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The decisions as the council's minutes record them. A plain-language summary follows once it has been written.
RESOLVED that the minutes of the meeting of the Committee held on the 10th November, 2025 be signed as a correct record.
RESOLVED to recommend to Council that: 4.1 the updates to the Inter Authority Agreement (IAA) be approved; 4.2 final approval and signing of the documents be delegated to the S151 Officer and/or Monitoring Officer as appropriate, in consultation with the Chair of the Committee.
RESOLVED that the Draft Funding Strategy Statement be approved.
There were no apologies for absence.
Councillor Minute Number Nature of Interest D. E. Williams Items 4,5 & 7 He is a Member of the Dyfed Pension Fund D. Thomas Items 4,5 & 7 He is a Member of the Dyfed Pension Fund P.T. Warlow Items 4,5 & 7 He and his wife are Members of the Dyfed Pension Fund
Decision as recorded
RESOLVED that the minutes of the meeting of the Committee held on the 10th November, 2025 be signed as a correct record.
UNANIMOUSLY RESOLVED that the minutes of the meeting of the Committee held on the 10th November, 2025 be signed as a correct record.
Decision as recorded
RESOLVED to recommend to Council that: 4.1 the updates to the Inter Authority Agreement (IAA) be approved; 4.2 final approval and signing of the documents be delegated to the S151 Officer and/or Monitoring Officer as appropriate, in consultation with the Chair of the Committee.
The Committee considered a report on proposed amendments to the Wales Pension Partnership (WPP) governance arrangements, including the Inter-Authority Agreement (IAA) in order to meet the government’s “Fit for the Future” ambitions expected to become legislation from 1 April 2026. An overview of the new governance arrangements, including a summary of the main features of the revised IAA and updated IAA were set out at Appendices 1-3 to the report. The Committee reviewed the amendments which related to: · the creation of a new Shareholder Forum to oversee the Investment Management Company and act as the forum for decision-making in respect of shareholder “reserved matters”; · changes to the Terms of Reference of the Officer Working Group (OWG) and Joint Governance Committee (JGC); · the development of new legal documents necessary to support Wales Pension Partnership’s future investment pooling arrangements: a Shareholder Agreement (SHA) and a Client Service Agreement (CSA); · a revised IAA to reflect required changes to the governance arrangements. The Committee was appraised of the legal implications as set out in the report and noted that a review of the governance arrangements and related legal documents would be scheduled for 2027. In response to a query, the Committee was advised that each of the eight Pension Funds in Wales making up the Wales Pension Partnership would be required to approve the IAA. UNANIMOUSLY RESOLVED to recommend to Council that: 4.1 the updates to the Inter Authority Agreement (IAA) be approved; 4.2 final approval and signing of the documents be delegated to the S151 Officer and/or Monitoring Officer as appropriate, in consultation with the Chair of the Committee.
Decision as recorded
RESOLVED that the Draft Funding Strategy Statement be approved.
The Committee 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. In this regard, the Committee noted that Carmarthenshire County Council, as the Administering Authority, was responsible for ensuring that the Dyfed Pension Fund remained sustainable, affordable and resilient to ensure sufficient assets to meet its pension liabilities in the long-term. In preparing the Funding Strategy Statement, the Administering Authority took advice from the Actuary and consulted with interested parties. The Committee reviewed the Funding Strategy Statement, together with the detailed policies appended to the report which was considered critical for the Council to meet its fiduciary duty. In considering the management and governance of climate risk, the Committee expressed that the Fund’s endeavours to address these issues should be promoted. Reference was made to the imminent publication of the Exclusion Policy which would provide useful information to interested parties on the Fund’s priorities and objectives in this regard. Furthermore, the Committee was informed that the annual newsletter would be published on the Dyfed Pension Fund website to raise awareness of the actions taken to address climate risk. UNANIMOUSLY RESOLVED that the Draft Funding Strategy Statement 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.
Declarations are read from the minutes once they are published.
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