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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 15th May 2025 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 policies 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 report be noted.
AGREED that the Dyfed Pension Fund Training Plan for the period 2025-26 be noted.
AGREED that the Dyfed Pension Fund Carbon Intensity Analysis report as at 31st March 2025 be noted.
AGREED that the WPP’s Responsible Investments update report be noted.
AGREED to note the revised Wales Pension Partnership (WPP) Business Plan for the period 2025-28.
AGREED that the report be noted.
AGREED that the draft minutes of the meeting of the Dyfed Pension Fund Committee held on the 23rd June 2025 be noted.
AGREED that the report be noted.
AGREED to note the Pension Board Workplan for 2025.
AGREED to note the Dyfed Pension Board Action Log.
Apologies were received from Richard Edwards and Councillor Alun Lenny (Employer Member Representatives).
There were no declarations of personal interest.
Decision as recorded
AGREED that the minutes of the meeting for the Pension Board held on the 15th May 2025 be confirmed as a correct record.
AGREED that the minutes of the meeting for the Pension Board held on the 15th May 2025 be confirmed as a correct record.
Decision as recorded
AGREED that the report be noted.
The Board considered the Dyfed Pension Fund Budget Audit Plan 2025 which detailed the work proposed by the Auditor General, when it would be undertaken, cost and responsibilities. AGREED that the report be noted.
Decision as recorded
AGREED that the report be noted.
The Board considered the Dyfed Pension Fund Board Report which included items that were discussed at the Board Meeting on the 15th May 2025: • Budget Monitoring • Budget 2025/26 • Pensions Administration • Dyfed Pension Fund Policies • Risk Register • Updates in relation to the Wales Pension Partnership • Investment Performance AGREED that the report be noted.
Decision as recorded
AGREED that the report be noted.
The Board received the final Dyfed Pension Fund Budgetary position as at 31st March 2025. In response to a query regarding the variances and if lessons could be learnt, officers advised that there was an increase in trend in terms of people moving in and out of the scheme and that this would be factored in over the next few years. 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 received a report providing an update on Pensions Administration service. The report included updates on the activities within the Pensions Administration service and included regulatory matters, breaches register, i-Connect, GMP reconciliation and workflows. In response to a query regarding the dashboard, the Board was advised that work would be undertaken to raise awareness in its entirety regarding pension benefits and the updated dashboard. AGREED that the Pension Administration Report in relation to the Dyfed Pension Fund be noted.
Decision as recorded
AGREED that the policies in relation to the Dyfed Pension Fund be noted.
The Board received for consideration the following policies, as set out in the report, to assist in complying with the new code: • Recovery of Overpayment Policy • Death Grant Policy • Anti-Fraud and Corruption Policy • Equality and Diversity Policy • Privacy Notice • Conflict of Interest Policy • Risk Management Policy AGREED that the policies 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. AGREED that the Breaches Report in relation to the Dyfed Pension Fund be noted.
Decision as recorded
Agreed that the risk register report be noted.
The Board was advised that the Risk Register was a working document that highlighted all the risks identified in relation to the functions of the Dyfed Pension Fund. It was advised that the risk register was regularly monitored and reviewed to ensure risks had been identified and assessed. It was reported that there had been no changes since the previous committee meeting. In relation to risk G7 it was asked how the fund was responding to the global financial markets. The Board was advised that controls had been put in place and that assets held were continually being reviewed. Agreed that the risk register report be noted.
Decision as recorded
AGREED that the Dyfed Pension Fund Training Plan for the period 2025-26 be noted.
The Board received the Dyfed Pension Fund Training Plan for the period 2025-2026 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 2025-26 be noted.
Decision as recorded
AGREED that the Dyfed Pension Fund Carbon Intensity Analysis report as at 31st March 2025 be noted.
The Board received a report has been prepared to update the Committee on the Fund’s Equity Carbon Intensity position. The paper illustrated the Weighted Average Carbon Intensity of the Fund’s equity portfolio to 31st March 2025. The Board acknowledge the positive results and impact by the fund and suggested that officers publicise this both at a local and national level. AGREED that the Dyfed Pension Fund Carbon Intensity Analysis report as at 31st March 2025 be noted.
Decision as recorded
AGREED that the WPP’s Responsible Investments update report be noted.
The Board received the WPP’s Responsible Investments update report as at 31 March 2025 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 response to a question regarding what the engagement had achieved as the actions and outcomes did not appear to be significant, the board was advised that there was a table within the Robeco report that detailed the actions that had resulted in successful engagement. The Chair stated that there was a lot of detail in the report including good news stories about the activities undertaken by the fund and asked if there was a way of extracting this information and publicising it. AGREED that the WPP’s Responsible Investments update report be noted.
Decision as recorded
AGREED to note the revised Wales Pension Partnership (WPP) Business Plan for the period 2025-28.
The Board received the Dyfed Pension Fund Business Plan for the period 2025-2028 the purpose of which was to: • Explain the background and governance structure of the Fund. • Outline the priorities and business objectives of the Fund over the next three years. • Introduce the Fund’s policies and plans. • Outline the financial budget for the relevant Business Plan period. • Summarise the Fund’s Investments & Performance Objectives. It was asked when the Board could expect to receive further information about the set up of the private company as currently limited information was available. The Board was advised that the information would be detailed in the business plan which was due for completion by the end of the year. The Chair advised that he anticipated that the board would be in receipt of updates at every meeting. AGREED to note the revised Wales Pension Partnership (WPP) Business Plan for the period 2025-28.
Decision as recorded
AGREED that the report be noted.
The Board received for consideration a report detailing progress with the implementation of the Wales Pension Partnership Fit for the Future Business Case In response to a query regarding potential financial implications of establishing the stand-alone investment company, the Board was advised that the ambition was that the structure would result in reduced costs. It was noted that currently there was spend without return. It was noted that regular briefings were provided, and that this information would be fed back to the Board. AGREED that the report be noted.
Decision as recorded
AGREED that the draft minutes of the meeting of the Dyfed Pension Fund Committee held on the 23rd June 2025 be noted.
AGREED that the draft minutes of the meeting of the Dyfed Pension Fund Committee held on the 23rd June 2025 be noted.
Decision as recorded
AGREED that the report be noted.
The Board received the Pension Board Budget Monitoring report as at 30th June 2025. Total actual expenditure incurred was £11k. The forecasted expenditure for the year indicated a slight overspend compared to budget. AGREED that the report be noted.
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. AGREED to note the Pension Board Workplan for 2025.
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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