Wrthi'n llwytho
Y penderfyniadau fel y mae cofnodion y cyngor yn eu cofnodi. Bydd crynodeb mewn iaith glir yn dilyn pan fydd wedi'i ysgrifennu.
RESOLVED: i. The Committee approved updates to the Inter Authority Agreement (IAA) and agreed recommendation to full Council for its approval. ii. Delegated the final approval and signing the documents to the S151 Officer, in consultation with the Chair of the Pension Committee.
RESOLVED: Committee approved the updated Policies as below: a) Pensions Administration Strategy b) Complaints and Compliments Policy c) Communication Policy d) Overpayment Policy e) Conflict of Interest Policy Breaches Policy
RESOLVED: To note the recent developments related to the WPP Investment Pool, and the Fund’s Investment holdings.
RESOLVED:To note the contents of the Risk Register.
RESOLVED – That the public be excluded from the meeting at this point during consideration of this item as the Committee discussed exempt information of the description contained in paragraph 14 of Part 4 and paragraph 21 of Part 5 of Schedule 12A of the Local Government Action 1972. The public may be excluded from the meeting by resolution of the Committee pursuant to Section 100A(4) of the Local Government Act 1972 during discussion of this item.
RESOLVED: To agree the recommendations in the report.
None received.
Cllr Weaver declared a personal interest as a member of the Joint Governance Committee of the Wales Pension Partnership as chair of the Pension Committee and also as a member of the Local Government Scheme Advisory Board.
The minutes of the previous meeting were agreed as a correct record.
Y penderfyniad fel y'i cofnodwyd
RESOLVED: i. The Committee approved updates to the Inter Authority Agreement (IAA) and agreed recommendation to full Council for its approval. ii. Delegated the final approval and signing the documents to the S151 Officer, in consultation with the Chair of the Pension Committee.
The Chairperson advised that this item outlined the governance documents to meet the fit for future requirements, specifically dealing with the inter-authority agreement. Chris Lee would be taking Members through the report as he has been a a director of the temporary company as it's been set up. Chris Lee provided a comprehensive outline of the report, following which the Chairperson invited Committee Members to ask questions or make any comments. The Chairperson wished to place on record his thanks to all officers, both within the administering authority and across the eight partner funds, for the significant amount of work undertaken over the past year, noting the pace at which this work had been delivered. The Chairperson highlighted that the paper from Hymans Robertson provided a helpful level of reassurance for Members and clearly set out the proposed governance arrangements. He noted that the Committee was the seventh of the eight partner funds to consider the governance documentation, with the remaining fund due to do so shortly, and confirmed that the other six funds had already approved the proposals. The Chairperson explained that the arrangements reflected a new position for the funds, in that they would now hold a role as shareholders, and that the documentation outlined how officers and Pension Committee Chairs, through the Joint Governance Committee, would respond to those responsibilities as both client and shareholder. It was noted, as referenced by Chris Lee, that Chairs and officers across the funds had discussed the proposals in detail and considered the model to be a sensible and workable approach. The Chairperson emphasised that the structure was designed to preserve the benefits of joint working arrangements established across the eight Welsh funds, while also ensuring appropriate accountability and responsiveness in relation to shareholder responsibilities. The Chairperson further noted that it had been agreed that the governance model would be subject to a review after 12 to 18 months of operation, allowing sufficient time to assess how the arrangements function in practice. Should it be necessary or appropriate, discussions would take place on potential adjustments to ensure the model remained efficient and effective. The Chairperson stated that, at this stage, the proposed governance arrangements appeared to represent the best approach for governance across the eight pension funds in Wales. The Committee considered comments raised within the report concerning fees and costs, specifically whether these were included within the proposed 12–18 month review period. Clarification was sought on the relevant paragraph reference, noting some inconsistency between paragraph numbering in the papers. It was agreed that, while paragraph 29 made reference to the issue, paragraph 33 more clearly set out that certain costs were not covered. A question was raised as to whether these costs related to the existing budget or the new Investment Manager (IM) Core budget. Officers confirmed that the costs in question related to the new Investment Manager Core budget and were an element not covered within the existing arrangements. It was explained that the IM Core budget and business plan are reviewed on an annual basis, meaning this would be undertaken on a 12?month cycle rather than 18 months. Members were advised that an additional Pension Committee meeting had been scheduled for later in the month to consider this matter in more detail. Officers reported that a Joint Governance Committee meeting was due to take place the following week, at which the first business plan and budget for the new company would be presented. Subject to approval at that meeting, the plan and budget would then be submitted to individual Pension Committees. The additional Pension Committee meeting had been arranged to enable a detailed review and approval of the budget. Members noted that, in addition to annual budget setting for the new company in its role as shareholder, the planned 12–18 month review of governance arrangements and the operation of the Inter?Authority Agreement should also include consideration of costs. This would allow funds to assess value for money, efficiency of the arrangements, and whether the establishment of the company had led to an appropriate reduction in the use of external advisers. The Committee also considered the timetable for completion and submission of the required documentation, noting references in the papers to a deadline of 31 March and the need for engagement with the Financial Conduct Authority (FCA). Officers confirmed that the FCA had been working closely with the project in recent months and had visibility of the key documents as they developed. The primary governance requirement was to ensure that all necessary approvals were secured prior to the end of March. It was noted that FCA engagement was expected to continue on an ongoing basis as the company became established. Members were advised that the target date for implementation aligned with UK Government requirements for the new arrangements to be in place from 1 April. The timetable included the current Pension Committee meeting, a further Pension Committee meeting on the 16 March to approve the budget, and final approval of the Inter?Authority Agreement by Council, scheduled to be sought on 26 March. While some partner authorities were expected to complete their approvals earlier, officers confirmed that completion by 31 March would meet the required parameters. The Chair invited any further questions or comments on the Inter?Authority Agreement. It was noted that the appendices to the report were particularly helpful in clearly setting out how the arrangements would operate in practice. RESOLVED: i. The Committee approved updates to the Inter Authority Agreement (IAA) and agreed recommendation to full Council for its approval. ii. Delegated the final approval and signing the documents to the S151 Officer, in consultation with the Chair of the Pension Committee.
Y penderfyniad fel y'i cofnodwyd
RESOLVED: Committee approved the updated Policies as below: a) Pensions Administration Strategy b) Complaints and Compliments Policy c) Communication Policy d) Overpayment Policy e) Conflict of Interest Policy Breaches Policy
The Committee received a report presenting the review of six pension governance documents, which are subject to review on a yearly basis. The documents reviewed were: • Pensions Administration Strategy • Complaints and Compliments Policy • Communications Policy • Overpayments Policy • Conflicts of Interest Policy • Breaches Policy It was reported that the updated versions of these documents were presented to the Local Pension Board at its meeting in January. The Local Pension Board considered the policies and raised no objections. Members were advised that no substantive changes had been made to any of the documents as part of this review. The only amendments applied were to refresh the footnotes to reflect a revised review date of January 2026. RESOLVED: Committee approved the updated Policies as below: a) Pensions Administration Strategy b) Complaints and Compliments Policy c) Communication Policy d) Overpayment Policy e) Conflict of Interest Policy Breaches Policy
Rhan o fater a ddilynwyd ar draws 3 cyfarfod
Y penderfyniad fel y'i cofnodwyd
RESOLVED: To note the recent developments related to the WPP Investment Pool, and the Fund’s Investment holdings.
Officers provided Committee Members with a comprehensive outline of the report, following which the Chairperson opened up discussion on the item. The Chairperson noted that the update in relation to the Exclusions Policy and its relevance to ethical and environmental investment considerations. The Chairperson commented that, given the policy operates as a framework applicable across all eight partner funds, it was important to recognise that individual administering authorities may have differing priorities. It was suggested that the Committee consider holding a discussion at a future meeting to assess the policy from a Cardiff perspective and to reflect on how it aligns with the Committee’s objectives and investment priorities. The Committee noted the suggestion and indicated that the matter could be brought forward for discussion at a subsequent meeting. The Chairperson thanked officers for the update, noting that the report and explanation provided were clear. The Committee discussed commentary arising from the Robeco engagement report, particularly in relation to areas showing negative or limited progress, including human capital management, human rights, and zero deforestation. Cllr Taylor requested that, outside of the meeting, consideration be given to providing a short explanatory note or briefing to clarify what negative or no progress in these areas meant in practice. This was requested to support comparison with the Fund’s exclusions policy and to help inform future discussions with external advisors, including Robeco and Hymans Robertson, on the long?term implications for the Fund. Officers advised that similar matters had recently been discussed at a Wales Pension Partnership (WPP) meeting, at which Robeco had presented engagement case studies illustrating the engagement process from initiation through to outcomes. It was noted that while some case study information may be anonymised, it should nonetheless be possible to provide illustrative examples at a future point to demonstrate how engagement outcomes were assessed. The Committee agreed that a dedicated briefing or internal training session on stewardship, engagement outcomes and exclusions could be beneficial for Members. Officers were therefore asked to note this request and to explore the opportunity to schedule a future training session to allow Members to consider the issues in greater detail, potentially as part of a future Committee meeting. RESOLVED: To note the recent developments related to the WPP Investment Pool, and the Fund’s Investment holdings.
Y penderfyniad fel y'i cofnodwyd
RESOLVED:To note the contents of the Risk Register.
Officers provided Committee Members with a comprehensive outline of the report, following which the Chairperson opened up discussion on the item. Cllr Taylor sought an update on the recruitment of a Customer Service Assistant, Senior Technical Officer and Training Officer. The Member requested clarification on progress made, the current position of each role, and the impact of recruitment on the Fund’s risk profile. A further question was raised regarding whether any positive impacts or new risks had been identified as a result of the emerging governance arrangements, and when updates to the risk register might be expected. Officers provided an update on recruitment. It was reported that recruitment to the five Customer Service Assistant posts had taken place in late January, resulting in three offers being made, of which only one was accepted. Recruitment had therefore recommenced externally, attracting 113 applications. Shortlisting had been completed, with interviews planned in order to fill the remaining four posts. It was anticipated that the successful candidate from the previous round would commence employment within approximately four weeks. In relation to the Senior Technical Officer post, Officers advised that recruitment had been undertaken externally, generating three applications. Two candidates were to be interviewed, with interviews scheduled to commence the following week. With regard to the Training Officer post, it was noted that repeated external recruitment exercises had been unsuccessful and the post had therefore been placed on hold. Interest had been expressed by an existing member of staff, and Officers were pursuing an internal development approach. Although the individual did not yet meet the full person specification, a development and training plan was being implemented to support progression, with the intention that the role could be filled internally in future. In response to the question on risks, Officers advised that the current risk register included an overarching risk relating to the Fit for the Future consultations and the establishment of the Investment Management Company. It was noted that, as the programme progressed, this overarching risk would be refined and supplemented by more detailed operational risks, including budgetary and operational considerations. Members were reminded that the risk register was a live, iterative document which would continue to be updated to reflect changing circumstances, with the expectation that risks would be mitigated and reduced over time. The Committee noted that the existing risk relating to the Investment Management Company and Fit for the Future (P23) would be monitored and amended as necessary to capture any new or emerging risks associated with the revised governance arrangements. RESOLVED:To note the contents of the Risk Register.
Y penderfyniad fel y'i cofnodwyd
RESOLVED – That the public be excluded from the meeting at this point during consideration of this item as the Committee discussed exempt information of the description contained in paragraph 14 of Part 4 and paragraph 21 of Part 5 of Schedule 12A of the Local Government Action 1972. The public may be excluded from the meeting by resolution of the Committee pursuant to Section 100A(4) of the Local Government Act 1972 during discussion of this item.
RESOLVED – That the public be excluded from the meeting at this point during consideration of this item as the Committee discussed exempt information of the description contained in paragraph 14 of Part 4 and paragraph 21 of Part 5 of Schedule 12A of the Local Government Action 1972. The public may be excluded from the meeting by resolution of the Committee pursuant to Section 100A(4) of the Local Government Act 1972 during discussion of this item.
Y penderfyniad fel y'i cofnodwyd
RESOLVED: To agree the recommendations in the report.
RESOLVED: To agree the recommendations in the report.
Noted.
None
16th March 2026, 5pm, Teams.
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