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RESOLVED that the minutes of the meeting of the Committee held on the 23rd June 2025 be signed as a correct record.
RESOLVED that the Dyfed Pension Fund Pension Board report for the meeting held on the 10th July 2025 be received.
RESOLVED that the Pension Administration Report in relation to the Dyfed Pension Fund be noted.
RESOLVED that the Pension Administration Report in relation to the Dyfed Pension Fund be noted.
RESOLVED that the Dyfed Pension fund Cyber Policy be approved.
RESOLVED that the Breaches Report in relation to the Dyfed Pension Fund be noted.
RESOLVED that the risk register report be noted.
RESOLVED that the Training Plan for 2025-2026 be noted.
RESOLVED that the Wales Pension Partnership update on the Joint Governance Committee be received.
There were no apologies for absence. The Chair informed the Committee that he had, in exercising his discretionary functions, allowed two Members of the Public to ask the following questions to the Dyfed Pension Fund Committee, which would not be debated, and a written reply be provided. Question 1 – Mr Bob Clay “Most LGPS Fund Committees in Wales have Councillors from all the Councils that they cover on their committees. Why does Dyfed have no councillors from Ceredigion or Pembrokeshire? What steps would have to be taken to remedy the present arrangements? Clwyd Pension Committee has a voting fund members representative. Why doesn’t Dyfed? “ Question 2 – Mr Li-Rocchi “What steps have the Pension Committee taken to respond to the motion discussed by Carmarthenshire Council on 10th September 2025?”
Councillor/Officer Minute Number Nature of Interest D. Thomas General Member of the Dyfed Pension Fund. Wife also a member of the Pension Fund. P. Warlow General Member of the Dyfed Pension Fund. Wife also a member of the Pension Fund. E. Williams General Member of the Dyfed Pension Fund. C. Moore 11 – Wales Pension Partnership (WPP) Joint Governance Committee (JGC) Update He has recently been appointed to the Transitionary Board for the Wales Pension Partnership Investment Management Company Limited on a temporary basis.
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RESOLVED that the minutes of the meeting of the Committee held on the 23rd June 2025 be signed as a correct record.
RESOLVED that the minutes of the meeting of the Committee held on the 23rd June 2025 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 10th July 2025 be received.
The Committee received the Pension Board report, which provided an update on the items discussed at the Board meeting held on the 10th July 2025. The Committee noted the items discussed at the Pension Board meeting which included: • Budget Monitoring • Pensions Dashboard • Pensions Administration • Carbon Intensity • Dyfed Pension Fund Policies • Risk Register • Updates in relation to the Wales Pension Partnership • Investment Performance UNANIMOUSLY RESOLVED that the Dyfed Pension Fund Pension Board report for the meeting held on the 10th July 2025 be received.
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RESOLVED that the Pension Administration Report in relation to the Dyfed Pension Fund be noted.
The Committee considered the Budget Monitoring Report and the Cash Position as at the 30th June, 2025 in respect of the Dyfed Pension Fund. With regard to the Budget Monitoring element of the report, it was reported that, as at the end of June, there was an underspend compared to budget of £5.21m. In relation to expenditure, it was projected to be underspent by £744k. Pensions payable by £507k and management expenses by £237k. It was also noted that that at budget setting an allowance of 1.3% was built in for the increase in pensioner membership, the actual increase to June was slightly lower. In relation to fees, the first quarter’s costs were slightly lower than had been anticipated at budget setting. In terms of income, that was forecasted to be over budget by £4.46m. Contributions were forecasted to be £118k 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 £4.35m more than budgeted. This 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 £146.53m and total income estimated at £151.74m which resulted in a positive variance against budget of £5.21m. It was noted that, in respect of the fund’s cash position, £9.8m of cash was being held by Carmarthenshire County Council on behalf of the Fund for immediate cash flow requirements to pay pensions, lump sums and investment management costs. UNANIMOUSLY RESOLVED that the Pension Administration Report in relation to the Dyfed Pension Fund be noted.
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RESOLVED that the Pension Administration Report in relation to the Dyfed Pension Fund be noted.
The Committee received a report providing an update on Pensions Administration. The report included updates on the activities within the Pensions Administration service and included regulatory matters, breaches register, i-Connect, GMP reconciliation and workflows. In presenting the report, the Pensions Manager highlighted the key areas for the Committee to note. In reference to the Pensions Dashboards which was the current major project, the Pensions Manager explained to the Committee that all the user acceptance testing had been completed and was dashboard ready. The system would go live on 1st October 2025 in accordance with the statutory deadline. UNANIMOUSLY RESOLVED that the Pension Administration Report in relation to the Dyfed Pension Fund be noted.
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RESOLVED that the Dyfed Pension fund Cyber Policy be approved.
The Committee received a report which provided the Dyfed Pension Fund Cyber Policy for approval. It was reported that the Cyber Strategy of the Dyfed Pension Fund, part of the Local Government Pension Scheme was managed and administered by Carmarthenshire County Council. Cyber risk was identified as a current and increasing concern, and the strategy was established to outline the assessment and management of cyber risk for the Fund. It was noted that the Fund is required to comply with the provisions of the Pension Regulators Code of Practice 14 and ensure a Cyber Risk Policy was in place. The Code of Practice also requires the establishment, operation and review of adequate internal controls to ensure the scheme is managed in accordance with the legal requirements. It was acknowledged that as the Administering Authority for the Fund, Carmarthenshire County Council hold and have responsibility for a large amount of personal data and financial assets which make the Fund a potential target for cyber criminals. The report provided information in regard to the approach to cyber governance which would follow the Seek, shield, Solve and Review framework as outlined in the policy. The Policy will link into Carmarthenshire County Council Contingency Plan and Asset Register. In the interest of accessibility, within the realms of cyber security, it was asked if an app was being developed to allow members to log into Dyfed Pension Fund rather than going through the website? The Pensions Manager explained that whilst that the website was easily accessible and recommended to bookmark the website home page but would look into creating an ‘app’ function. UNANIMOUSLY RESOLVED that the Dyfed Pension fund Cyber Policy be approved.
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RESOLVED that the Breaches Report in relation to the Dyfed Pension Fund be noted.
The Committee received for consideration 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 Committee’s attention was referred to the list of breaches appended to the report which detailed the instances where employee/employer contributions had not been received on time. It was reported that since the previous Committee meeting there had been three cases where contributions were received late. There were no long-term implications associated with these breaches. In addition, the report had also been updated to reflect the automatic payment of refunds that were due for June, July and August 2025. UNANIMOUSLY RESOLVED that the Breaches Report in relation to the Dyfed Pension Fund be noted.
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RESOLVED that the risk register report be noted.
The Committee received for consideration the Risk Register which detailed the risks identified in relation to the functions of the Dyfed Pension Fund. The report included an assessment of the potential impact, probability and risk rating for each identified area, together with the control measures implemented to mitigate the identified risks. The register for consideration focused upon the Funding and Investment risks where there were 13 risks, as referenced at F1 – F13 in the 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 meeting. UNANIMOUSLY RESOLVED that the risk register report be noted.
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RESOLVED that the Training Plan for 2025-2026 be noted.
The Committee received for consideration 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. UNANIMOUSLY RESOLVED that the Training Plan for 2025-2026 be noted.
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RESOLVED that the Wales Pension Partnership update on the Joint Governance Committee be received.
[Note: During the discussions, C. Moore declared an interest in this item as he had recently been appointed to the Transitionary Board for the Wales Pension Partnership Investment Management Company Limited on a temporary basis along with Section 151 Officers from Cardiff, RCT and Torfaen. It was reported that no transactions had taken place as yet. Mr Moore remained in the meeting and took part in the discussions.] The Committee received for consideration an update from WPP’s JGC meeting which took place on 16th July 2025 which included the following:- • JGC Update – 16 July 2025 • WPP Business Plan Review April 2024 – March 2025 • Operator Update • WPP Performance Summary January 2025 – March 2025 The report also appended a summary and commentary on WPP’s investment performance for Q1 2025 (January 2025 – March 2025). In response to concerns about divestment, a request was made for a breakdown of WPP's investments. The Treasury & Pension Investments Manager outlined the current investment status and agreed to provide members with a list of stocks. In response to a question about whether this information could be made public, the Treasury & Pension Investments Manager explained that the information was shared within each pension fund authority. Although it is not currently available to the public, the framework under development aimed to include communication tools to enhance wider public engagement. UNANIMOUSLY RESOLVED that the Wales Pension Partnership update on the Joint Governance Committee be received.
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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