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AGREED that the minutes of the meeting for the Pension Board held on the 14th October, 2025 be confirmed as a correct record.
AGREED that the Dyfed Pension Fund Pension Board Report, 14th October, 2025 be noted.
AGREED that the Audit of Financial Statement Report 2024-25 be received.
AGREED that the Budget Monitoring Report and Cash Position as at 30 September, 2025 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 Notices of Motion referred by Carmarthenshire County Council and Ceredigion County Council and the actions being taken, be noted.
AGREED that the Wales Pension Partnership update on the Joint Governance Committee which took place on 17th September 2025 be noted.
AGREED that the update report be noted.
AGREED that the minutes of the Dyfed Pension Fund Committee held on the 10th November, 2025 be received.
AGREED that the Pension Board Budget Monitoring report 1 April, 2025 – 31 December, 2025 be noted.
AGREED that the Pension Board Budget 2026-27 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 T. Bowler, Union Member Representative.
Councillor Minute Item(s) Nature of Interest Cllr. A. Lenny 4.7 Notices of Motion Was involved with this motion for Carmarthenshire County Council and subsequent letter to the Dyfed Pension fund. Cllr. W. Thomas 4.7 Notices of Motion Prejudicial interest
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AGREED that the minutes of the meeting for the Pension Board held on the 14th October, 2025 be confirmed as a correct record.
AGREED that the minutes of the meeting for the Pension Board held on the 14th October, 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 10th November, 2025, as referred to in minutes 4.1 – 4.10 below.
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AGREED that the Dyfed Pension Fund Pension Board Report, 14th October, 2025 be noted.
The Board received a report from the Independent Chair, providing an update from the Pension Board meeting on 14th October, 2025, which was noted at the Pension Committee meeting on 10th November, 2025, items discussed included: · Budget Monitoring; · Pensions Administration; · The Cyber Policy; · Updates in relation to the Wales Pension Partnership; · Engagement Reporting; · Investment Performance. AGREED that the Dyfed Pension Fund Pension Board Report, 14th October, 2025 be noted.
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AGREED that the Audit of Financial Statement Report 2024-25 be received.
The Board received the Audit of Financial Statements Report 2024-25 for the Dyfed Pension Fund prepared by the Audit Wales detailing the matters arising from the audit which required reporting under ISA 260. The Auditor General is responsible for providing an opinion on whether the financial statements of the Dyfed Pension Fund give a true and fair view of their financial position as at 31 March 2025 and of its income and expenditure for the year end. An unqualified audit report on the financial statements has been issued and the finalised report has been considered by the Governance & Audit Committee on 24th September, 2025. Audit Wales found that there were no material misstatements, including omissions, identified in the financial statements which remained uncorrected. The Chair on behalf of the Board, expressed sincere appreciation to the team for their hard work in preparing the report. AGREED that the Audit of Financial Statement Report 2024-25 be received.
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AGREED that the Budget Monitoring Report and Cash Position as at 30 September, 2025 be noted.
The Board considered the Dyfed Pension Fund Budget Monitoring report which provided an updated on the latest budgetary position as at 30th September, 2025. The report noted that the expenditure was projected to be an underspend of £896K. Pensions payable was forecasted to be underspent by £406k and management expenses by £490k The income was forecasted to more than budgeted by £4.56m. Contributions were forecasted to be £74k more than budgeted, being mostly attributable to more augmentation income from employers being forecast than was anticipated at budget setting. Additionally, investment income was forecasted to be £4.49m more than budgeted, which was due to WPP Global Credit Fund income being distributed to the Fund as cash instead of being reinvested. Overall, total expenditure was estimated at £146.38m and total income estimated at £151.84m resulting in a positive variance against budget of £5.46m. In response to a query on the variation in the cash position, the Board was advised that it resulted from the timing of income being received from investments. AGREED that the Budget Monitoring Report and Cash Position as at 30 September, 2025 be noted.
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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. The Board’s attention was referred to the list of breaches appended to the report and noted that there had been one case of late receipt of contributions from Employers since the previous Committee meeting, which has been resolved. AGREED that the Breaches Report in relation to the Dyfed Pension Fund be noted.
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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 17 Operational risks, (referenced as O1 - O17 on the risk register) and it was confirmed that following a review of the register, there had been no changes to individual risks identified since the previous committee. With regard to O3 in the report relating to the reduction of impact, the Board was advised that this would be reviewed. With regard to O8 in the report relating to the high level of staff turnover, the Board was advised of the training and development in place to support the retention of administration staff. In relation to O17 in the report, concerning Cyber risks and the additional policy, the Board was advised that the CCC policy had been adopted in recognition of the authority’s expertise in this area and that the Dyfed Pension Fund has its own policy dealing specifically with pensions activity. AGREED that the Risk Register in relation to the Dyfed Pension Fund update be noted.
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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.
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AGREED that the Notices of Motion referred by Carmarthenshire County Council and Ceredigion County Council and the actions being taken, be noted.
[Note: Councillor A. Lenny having earlier declared an interest, re-iterated his declaration and left the meeting early due to a personal appointment. Councillor W. Thomas having earlier declared an interest, re-iterated his declaration and left the meeting for its consideration.] The Board received a report which provided Notice of Motion which had been referred from Carmarthenshire County Council and Ceredigion County Council for consideration. The report highlighted that the Wales Pension Partnership (WPP) and Dyfed Pension Fund strongly believed that companies must respect human rights, adhere to policy commitments and follow international standards, including the UN Guiding Principles on Business and Human Rights. It was reported that the WPP was currently reviewing its investment framework which included the development of an exclusion’s framework. This would be presented to the Joint Governance Committee for consideration and agreement in due course. Furthermore, the Fund was actively engaging in this process alongside the other seven Welsh LGPS funds and updates would be provided to the Pension Committee when available. The Chair confirmed that a formal response would be provided to the letter received from Ceredigion County Council. AGREED that the Notices of Motion referred by Carmarthenshire County Council and Ceredigion County Council and the actions being taken, be noted.
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AGREED that the Wales Pension Partnership update on the Joint Governance Committee which took place on 17th September 2025 be noted.
The Board received for consideration an update from the WPP’s JGC meeting held on the 17th September 2025 providing an update on the following: · Governance · On-going Sub-Fund Development · Operator Services · Investments and Reporting · Communication and Training · Resources, Budget and Fees · Training Plan The report incorporated the Operator report providing an update on the following: · Corporate and Compliance Updates · Relationship Overview · WPP Sub-Gund Values as at 30th June 2025 · June 2025 Fund Snapshot – Equities and Fixed Income · Initiatives and Market Updates · Waystone Corporate Engagement and Meeting Schedule The report also appended a summary and commentary on WPP’s investment performance for Q2 2025 (April 2025 –June 2025). The Board noted that the contract with Burges Salmon for legal services expired on 31 December, 2025. Following an evaluation process, a report recommending renewal of the contract was approved by the JGC and the new contract commenced on 1 January, 2026. It was reported that the timescale for pooling remained on target, with all eight authorities progressing the required documents through the necessary legal processes. In response to a query on how the eight funds with different strategies will work together going forward, it was noted that there would be new governance arrangements, meaning that the Pension Fund is required to have reviewed and updated its Investment Strategy Statement by October 1st, 2026. AGREED that the Wales Pension Partnership update on the Joint Governance Committee which took place on 17th September 2025 be noted.
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AGREED that the update report be noted.
The Board received the WPP’s Responsible Investments update report as at 30 June 2025. The report, prepared by WPP’s Oversight Advisor - Hymans Robertson in conjunction with WPP detailed 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 AGREED that the update report be noted.
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AGREED that the minutes of the Dyfed Pension Fund Committee held on the 10th November, 2025 be received.
The Board received the draft minutes of the Dyfed Pension Fund Committee meeting held on 10th November, 2025. AGREED that the minutes of the Dyfed Pension Fund Committee held on the 10th November, 2025 be received.
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AGREED that the Pension Board Budget Monitoring report 1 April, 2025 – 31 December, 2025 be noted.
The Board considered the Pension Board Budget Monitoring report as at 21st December, 2025. Total actual expenditure incurred was £18.5k. The expenditure for the year indicated an underspend compared to budget. AGREED that the Pension Board Budget Monitoring report 1 April, 2025 – 31 December, 2025 be noted.
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AGREED that the Pension Board Budget 2026-27 be noted.
The Board considered the Dyfed Pension Board Budget 2026-27. It was noted that the budget had increased to reflect the tender of the Pension Board Chair and Administration fee on the liability insurance. As this was the Chair’s final meeting, the Director of Corporate Services took the opportunity, on behalf of the Board and officers, to acknowledge his contribution and support over the past 10 years and extended best wishes for the future. AGREED that the Pension Board Budget 2026-27 be noted.
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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.
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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 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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