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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 14th May, 2024 be confirmed as a correct record.
AGREED that the report be noted.
AGREED that the report be noted.
AGREED that the report be noted.
AGREED that the Pension Administration Report in relation to the Dyfed Pension Fund be noted.
AGREED that the Breaches Report in relation to the Dyfed Pension Fund be noted.
AGREED that the risk register update be noted.
AGREED that the Dyfed Pension Fund Training Plan for the period 2024/25 be noted.
AGREED that the Carbon Intensity Analysis report be noted.
AGREED that the Wales Pension Partnership’s Responsible Investments update report as at 31 March 2024 be noted.
AGREED that the draft minutes of the meeting of the Dyfed Pension Fund Committee held on the 19th June, 2024 be noted.
AGREED that the report be noted.
AGREED that the Pension Board Work Plan for 2024 be noted.
An apology for absence was received from Mr. R. Edwards – Employee Member Representative.
There were no declarations of personal interest made at the meeting.
Decision as recorded
AGREED that the minutes of the meeting for the Pension Board held on the 14th May, 2024 be confirmed as a correct record.
AGREED that the minutes of the meeting for the Pension Board held on the 14th May, 2024 be confirmed as a correct record.
The Board considered the reports which were submitted to the Dyfed Pension Fund Committee for consideration at its meeting held on 19th June, 2024, as follows:-
Decision as recorded
AGREED that the report be noted.
The Board considered the Dyfed Pension Fund Audit Plan which specified the statutory responsibilities of the Auditor General for Wales as the Pension Fund’s external auditor. The plan set out the work to be undertaken by Audit Wales to address the audit risks identified and other key areas of focus during 2024. It also set out the estimated audit fee, details of the audit team and key dates for delivering the activities and planned outputs. AGREED that the report be noted.
Decision as recorded
AGREED that the report be noted.
The Board considered a report detailing the Dyfed Pension Fund final budgetary position for 2023/24. Reference was made to income exceeding budget whereby it was queried whether consideration would be given to issuing rebates to the contributing Authorities. The Treasury and Pension Investments Manager clarified that the next triennial actuarial evaluation to set employer rates was scheduled to be undertaken as at March 2025. In response to a query, it was confirmed that the Wales Pension Partnership expenditure was overspent compared to budget. In the main this was due to an increased allocation in WPP due to investments placed in Global Credit and Sustainable Active Equity during the year. AGREED that the report be noted.
Decision as recorded
AGREED that the report be noted.
The Board considered the Cash Reconciliation report which provided an update on the cash position in respect of the Dyfed Pension Fund as at 31st March, 2024. The Treasury and Pension Investments Manager clarified, in response to a query, that the high level of debtors and creditors noted within the report were short term in nature and could be attributed to costs paid or income received in April 2024 which related to the 2023-24 financial period; accordingly, these were accrued into the previous year. AGREED that the report be noted.
Decision as recorded
AGREED that the Pension Administration Report in relation to the Dyfed Pension Fund be noted.
The Board considered a report providing a progress update on the activities within the Pensions Administration service and included regulatory matters, breaches register, i-Connect, GMP reconciliation and workflows. In an update to the Board respect of the regulatory matters, the Pensions Manager confirmed that guidance from the Government Actuary Department had been issued on 16 June 2024 to reflect the changes made in respect of taxation and interest as referred to in section 1b of the report. AGREED that the Pension Administration Report in relation to the Dyfed Pension Fund be noted.
Decision as recorded
AGREED that the Breaches Report in relation to the Dyfed Pension Fund be noted.
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. The list of breaches appended to the report detailed the instances where employee/employer contributions had not been received on time. AGREED that the Breaches Report in relation to the Dyfed Pension Fund be noted.
Decision as recorded
AGREED that the risk register update be noted.
The Board received the Risk Register which detailed the risks identified in relation to the functions of the Dyfed Pension Fund. The report included an assessment of the potential impact, probability and risk rating for each identified area, together with the control measures implemented to mitigate the identified risks. The register for consideration focused upon the 8 Governance and Regulatory risks and it was confirmed that following a review of the register, there had been no changes to individual risks had been identified since the previous Committee meeting. In response to comments made in respect of the recent global IT outage, the Board was provided with an overview of the measures in place to mitigate cyber security risks and protect personal data for Dyfed Pension Fund. The Board was assured to note that the Authority had robust ICT structures and contingency arrangements in place. The pension administration software utilises a hosted system with two separate data centres and is ISO27001 accredited. In response to a query regarding Governance Risk areas 7 and 8, it was clarified that many macro-economic factors were outside the control of the Dyfed Pension Fund and therefore it was considered prudent to categorise these as high-risk. Such risks are mitigated, as far as possible, by way of a diversified asset allocation within the Dyfed Pension Fund. AGREED that the risk register update be noted.
Decision as recorded
AGREED that the Dyfed Pension Fund Training Plan for the period 2024/25 be noted.
The Board received an update on the Training Plan for 2024-2025 which detailed the schedule of committee meetings, and training events for members and officers of the Dyfed Pension Fund. AGREED that the Dyfed Pension Fund Training Plan for the period 2024/25 be noted.
Decision as recorded
AGREED that the Carbon Intensity Analysis report be noted.
The Board considered an update on the activity and progress in terms of the Fund’s Carbon Footprint position. The update illustrated the Weighted Average Carbon Intensity for the Fund’s equity portfolio, which had reduced by 18% in the year to 31 March 2024 and which represented a reduction of 15% p.a. over the three and a half years since the baseline in September 2020. In response to a query, the Treasury and Pension Investments Manager appraised the Board of the ongoing endeavours to develop a bespoke investment mandate for the Wales Pension Partnership (WPP) in respect of sustainable products. AGREED that the Carbon Intensity Analysis report be noted.
Decision as recorded
AGREED that the Wales Pension Partnership’s Responsible Investments update report as at 31 March 2024 be noted.
The Board received the WPP’s Responsible Investments update report as at 31 March 2024 detailing recent Responsible Investments activity together with information on the following Sub-Funds in which the Dyfed Pension Fund had invested: · Global Growth · Sustainable Active Equity · Global Credit In addition to the above, the update also provided a Stewardship Summary together with the relevant appendices numbered 1-4 within the report. In response to comments made in respect of a recent press article, the Treasury and Pension Investments Manager provided an assurance of the positive progress made by the LGPS to reduce carbon exposure and climate risk in recent years and it was emphasised that a measured approach was required in this regard. Reference was made to the shareholder proposals supported by the WPP in respect of Tyson Foods within the areas of corporate climate lobbying, deforestation-free supply chains, packaging in line with circular-economy principles and auditing policies to prevent child labour. In response to the concerns raised by the Board that the proposals received minority support and did not pass, the Treasury and Pension Investments Manager reported that further information would be sought on this matter and provide an update to the Board in due course. AGREED that the Wales Pension Partnership’s Responsible Investments update report as at 31 March 2024 be noted.
Decision as recorded
AGREED that the draft minutes of the meeting of the Dyfed Pension Fund Committee held on the 19th June, 2024 be noted.
AGREED that the draft minutes of the meeting of the Dyfed Pension Fund Committee held on the 19th June, 2024 be noted.
Decision as recorded
AGREED that the report be noted.
The Board considered the Pension Board Budget Monitoring report as at 30th June, 2024. Total actual expenditure incurred was £6.1k. The expenditure for the year was forecast to be in line with budget. In response to a query, it was clarified that the nil figure within the expenditure column related to a timing issue whereby invoices for expenditure would not have been processed. In such instances the expenditure was reflected within the forecast commitments column. AGREED that the report be noted.
Decision as recorded
AGREED that the Pension Board Work Plan for 2024 be noted.
The Board considered the Pension Board Work Plan for 2024 which outlined the work of the Pension Board throughout 2024 and the items to be presented at each meeting. AGREED that the Pension Board Work Plan for 2024 be noted.
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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