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 17th June 2026 be signed as a correct record.
RESOLVED that the Committee approve the rebalance proposal set out in the report pending the report being received by the Dyfed Pension Fund Board on 29th July 2026.
RESOLVED that the Committee approve Option B as set out in the report.
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 N. Lewis (attending the meeting that day as an observer in his capacity as a nominated substitute member of the Pension Fund Committee) All items He is a Member of the Dyfed Pension Fund
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the minutes of the meeting of the Committee held on the 17th June 2026 be signed as a correct record.
UNANIMOUSLY RESOLVED that the minutes of the meeting of the Committee held on the 17th June 2026 be signed as a correct record.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Committee approve the rebalance proposal set out in the report pending the report being received by the Dyfed Pension Fund Board on 29th July 2026.
The Committee received a report on the proposal to rebalance the Fund’s investment portfolio in line with the agreed tolerance ranges set out in the Strategic Asset Allocation. This was due to the Fund being overweight in equities relative to the Strategic Asset Allocation (SAA). The proposed rebalancing would bring the equity allocation closer to the strategic target and reduce the Fund's exposure to equity risk. The Independent Advisor presented the report and noted that while the actual equity weight as of March 2026 was 68.8%, it was projected to reach 70.9% by June 2026, and that the rebalance would be 4% - of which 3% would be to credit, and 1% to cash - to reach 66.9%. This would still be overweight of the SAA, but within the tolerance. The Committee was advised that credit was a more stable asset and would be less volatile given current geopolitical risks. The Independent Advisor also noted that the cash allocation was to fund future cashflow pressures as employer contributions reduce, and to fund upcoming expected capital calls from the Wales Pension Partnership (WPP) infrastructure and Private Debt mandates. It was also noted that the upcoming new SAA may reduce the equities target, in which case the Fund would become more overweight in equities and may need to be re-balanced further. The Director of Corporate Services noted that this position was positive in so much that it was due to the strong performance of the Fund’s equities, and that the rebalancing was appropriate to manage risk. He also asked that the Committee defer implementing the proposal until the Dyfed Pension Fund Board have a chance to scrutinise the report. UNANIMOUSLY RESOLVED that the Committee approve the rebalance proposal set out in the report pending the report being received by the Dyfed Pension Fund Board on 29th July 2026.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Committee approve Option B as set out in the report.
The Committee received a report on the Strategic Asset Allocation (SAA) Review. This was due to the Pension Fund recently undertaking its triennial actuarial valuation which was previously reported to Committee. Due to the updated funding position, it was appropriate to review the Strategic Asset Allocation of the investment portfolio, and the report provided members with an independent assessment of its allocation to consider appropriate implementation. The report contained four alternative investment strategies for the Committee to consider, namely portfolios A, B, C and D. The Mercer Representative presented the report and advised the Committee of the following: - The timetable for implementation if it was approved, with the Investment Strategy Statement (ISS) needing to be updated by 31 March 2027 - The segregation of duties between the Dyfed Pension Fund and the WPP Investment Management Company (IMCo), noting that under the Fit for the Future consultation, the Fund retains the power to decide on its SAA. - He noted that the SAA draft guidance prescribed in legislation set out the nine defined asset classes and that there should have a target allocation and tolerance range. - The Committee was advised of the very healthy funding level of the Fund and the trade-off between having an affordable scheme and stable contributions. It was noted that this SAA review was fundamentally a risk management exercise. - The main risks were set out as equity volatility, increased inflation, devaluation of foreign assets due to changes in exchange rates, and cashflow risks. - The Committee was given an overview of the market background of equity, index-linked gilts and multi-asset credit. - The Committee was advised of the cashflow modelling, which showed that Option B increased the income from liquid assets, increased net liquidity and improved risk return characteristics. - It was noted that the option chosen would need to be translated into the ISS and the WPP IMCo would also need to be consulted. The Committee was advised that in summary the key recommendations within the recommended Option B were to: - Introduce an Index-Linked Gilt allocation to capitalise on attractive opportunities in the market. - Reduce BlackRock SAIF and Property strategic allocations to current weights - Introduce a small Cash allocation to help with cashflow. The Director of Corporate Services noted that Dyfed Pension Fund officers and the IMCo were supportive of Option B. He noted that given the Fund’s strong financial position it was able to take slightly more risk on equities. The Independent Advisor noted his support of allocating money towards index-linked gilts and noted that the lowered percentage in property and other alternatives was due to these staying stable whilst other asset classes have increased in value, making them a smaller percentage of the overall figure. The Independent Advisor asked how sensitive the 3-year 95% funding level value at risk limit of 35% was to potentially being overweight on equities, and the Mercer representative noted that the IMCo could be consulted on this, and that there was a tolerance to the number. UNANIMOUSLY RESOLVED that the Committee approve Option B as set out in the report.
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