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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 14th July 2026 be signed as a correct record.
RESOLVED that the Dyfed Pension Fund Pension Board report for the meeting held on the 29th July 2026 be received.
RESOLVED that the Committee receive the final budgetary and cash positions for the Dyfed Pension Fund as at 30th June 2026.
RESOLVED that: 6.1 the Pensions Administration Report be noted; 6.2 the threshold increase from £5 to £20 for pensioner payslip variances as set out in section 3 of the report be approved.
RESOLVED to note any breaches that occurred in the Dyfed Pension Fund.
RESOLVED that the risk register report be noted.
RESOLVED that the Training Plan for 2026/27 be approved.
RESOLVED to note the Joint Governance Committee update.
RESOLVED to note the Wales Pension Partnership Responsible Investment Update.
There were no apologies for absence. The Chair informed the Committee that, in exercising his discretionary functions, he had accepted two questions from members of the public. As the questioners were unable to attend the meeting, the Chair agreed to read the questions aloud on their behalf. The questions would not be debated, and written responses would be provided. Question 1- Mr Bob Clay "The pre-audit 2025 / 2026 Accounts show just over £8mill for Investment management expenses. Can we have an estimate as to what savings the Dyfed Fund will make as a result of pooling through the WPP and then IMco?” Question 2 – Mr Max Li-rocchi “Once the WPP and IM Co process has been completed - and all assets transferred accordingly - will the Dyfed Fund be able to divest and reinvest any of its pooled assets? In other words, who has the ultimate authority to decide on investment decisions, and whose Responsible Investment Policy (and Exclusions Framework) takes precedence when the Dyfed Pension Fund and the WPP have separate policies, and IM Co are also due to write their own policy once operational?” The Director of Corporate Services took the opportunity to update the Committee on ongoing engagement with stakeholder representatives in relation to the matter under consideration. He reported that, prior to the meeting of the WPP held the previous day, the Chair of the WPP, the Director and other officers met with five representatives from different forums, including Mr Li-rocchi, who had submitted a question to the Committee. During the meeting, officers provided an update on the current stage of the process, answered questions and discussed a number of relevant issues. Committee Members were advised that there was some overlap between the matters raised in Mr Li-rocchi’s question to the Committee and the issues discussed during the engagement session. He emphasised that engagement with stakeholders was continuing and noted that a separate response would be provided to the question submitted by Mr Bob Clay.
Councillor Minute Number Nature of Interest D. E. Williams All items He is a Member of the Dyfed Pension Fund D. Thomas All items He and his wife are Members of the Dyfed Pension Fund P.T. Warlow All items 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 14th July 2026 be signed as a correct record.
UNANIMOUSLY RESOLVED that the minutes of the meeting of the Committee held on the 14th July 2026 be signed as a correct record.
Decision as recorded
RESOLVED that the Dyfed Pension Fund Pension Board report for the meeting held on the 29th July 2026 be received.
The Committee received a report from the Dyfed Pension Fund Pension Board’s Independent Chair providing Pension Committee with an update from the Pension Board meeting on 29th July 2026. The Pension Board’s Independent Chair presented the report, which included the reports that had been presented to the Board. The Pension Board’s Independent Chair drew attention to the Equity Carbon Intensity Analysis, noting the positive improvement in the Fund's carbon weighting. It was reported that the Board welcomed this progress and considered that the achievement should be publicised more widely as a positive outcome for the Fund. Furthermore, it was reported that the proposals relating to the rebalancing of the Fund's asset allocation, which had been considered at the previous meeting, had been agreed. In acknowledging the positive work being undertaken by the Fund it was agreed that the achievements should be promoted more widely. UNANIMOUSLY RESOLVED that the Dyfed Pension Fund Pension Board report for the meeting held on the 29th July 2026 be received.
Decision as recorded
RESOLVED that the Committee receive the final budgetary and cash positions for the Dyfed Pension Fund as at 30th June 2026.
The Committee received a report on the final budgetary and cash positions of the Dyfed Pension Fund as at 30th June 2026. The Pension Investment Officer presented the report and noted the various underspends set out in the report, which amounted to an overall projected overspend of £2.9m. Overall, total expenditure is forecast to be £152.8m and total income is forecast to be £149.9m. UNANIMOUSLY RESOLVED that the Committee receive the final budgetary and cash positions for the Dyfed Pension Fund as at 30th June 2026.
Decision as recorded
RESOLVED that: 6.1 the Pensions Administration Report be noted; 6.2 the threshold increase from £5 to £20 for pensioner payslip variances as set out in section 3 of the report be approved.
The Committee received a report giving an update on activity within the Pensions Administration service. The Pensions Manager advised the Committee of updates in the following areas: • Regulatory matters • McCloud/Sargeant • Pension Dashboards • Equalisation of Survivor Benefits • Death Grants • Breaches register • Payslip Variances • Annual Benefit Statements • i-Connect • GMP reconciliation • Workflows The Committee considered the proposal as set out in section 3 of the report, to increase the threshold from £5 to £20 for pensioner payslip variances. UNANIMOUSLY RESOLVED that: 6.1 the Pensions Administration Report be noted; 6.2 the threshold increase from £5 to £20 for pensioner payslip variances as set out in section 3 of the report be approved.
Decision as recorded
RESOLVED to note any breaches that occurred in the Dyfed Pension Fund.
The Committee 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 Pension Investment Officer presented the report and noted that since the previous Committee meeting there had been two cases where contributions were received late. There were no long-term implications associated with these breaches. The report had also been updated to reflect the automatic payment of refunds that were due from May to September 2026. UNANIMOUSLY RESOLVED to note any breaches that occurred in the Dyfed Pension Fund.
Decision as recorded
RESOLVED that the risk register report be noted.
The Committee received the Risk Register. This is a working document that highlights all the risks identified in relation to the functions of the Dyfed Pension Fund which is regularly monitored and reviewed. The Pension Investment Officer presented the report and noted that the focus for this meeting was the Funding and Investment risks. There were 13 risks in total, and if left uncontrolled, 9 would be classed as either high or very high risk and 4 as medium risk. With the controls in place, the risks were reduced to 1 high/very high risk, 9 medium and 3 low/very low risk. UNANIMOUSLY RESOLVED that the risk register report be noted.
Decision as recorded
RESOLVED that the Training Plan for 2026/27 be approved.
The Committee received for consideration the 2026/27 Training Plan, which detailed the proposed schedule of committee meetings, and training events for members and officers of the Dyfed Pension Fund. The Pension Investment Officer presented the report and noted that the plan had been updated with member availability for conferences, but that it was a working document, and further changes could be made in future. UNANIMOUSLY RESOLVED that the Training Plan for 2026/27 be approved.
Decision as recorded
RESOLVED to note the Joint Governance Committee update.
The Committee received an update on the Wales Pension Partnership (WPP) Joint Governance Committee meeting on 15th July 2026 presented by the Director of Corporate Services. The update included matters which was considered at the July meeting and developments reported at the most recent Wales Pension Partnership (WPP) meeting held in Carmarthen. Members were advised that updates had been provided on the risk register, host authority arrangements and performance monitoring, with Russell Investments also in attendance to present performance information. In addition, it was reported that the WPP complaints and whistleblowing policies had recently been updated as part of an ongoing programme of policy reviews to reflect the establishment of the Investment Management Company (IMCo). An update was also provided on the progress of IMCo. Members noted that the Shareholders’ Agreement had been signed by all parties and that the first Shareholders’ Board meeting was scheduled for early October. Furthermore, two non-executive directors had been appointed to represent the WPP on the Company Board. It was further reported that the Financial Conduct Authority (FCA) had granted approval to the company, which became operational on 1 September 2026 and was expected to assume investment management responsibilities from 1 October 2026. The Committee noted the WPP Business Plan and Quarter 1 performance information. Members were advised that more than 80% of participating fund assets were invested through the Pool and that the Dyfed Pension Fund had investments valued at approximately £1.8 billion within pooled arrangements. Recent performance information indicated improvements across a number of investments, with positive returns being reported overall. During discussion, the Committee noted comments regarding the need for greater detail within future WPP business plan updates, particularly in relation to the monitoring and development of local investment initiatives. It was agreed that consideration be given to providing more focused reporting on areas of particular relevance to the Dyfed Pension Fund. UNANIMOUSLY RESOLVED to note the Joint Governance Committee update.
Decision as recorded
RESOLVED to note the Wales Pension Partnership Responsible Investment Update.
The Committee received a Responsible Investment Update prepared by WPP’s Oversight Advisor (Hymans Robertson) in conjunction with WPP. Presented by the Pension Investment Officer, Committee Members were advised that significant progress had been made during the year through the introduction and implementation of the Fund’s Exclusion Policy. It was reported that the policy had now been completed and agreed and would complement the Fund’s Responsible Investment and Stewardship Policies by providing a clear framework and guidance for the application of investment exclusions. UNANIMOUSLY RESOLVED to note the Wales Pension Partnership Responsible Investment Update.
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.
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