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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 11th March 2026 be signed as a correct record.
RESOLVED that the Committee approve the Audit Plan 2026.
RESOLVED that the Dyfed Pension Fund Pension Board report for the meeting held on the 22nd May 2026 be received.
RESOLVED that the Committee receive the final budgetary and cash positions for the Dyfed Pension Fund as at 31st March 2026.
RESOLVED that the report be noted.
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 that the Fund’s Equity Carbon Intensity Analysis be noted.
RESOLVED to note the Joint Governance Committee update.
RESOLVED to note the Wales Pension Partnership Responsible Investment Update.
There were no apologies for absence.
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 11th March 2026 be signed as a correct record.
UNANIMOUSLY RESOLVED that the minutes of the meeting of the Committee held on the 11th March 2026 be signed as a correct record.
Decision as recorded
RESOLVED that the Committee approve the Audit Plan 2026.
The Committee received a report from Audit Wales (AW) on the proposed Audit Plan for 2026, including the scope, materiality levels, timescales, fee and audit team. AW’s responsibility is to issue a report on the financial statements which includes an opinion on their ‘truth and fairness’ and whether the statements have been ‘properly prepared’. The Committee welcomed to the meeting Jason Blewitt, Audit Wales Representative who presented the report and noted that this plan had been approved by the Governance & Audit Committee on 27th May 2026. The key risks were mostly the same as previous years, but that one new risk was the investment pooling arrangements around the new Wales Pension Partnership Investment Management Company (WPP IMCo). The Audit Wales Representative advised that the audit was expected to be completed by October 2026. He noted the fee scheme set out in the report, and that the overall fee represented an increase of 5.1%, but that this was an estimate; the final fee would be calculated after the work was complete. The Director of Corporate Services noted that information regarding the WPP IMCo as part of the accounts would be limited this year, as the company has not started managing the fund’s assets yet. UNANIMOUSLY RESOLVED that the Committee approve the Audit Plan 2026.
Decision as recorded
RESOLVED that the Dyfed Pension Fund Pension Board report for the meeting held on the 22nd May 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 22nd May 2026. The Pension Board’s Independent Chair was unable to attend the meeting and the Director of Corporate Services presented the report in his place, noting the reports that had been presented to the Board, most of which had previously been presented to the Committee. In response to a question about the ‘proposal to mandate 10% of the Fund’s assets’, the Committee was advised that this related to local investments, and that it was not mandated, only advisory, for 10% of the fund’s assets to be invested locally. UNANIMOUSLY RESOLVED that the Dyfed Pension Fund Pension Board report for the meeting held on the 22nd May 2026 be received.
Decision as recorded
RESOLVED that the Committee receive the final budgetary and cash positions for the Dyfed Pension Fund as at 31st March 2026.
The Committee received a report on the final budgetary and cash positions of the Dyfed Pension Fund as at 31st March 2026. The Pension Investment Officer presented the report and noted the various underspends set out in the report, which amounted to an overall underspend of £8.5m. Overall, total expenditure was £145.9m and total income was £154.4m. UNANIMOUSLY RESOLVED that the Committee receive the final budgetary and cash positions for the Dyfed Pension Fund as at 31st March 2026.
Decision as recorded
RESOLVED that the report be noted.
The Committee received a report giving an update on activity within the Pensions Administration service. The Head of Financial Services presented the report in place of the Pensions Manager who was unavailable, and advised the Committee of updates in the following areas: - McCloud remedy – 193 members had been identified who may benefit from this, and these members’ benefits will be recalculated. - Pension Dashboards – the fund has met the requirements to be able to go live on 1st October 2025 and is awaiting the go ahead from the Pensions Regulator, expected after this date. - Equalisation of Survivor Benefits - the administration team have identified that there are 2919 cases which will need to be recalculated and backdated payments made for the remedy period 4th December 2005 to 31st March 2026. - Death Grants – the previous age cap of 75 has been removed, and the administration team must now identify where a death grant would have been payable were it not for the member being age 75 or over for deaths between 1st April 2014 and 31st March 2026, this will require the recalculation of a death grant and backdated payment. - Scheme membership – there were two new members of the scheme: WPP IMCo (for one employee) and Ammanford Town Council. - I-connect – work is continuing to get employers onto the new system. In response to a question on the figures expected to be paid out to scheme members through the McCloud remedy, the Head of Financial Services advised that individual payouts could vary widely, from very small amounts up to thousands of pounds. UNANIMOUSLY RESOLVED that the report be noted.
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 there were three breaches relating to contributions being received late, but there were no long term implications from these. The report had also been updated to reflect the automatic payment of refunds that were due for March and April 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 Governance and Regulatory risks. There were eight risks in total, and if left uncontrolled, four would be classed as either high or very high risk. With the controls in place, the risks were reduced to four medium and four low or 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 that the Fund’s Equity Carbon Intensity Analysis be noted.
The Committee received a report updating it on the Fund’s Equity Carbon Intensity position. The paper illustrates the Weighted Average Carbon Intensity of the Fund’s equity portfolio to 31st March 2026. The Independent Advisor presented the report and advised that the Weighted Average Carbon Intensity (WACI) of the Fund’s equity portfolio reduced by 18.7% in the year to 31st March 2026. The WACI had reduced by 10.6% per annum over the baseline since September 2020. UNANIMOUSLY RESOLVED that the Fund’s Equity Carbon Intensity Analysis be noted.
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 10th March 2026. The Director of Corporate Services went through the various items that were presented at the meeting, noting the following key issues: - The WPP IMCo is waiting for the FCA to confirm it is minded to approve authorisation. - That the WPP budget had gone up significantly, consistent with the movement in the fund’s budget due to the implementation of the WPP IMCo. - There was a change, set out in the Waystone Update to the Global Sustainable Active Equity Fund, with the manager Neuberger Berman replaced by Lazard. The date for this change was projected in the report to be mid to late February, and it was made in March. The Independent Advisor noted that these reports would become more important when the IMCo was fully active, to monitor what it was doing and that an increased level of detail and personalisation for the Dyfed Pension Fund would be important. The Director of Corporate Services advised that the template for these was being developed to allow the Committee to hold the IMCo to account. 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. The Pension Investment Officer presented the report and noted the Responsible Investment (RI) activity including on Passive-mandates evolution, the Stewardship Code, all-Wales Climate Report (AWCR), All-Wales Impact Report and Exclusions and divestment framework. 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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