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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 29th October, 2024 be confirmed as a correct record.
AGREED that the Dyfed Pension Fund Pension Board Report, 11th November, 2024 be noted.
AGREED that the Dyfed Pension Fund Annual report and Accounts 2023-2024 and the Audit of Financial Statements Report 2023-2024 be received.
AGREED that the Budget Monitoring report and cash position as at 30 September, 2024 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 Dyfed Pension Fund Training Plan for the period 2024-25 be noted.
AGREED that the report be noted.
AGREED that the WPP update report be noted.
AGREED that the draft minutes of the meeting of the Dyfed Pension Fund Committee held on the 11th November 2024 be noted.
AGREED to receive the Pension Committee Response to the Pension Board Resolution in relation to the Bute Group of Companies.
AGREED that the report be noted.
AGREED that the Budget for 2025-26 be approved.
AGREED to note the Pension Board Workplan for 2025.
AGREED to note the Pension Board Action Log.
There were no apologies for absence.
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 29th October, 2024 be confirmed as a correct record.
4.5 – Risk Register – In response to a query, the Board was advised that an update would be provided to the Board meeting in May. AGREED that the minutes of the meeting for the Pension Board held on the 29th October, 2024 be confirmed as a correct record.
The Board received, for consideration and comment, the reports considered by the Dyfed Pension Fund Committee on the 11th November, 2024, as referred to in minutes 4.1 – 4.9 below.
Decision as recorded
AGREED that the Dyfed Pension Fund Pension Board Report, 11th November, 2024 be noted.
The Board received a report from the Independent Chair, providing an update from the Pension Board meeting on 29th October, 2024, which was noted at the Pension Committee meeting on 11th November, 2024, items discussed included: · Budget Monitoring; · Pensions Administration Update; · Investment Performance; · Risk Register; · Training Plan; · Robeco Engagement Report; · Bute Investment Report; · Independent Adviser Report. AGREED that the Dyfed Pension Fund Pension Board Report, 11th November, 2024 be noted.
Decision as recorded
AGREED that the Dyfed Pension Fund Annual report and Accounts 2023-2024 and the Audit of Financial Statements Report 2023-2024 be received.
The Board received the Dyfed Pension Fund Annual Report and Accounts 2023-2024. It was noted that the net assets of the Fund had been increasing steadily during recent years, growing from £2.378m in 2020 to £3,468m in 2024, an increase of 45%. The Board noted that the Fund’s longer-term policies, objectives and strategies were agreed by the Dyfed Pension Fund Committee. The policy documents covered governance, risk, funding, investment, administration and communications. Board Members thanked the staff for their hard work in providing a comprehensive report. The Board received the Audit of Financial Statements Report 2023-2024. It was noted that the Auditor General was responsible for providing an opinion on whether the financial statements of the Dyfed Pension Fund gave a true and fair view of their financial position as at 31 March 2024 and of its income and expenditure for the year end. An unqualified audit report on the financial statements had been issued and the finalised report had been considered by the Governance & Audit committee on 27th September, 2024. Wales Audit Office had found that there were no misstatements identified in the financial statements or significant issues to report, which remained uncorrected. A number of minor presentational errors in the draft financial statements had been corrected by management. AGREED that the Dyfed Pension Fund Annual report and Accounts 2023-2024 and the Audit of Financial Statements Report 2023-2024 be received.
Decision as recorded
AGREED that the Budget Monitoring report and cash position as at 30 September, 2024 be noted.
The Board considered the Dyfed Pension Fund Budget Monitoring report which provided an update on the latest budgetary position as at 30th September 2024. The Committee was informed of an overspend compared to budget of £55k. The Board was informed that the cash position as at 30 September, 2024 reported £5.9m cash held by Carmarthenshire County Council on behalf of the Fund for immediate cash flow requirements to pay pensions, lump sums and investment management costs. AGREED that the Budget Monitoring report and cash position as at 30 September, 2024 be noted.
Decision as recorded
AGREED that the Pension Administration Report in relation to the Dyfed Pension Fund be noted.
The Board received a report providing an update on Pensions Administration. The Pensions Manager provided an update on the activities within the Pensions Administration service which included regulatory matters, new employer, breaches register, i-Connect, GMP reconciliation and workflows. · In response to a query, the Pensions Manager informed that there was a legal timeframe to introduce the pension dashboard and the Authority was on track to go live in October 2025. · The Pensions Manager informed the Board that the Authority would continue to reconcile the GMP values it held for members with those calculated by HMRC. This would ensure that all individuals recorded by HMRC against the Fund were correct. 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 for consideration the Breaches Report in relation to the Dyfed Pension Fund. It was noted that Section 70 of the Pension Act 2004 sets out the legal duty to report breaches of the law. In the Code of Practice No. 14, published by the Pensions Regulator in April 2015, paragraphs 241 to 275 provide guidance on reporting these breaches. The Dyfed Pension Fund Breaches Policy had been approved by the Dyfed Pension Fund Panel in March 2016. Under the policy breaches of the law were required to be reported to the Pensions Regulator where there was a reasonable cause to believe that: · a legal duty which is relevant to the administration of the scheme has not been, or is not being, complied with; · the failure to comply was likely to be of material significance to the Regulator in the exercise of any of its functions. The Board noted that that the issue regarding the late receipt of employee/employer contributions, highlighted in the report, had been successfully resolved since publication. AGREED that the Breaches Report in relation to the Dyfed Pension Fund be noted.
Decision as recorded
AGREED that the Dyfed Pension Fund Training Plan for the period 2024-25 be noted.
The Board received the Dyfed Pension Fund Training Plan for the period 2024-2025 detailing meetings, training events and the members and officers anticipated to attend the events. AGREED that the Dyfed Pension Fund Training Plan for the period 2024-25 be noted.
Decision as recorded
AGREED that the report be noted.
The Board considered the Internal Audit Report – Dyfed Pension Fund Governance & Investments, which set out the general opinion, assurance rating, summary of recommendations and the key findings and action plan. The report identified one minor issue in relation to an error on a reconciliation. This issue was immediately resolved following the completion of the audit with additional control implemented. AGREED that the report be noted.
Decision as recorded
AGREED that the WPP update report be noted.
The Board considered an update on the activities and progress of the Wales Pension Partnership including work that has been completed since the last JGC meeting and the WPP’s next steps/priorities. The following observations/queries were raised and responded to:- · The Treasury and Pensions Investment Manger in response to a query stated that the Clwyd Pension Fund had less assets pooled than other funds, due to them having a high proportion of private market investments which are costly and difficult to divest from. AGREED that the WPP update report be noted.
Decision as recorded
AGREED that the draft minutes of the meeting of the Dyfed Pension Fund Committee held on the 11th November 2024 be noted.
AGREED that the draft minutes of the meeting of the Dyfed Pension Fund Committee held on the 11th November 2024 be noted.
Decision as recorded
AGREED to receive the Pension Committee Response to the Pension Board Resolution in relation to the Bute Group of Companies.
The Board considered the response from the Pension Committee, as included in report, in relation to the Pension Board resolution which was passed on 14th May 2024. The Director of Corporate Services advised that the Fund had no mechanism to exit the investment, that the Fund is contractually obliged to pay over capital calls as they fall due and that the investment is limited to the windfarms with no involvement of the Fund in the grid connection infrastructure. Board members thanked the Committee for the detailed report. AGREED to receive the Pension Committee Response to the Pension Board Resolution in relation to the Bute Group of Companies.
Decision as recorded
AGREED that the report be noted.
The Board received the Pension Board Budget Monitoring report as at 31st December 2024. Total actual expenditure incurred was £17.5k. The forecasted expenditure for the year was a £3k underspend compared to budget. AGREED that the report be noted.
Decision as recorded
AGREED that the Budget for 2025-26 be approved.
The Board considered their Budget for 2025-26 which was in line with the budget for 2024-25. It was noted that there was a budget available for training and travel purposes. AGREED that the Budget for 2025-26 be approved.
Decision as recorded
AGREED to note the Pension Board Workplan for 2025.
The Board considered the Pension Board Workplan for 2025 which outlined the work of the Pension Board throughout 2025 and the items to be presented at each meeting. It was noted since the publication of the meeting papers that two of the Pension Committee dates had changed however the Pension Board dates remain the same as published. It was agreed that the Pension Board would be provided with a briefing on the implications to the Fund of the current pension investments consultation issued by the UK Government in particular in relation to local investments. AGREED to note the Pension Board Workplan for 2025.
Decision as recorded
AGREED to note the Pension Board Action Log.
The Board considered the Pension Board Action Log which included details of actions and updates presented at previous meetings. The Board noted that the Action Log was reviewed at each Board meeting and was updated as necessary. After a request at a previous meeting, a timeline had been included, which allowed members to easily track progress of important deadlines. AGREED to note the Pension Board Action Log.
UNANIMOUSLY AGREED, 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.
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