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 that the minutes of the meeting of the Committee held on the 24th February, 2026 be signed as a correct record.
RESOLVED that the Dyfed Pension Fund Pension Board report for the meeting held on the 21st January 2026 be received.
RESOLVED that the Committee receive the latest budget monitoring report and note the Fund’s cash position.
RESOLVED that the Committee approve the budget for 2026-2027.
RESOLVED that the report be noted.
RESOLVED to note any breaches that occurred in the Dyfed Pension Fund.
RESOLVED to approve the Dyfed Pension Fund Discretionary Notional Investment Strategy Policy.
RESOLVED to 10.1 approve the Business Plan for 2026-2029 10.2 approve the establishment of a Strategic Asset Allocation Review
RESOLVED that the risk register report be noted.
RESOLVED that the Training Plan for 2025/26 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.
RESOLVED to approve the WPP Business Plan.
RESOLVED to approve the WPP Investment Management Company (WPP IM Co) Business Plan.
RESOLVED to approve the WPP’s Exclusion Framework (as noted in WPP’s Responsible Investment Policy) - and to update the Fund’s Responsible Investment Policy to reflect this.
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
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the minutes of the meeting of the Committee held on the 24th February, 2026 be signed as a correct record.
UNANIMOUSLY RESOLVED that the minutes of the meeting of the Committee held on the 24th February, 2026 be signed as a correct record.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Dyfed Pension Fund Pension Board report for the meeting held on the 21st January 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 21st January 2026. The Pension Board Independent Chair presented the report and highlighted the focus the Board had given to the risk register, especially on cyber security risk, which will be a key issue to address going forward. The Committee was advised in response to a question on the Notices of Motion that had gone to Carmarthenshire and Ceredigion County Councils, that they were similar motions to the one under current consideration by Pembrokeshire County Council. UNANIMOUSLY RESOLVED that the Dyfed Pension Fund Pension Board report for the meeting held on the 21st January 2026 be received.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Committee receive the latest budget monitoring report and note the Fund’s cash position.
The Committee received a report providing the Committee with an update on the latest budgetary and cash positions as at 31st December 2025. The Pension Investment Officer presented the report and noted that there was an overall underspend, compared to the budget, of £6.43m. The Committee was advised of the expenditure and income variances in specific areas as set out in the report. The Committee was also advised that the cash position as at 31st December 2025 reported £12.8m in cash held by Carmarthenshire County Council on behalf of the Fund for immediate cash flow requirements. UNANIMOUSLY RESOLVED that the Committee receive the latest budget monitoring report and note the Fund’s cash position.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Committee approve the budget for 2026-2027.
The Committee received a report setting out the Dyfed Pension Fund Budget for 2026-2027. The Pension Investment Officer presented the report and advised that the expenditure and income budgets for 2026-2027 were both £155m. For expenditure the main item was benefits payable estimated at £133.6m including the 3.8% pensions increase based on September 2025 CPI. For income, the main item was total contributions, estimated at £100.2m, comprising £69.3m from employers (a decrease from £82m) and £30.9m from employees. The decrease in contributions follows on from the 2025 actuarial valuation, with new employer contribution rates coming into effect from 1st April 2026 for Carmarthenshire, Pembrokeshire, and Ceredigion Councils, as well as the Police and Fire Service. This reduction in contributions will result in the fund requiring more investment income, which will be monitored regularly to ensure this is being generated. UNANIMOUSLY RESOLVED that the Committee approve the budget for 2026-2027.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the report be noted.
The Committee received a report giving an update on activity within the Pensions Administration service. The Pensions Manager presented the report, and noted the McCloud/Sargeant update, which required the recalculation of all pensions (including dependants’ pensions), death grants, and deferred benefits calculated since 1st April 2014 for those that were active on 31st March 2012. He advised the Committee that the underpin calculation had been run for all active, deferred and pensionable members, and the recalculation would commence once the April pensions increase exercise had concluded. The Committee was also advised that data on this would be available for them to analyse at their next meeting. The Committee was advised that the authority was still waiting for confirmation from the pensions regulator for the new Pension Dashboard to go live. The Pensions Manager also noted the new i-connect system was being set up for Coleg Sir Gar and Dyfed-Powys Police currently, and in response to a question advised that other employers would be set up in the future, but that the team only had the resource to onboard two employers at a time. The Committee was also advised of new regulations that were issued since the report had been published. These indicate that the fund will need to recalculate death grants issued since 2014 and survivor benefits issued since 2004. In response to a question, it was noted that this recalculation will be a labour-intensive task that will have resource implications for the fund. UNANIMOUSLY RESOLVED that the report be noted.
Y penderfyniad fel y'i cofnodwyd
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. 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 for September 2025 – February 2026. UNANIMOUSLY RESOLVED to note any breaches that occurred in the Dyfed Pension Fund.
Y penderfyniad fel y'i cofnodwyd
RESOLVED to approve the Dyfed Pension Fund Discretionary Notional Investment Strategy Policy.
The Committee received a report on the fund’s Discretionary Notional Investment Strategy Policy. The Policy will allow flexibility for Employers to request a lower risk (notional) investment strategy. It sets out the criteria that determines the eligibility of an Employer to make such a request, the process for making a request and the application of the arrangement should a request be granted. The Head of Financial Services provided some background for this report, and advised that when employers are exiting the fund, a lower risk strategy can be desirable for them to reduce volatility. Employers that apply must be closed to new entrants to the scheme, fully funded on a termination basis, and the expectation must be that the termination will take place within the next 5 years. UNANIMOUSLY RESOLVED to approve the Dyfed Pension Fund Discretionary Notional Investment Strategy Policy.
Y penderfyniad fel y'i cofnodwyd
RESOLVED to 10.1 approve the Business Plan for 2026-2029 10.2 approve the establishment of a Strategic Asset Allocation Review
The Committee received a report on the Business Plan for 2026-2029. The purpose of the business plan was to: - Provide information about the Fund and how it is run - Explain the background and governance structure of the Fund - Outline the principal responsibilities of the Fund - Introduce the Fund’s key documents - Highlight the Fund’s investment strategy including strategic asset allocation - Provide key statistics for the Fund - Outline the financial budget for the next year - Outline the priorities and business objectives of the Fund over the next three years The Treasury and Pensions Investment Manager presented the report and noted the mission statement, which was to “deliver a secure, sustainable, and efficient pension fund that provides financial peace of mind to our members. We are dedicated to managing the resources entrusted to us with the highest level of integrity, transparency, and accountability.” He also highlighted the membership figures and noted that these would be updated after 31st March 2026. It was also noted that the Business Objectives and Strategic Asset Allocation were unchanged, and that the budget would be uploaded to the fund’s website after the meeting. The work to be undertaken for 2026/27 was noted, including the focus on the change in employer contribution rate and the retendering of several services. In response to a question, it was advised that ‘undecided leavers’, as referenced in the report, were members who had left the scheme, but whose benefits hadn’t yet been assessed. The Director of Corporate Services noted that now may be a good time, after the recent actuarial valuation, to undertake a Strategic Asset Allocation Review to look at if the current asset allocation is fit for purpose. The last time this type of review took place was in 2007, which informed the change in strategic direction towards more investment in property. The Committee was advised that this review should take roughly six months. UNANIMOUSLY RESOLVED to 10.1 approve the Business Plan for 2026-2029 10.2 approve the establishment of a Strategic Asset Allocation Review
Y penderfyniad fel y'i cofnodwyd
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 advised of some changes in formatting, classifying risks into red, amber, or green to improve readability and highlight the most significant risks. The comparison in risk rating between if risks were controlled or uncontrolled was also noted. UNANIMOUSLY RESOLVED that the risk register report be noted.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Training Plan for 2025/26 be noted.
The Committee received an update on the 2025/26 Training Plan which detailed the schedule of committee meetings, and training events for members and officers of the Dyfed Pension Fund. UNANIMOUSLY RESOLVED that the Training Plan for 2025/26 be noted.
Y penderfyniad fel y'i cofnodwyd
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. UNANIMOUSLY RESOLVED that the Training Plan for 2026/27 be approved.
Y penderfyniad fel y'i cofnodwyd
RESOLVED to note the Joint Governance Committee update.
The Committee received an update on the Wales Pension Partnership (WPP) Joint Governance Committee meeting on Monday 8th December 2025. The Treasury and Pensions Investment Manager noted the various items that were presented at the meeting, and the following questions or comments were made: - In response to a question on the definition of ‘global norms’ the Independent Advisor noted that this was most likely to be defined by the UN’s Principles for Responsible Investment (UNPRI). - The Committee was advised in response to a question on the WPP Real Estate Sub-Funds, that investment in Sub-Fund 2 was on hold until new regulations were confirmed, likely within the next month. - In response to a question on the Clwyd Pension Fund’s lack of investment in WPP Sub-Funds, the Committee was advised that this was due to them having a low percentage of their assets in equities. UNANIMOUSLY RESOLVED to note the Joint Governance Committee update.
Y penderfyniad fel y'i cofnodwyd
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 Committee was advised by the Treasury and Pensions Investment Manager that the Stewardship Code report had been submitted, and it was confirmed that the WPP was a signatory to the code once again. It was noted that the all-Wales Climate Report had now been finalised and was on the WPP website. The Good Economy impact report and the stewardship themes for Robeco were also noted. UNANIMOUSLY RESOLVED to note the Wales Pension Partnership Responsible Investment Update.
Y penderfyniad fel y'i cofnodwyd
RESOLVED to approve the WPP Business Plan.
The Committee received the WPP operational Business Plan for 2026/27. As a result of the government’s “Fit for the Future” changes to LGPS Investment Pooling, WPP is establishing an FCA regulated Investment Management Company (IM Co). IM Co has its own, separate business plan and budget. The Treasury and Pensions Investment Manager advised that the new governance structure from 1st April 2026 was laid out in the report. The Committee was advised that the Work Plan in the report would move over to the IM Co in 2027/28, but this would not change the work itself. In response to a question on the new governance arrangements, the Committee was advised that the Officer Working Group would make recommendations to the Joint Governance Committee (JGC), and that while there would be less work for the JGC going forward, they still had an important part to play in WPP governance. UNANIMOUSLY RESOLVED to approve the WPP Business Plan.
Y penderfyniad fel y'i cofnodwyd
RESOLVED to approve the WPP Investment Management Company (WPP IM Co) Business Plan.
The Committee received the WPP Investment Management Company Business Plan. IM Co had drafted an initial business plan for financial year 2026/27 and a five-year business plan will be produced before 1 April 2027 to cover the next five financial years. The Director of Corporate Services presented the report and advised the Committee that FCA authorisation was still being finalised, but the IM Co was on track for to be created on 1st April 2026. This will also mean the closure of the Transitional Board, which will be replaced by the Shareholders Board. The Committee was also advised of the progress made in having appointed a Chief Executive and many other senior officers. The plan is for 16 officers to be in post by 1st April 2026, and 24 by the end of the year. The strategic objectives of the IM Co, as set out in the report, were also noted. The Committee was advised that the IM Co total budget for 2026/27 was £9m, up from the projected £7m in the business case, mostly due to increased staffing costs. It was also noted that the Business Plan had been approved by the WPP Joint Governance Committee on the 10th March 2026. The Independent Advisor noted that the Key Performance Indicators (KPI) sheet had yet to be announced and asked for it to contain a section on investment performance. The Director of Corporate Services advised that the timing of the completion of this was not yet known, but that it would be as soon as possible, and that it would be scrutinised by the Shareholder Board to ensure it complies with the IM Co priorities. The Chair, Committee and officers present congratulated the Treasury and Pensions Investments Manager, who was attending his last meeting in his current capacity before taking up a new role in the IM Co, and thanked him for all his work for the Dyfed Pension Fund over the years. UNANIMOUSLY RESOLVED to approve the WPP Investment Management Company (WPP IM Co) Business Plan.
Y penderfyniad fel y'i cofnodwyd
RESOLVED to approve the WPP’s Exclusion Framework (as noted in WPP’s Responsible Investment Policy) - and to update the Fund’s Responsible Investment Policy to reflect this.
The Committee received an updated Responsible Investment Policy. Over the last 12 months, the WPP undertook a detailed review of its approach to exclusions, recognising the goals of its Partner Funds. As a consequence of this review, the WPP’s Responsible Investment Policy has been updated accordingly. It was noted that the update added an Exclusion Policy as Part 7 of the overall policy and that the WPP was one of the first pools to have such a detailed policy on exclusions. UNANIMOUSLY RESOLVED to approve the WPP’s Exclusion Framework (as noted in WPP’s Responsible Investment Policy) - and to update the Fund’s Responsible Investment Policy to reflect this.
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.
Rhaid i gynghorwyr ddweud pan fydd ganddyn nhw gysylltiad personol â rhywbeth sy'n cael ei drafod, fel swydd, eiddo neu aelod o'r teulu. Mae buddiant sy'n rhagfarnu yn ddigon cryf i'r cynghorydd adael yr ystafell fel arfer a pheidio â chymryd rhan.
Caiff datganiadau eu darllen o'r cofnodion unwaith y byddan nhw wedi'u cyhoeddi.
Yn rhestru cynghorwyr presennol y cyngor yn unig. Nid yw aelodau cyfetholedig, swyddogion a chyn-gynghorwyr yn cael eu dangos.