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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 10th July, 2025 be confirmed as a correct record.
AGREED that the Dyfed Pension Fund Pension Board Report, 10th July, 2025 be noted.
AGREED that the Budget Monitoring and Cash position as at 30 June 2025 in relation to the Dyfed Pension Fund be noted.
AGREED that the Pension Administration Report in relation to the Dyfed Pension Fund be noted.
AGREED that the Cyber Policy 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 in relation to the Dyfed Pension Fund update be noted.
AGREED that the Training Plan for the period 2025/26 in relation to the Dyfed Pension Fund be noted.
AGREED that the update from the WPP JGC meeting held on the 16th July, 2025 and the WPP Business Plan Review (April 2024 - March 2025) be noted.
AGREED that the draft minutes of the meeting of the Dyfed Pension Fund Committee held on the 22nd September, 2025 be noted.
AGREED that the Pension Board Budget Monitoring report 1 April, 2025 – 30 September, 2025 be noted.
AGREED that the Pension Board Work Plan for 2025 be noted.
RESOLVED THAT the Pension Board Work Plan for 2026 be approved.
AGREED that the Pension Board Action Log be noted.
An apology for absence was received from M. Rogers, Pensioner 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 10th July, 2025 be confirmed as a correct record.
AGREED that the minutes of the meeting for the Pension Board held on the 10th July, 2025 be confirmed as a correct record.
The Board received, for consideration and comment, the reports considered by the Dyfed Pension Fund Committee on the 22nd September, 2025, as referred to in minutes 4.1 – 4.9 below.
Decision as recorded
AGREED that the Dyfed Pension Fund Pension Board Report, 10th July, 2025 be noted.
The Board received a report from the Independent Chair, providing an update from the Pension Board meeting on 10th July, 2025, which was noted at the Pension Committee meeting on 22nd September, 2025, items discussed included: · Budget Monitoring; · Pensions Dashboard; · Pensions Administration; · Carbon Intensity; · Dyfed Pension Fund Policies; · Risk Register; · Updates in relation to the Wales Pension Partnership; · Investment Performance. AGREED that the Dyfed Pension Fund Pension Board Report, 10th July, 2025 be noted.
Decision as recorded
AGREED that the Budget Monitoring and Cash position as at 30 June 2025 in relation to the Dyfed Pension Fund be noted.
The Board received the Dyfed Pension Fund Budget Monitoring report which provided an update on the latest budgetary position in respect of the 2025/26 financial year. It was reported that the expenditure was projected to be underspent by £744k. At budget setting, an allowance of 1.3% was built in for the increase in pensioner membership. In terms of income, it was reported that contributions were forecasted to be £118k more than budgeted due to more augmentation income from employers being forecast than was anticipated at budget setting although contributions were broadly in line with what was anticipated. It was noted that investment income was forecast to be £4.35m more than budgeted due to WPP Global Credit Fund income being distributed to the Fund as cash instead of being reinvested. It was noted that the overall total expenditure was estimated at £146.53m and total income estimated at £151.74m resulting in a positive variance against a budget of £5.21m. In terms of the cash position, it was reported that £9.8m was held by Carmarthenshire County Council on behalf of the Fund for immediate cash flow requirements. UNANIMOUSLY AGREED that the Budget Monitoring and Cash position as at 30 June 2025 in relation to the Dyfed Pension Fund 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, breaches register, i-Connect, Annual Benefit Statements, GMP reconciliation and workflows. In response to a query regarding as to why the Pension Dashboard had not gone live, the Pensions Manager informed members that a “go live” date had not been provided by the Pensions Regulator, however members would be able to trace benefits from October, 2025. AGREED that the Pension Administration Report in relation to the Dyfed Pension Fund be noted.
Decision as recorded
AGREED that the Cyber Policy in relation to the Dyfed Pension Fund be noted.
The Board received for consideration the Cyber Policy in relation to the Dyfed Pension Fund, which had been prepared in accordance with the new General Code of Practice for pension schemes. In 2024, the new General Code of Practice replaced the Code of Practice 14 for public service pension schemes bringing together the ten previous TPR codes into one. The Cyber Policy, appended to the report, detailed how the Fund intended to assess and manage the risk by following the Seek, Shield, Solve and Review Framework. AGREED that the Cyber Policy 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 considered 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. The Dyfed Pension Fund Breaches Policy was approved by the Dyfed Pension Fund Committee in March 2016 and under the policy, breaches of the law are required to be reported to the Pensions Regulator. Since the last Pension Fund Committee meeting, contributions were received late for three cases. There were no long-term implications associated with the breaches. The report also reflected the automatic payment of refunds that were due for June, July and August 2025. AGREED that the Breaches Report in relation to the Dyfed Pension Fund be noted.
Decision as recorded
AGREED that the Risk Register in relation to the Dyfed Pension Fund update 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. The risk register is regularly monitored and reviewed and risks are identified as operational and strategic. The register for consideration focused upon the 13 Funding and Investment risks and it was confirmed that following a review of the register, there had been no changes to individual risks identified since the previous committee. In response to a query regarding the cyber risk, members were informed that this was a new risk and had been reviewed by all officers to mitigate risk. AGREED that the Risk Register in relation to the Dyfed Pension Fund update be noted.
Decision as recorded
AGREED that the Training Plan for the period 2025/26 in relation to the Dyfed Pension Fund be noted.
The Board received an update on the Training Plan for 2025-2026 which detailed the schedule of committee meetings, and training events for members and officers of the Dyfed Pension Fund. AGREED that the Training Plan for the period 2025/26 in relation to the Dyfed Pension Fund be noted.
Decision as recorded
AGREED that the update from the WPP JGC meeting held on the 16th July, 2025 and the WPP Business Plan Review (April 2024 - March 2025) be noted.
The Board received the Wales Pension Partnership (WPP) Joint Governance Committee (JGC) Update and Business Plan. The reports provided the Board with an update from the WPP JGC meeting held on the 16th July 2025 and included: · Governance · Ongoing Sub-Fund Development · Operator Services · Investments and Reporting · Communication and Training · Resources, Budget and Fees · Training Plan In addition to the above, the report provided commentary on WPP’s investment performance for Q1 2025 (January 2025-March2025). It was reported that Mr. Rob Lamb had been appointed as the Chief Executive of the Wales Pension Partnership Investment Management Company. AGREED that the update from the WPP JGC meeting held on the 16th July, 2025 and the WPP Business Plan Review (April 2024 - March 2025) be noted.
Decision as recorded
AGREED that the draft minutes of the meeting of the Dyfed Pension Fund Committee held on the 22nd September, 2025 be noted.
AGREED that the draft minutes of the meeting of the Dyfed Pension Fund Committee held on the 22nd September, 2025 be noted.
Decision as recorded
AGREED that the Pension Board Budget Monitoring report 1 April, 2025 – 30 September, 2025 be noted.
The Board considered the Pension Board Budget Monitoring report as at 30th September, 2025. Total actual expenditure incurred was £14k. The expenditure for the year indicated a slight overspend compared to budget. AGREED that the Pension Board Budget Monitoring report 1 April, 2025 – 30 September, 2025 be noted.
Decision as recorded
AGREED that the Pension Board Work Plan for 2025 be noted.
The Board considered the Pension Board Work Plan for 2025 which outlined the work of the Pension Board throughout 2025 and the items to be presented at each meeting. AGREED that the Pension Board Work Plan for 2025 be noted.
Decision as recorded
RESOLVED 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. RESOLVED THAT the Pension Board Work Plan for 2026 be approved.
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.
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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