update on activity within the Pensions Administration service. An update was provided on the pensions dashboard, which was ready to go live, and waiting for sign off from the Pensions Regulator. The Board asked about the delay from the regulator and were advised that the fund had no control over this, and other pension funds may be causing it. The Board was informed about the latest progress on iConnect and noted the delay from some employers in onboarding with correct data. A question was asked regarding what the fund was doing to ensure the correct data, and the Board were advised that the fund was working with employers to support them in doing this. Further updates were given on the breach regarding payment of pension contribution refunds, and on GMP reconciliation. AGREED that the report be noted
Decision as recorded
AGREED to note any breaches that occurred in the Dyfed Pension Fund.
The Board received the Breaches Report in relation to the Dyfed Pension Fund which had been prepared in accordance with Section 70 of the Pension Act 2004, Code of Practice no 14 and the Dyfed Pension Fund Breaches Policy. This report had been provided to the Pension Committee at its 11th March 2026 meeting. A question was asked about breaches 173 to 175, which were related to cheques being received late and why they were still being used. The Board was advised that the employers relating to these breaches had now switched to bank transfers. AGREED to note any breaches that occurred in the Dyfed Pension Fund.
Decision as recorded
AGREED to note the Risk Register report
The Board received the Risk Register report that had previously been provided to the Pension Committee. This is a working document that highlights all the risks identified in relation to the functions of the Dyfed Pension Fund which is regularly monitored and reviewed. The Board welcomed the new format of the register, and asked a question regarding the loss of knowledge within the pension fund with officers moving from Carmarthenshire County Council to the new WPP IM Co. The Director of Corporate Services noted that this was a valid observation and advised they had appointed an officer to the Treasury and Pensions Investment Manager post on a temporary basis and were considering a permanent replacement. The Board were advised that there were risks with this loss of staff, but there was a plan in place to mitigate the risk. In response to a question regarding cyber risk, the Board was advised that a recent workshop on cyber attacks to pensions administration took place; the department performed well and considered that it had robust plans. It was noted however that the risks remained high and constant vigilance was needed, as however much resources were put into this it was always going to be difficult to stay on top of the risk. The risks regarding the new IM Co were always noted as it will be a smaller company, without as much money to put into cyber security as the fund’s host authority Carmarthenshire County Council. AGREED to note the Risk Register report
Decision as recorded
AGREED that the Pension Board Work Plan for 2026 be approved.
The Board considered the Pension Board Work Plan for 2026 which outlined the work of the Pension Board throughout 2026 and the items to be presented at each meeting. The Work Plan will be reviewed at each Board meeting and revised as necessary. It was noted that since the publication of the agenda, the date of the next meeting had been confirmed as the 29th July 2026. AGREED that the Pension Board Work Plan for 2026 be approved.
UNANIMOUSLY RESOLVED, pursuant to the Local Government Act 1972, as amended by the Local Government (Access to Information) (Variation) (Wales) Order 2007, that the public be excluded from the meeting during consideration of the following items as the reports contained exempt information as defined in paragraph 14 of Part 4 of Schedule 12A to the Act.
Councillors must say when they have a personal link to something being discussed, such as a job, a property or a family member. A prejudicial interest is one strong enough that the councillor usually leaves the room and takes no part.
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