Wrthi'n llwytho
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RESOLVED that the minutes of the meeting of the Committee held on the 22nd September, 2025 be signed as a correct record.
RESOLVED that the Dyfed Pension Fund Pension Board reports for the meeting held on the 14th October 2025 be received.
RESOLVED that the Dyfed Pension Fund Annual Report & Accounts and Audit of Financial Statements Report for 2024-25 be noted.
RESOLVED that the Dyfed Pension Fund Budget Monitoring and Cash Position report be received.
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 Notices of Motion referred to the Dyfed Pension Fund by Carmarthenshire County Council and Ceredigion County Council and the actions being taken be noted.
RESOLVED that the Wales Pension Partnership update on the Joint Governance Committee which took place on 17th September 2025 be received.
RESOLVED that the update report 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 question to the Dyfed Pension Fund Committee which would not be debated and a written reply would be provided. Question by Mr Bob Clay “What plans are being considered to adopt rules for the Dyfed Pension Committee that make it more open to public engagement?” Question by Mr Gavin Evans "Since all the money invested by the Dyfed Pension Fund originates from employees or contractual payments for the benefit of the employees, is it not fundamentally undemocratic for the employees to have no representation on the committee?"
Councillor Minute Number Nature of Interest E. Williams General He is a Member of the Dyfed Pension Fund D. Thomas General He is a Member of the Dyfed Pension Fund P. Warlow. General He and his wife are Members of the Dyfed Pension Fund
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RESOLVED that the minutes of the meeting of the Committee held on the 22nd September, 2025 be signed as a correct record.
RESOLVED that the minutes of the meeting of the Committee held on the 22nd September, 2025 be signed as a correct record.
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RESOLVED that the Dyfed Pension Fund Pension Board reports for the meeting held on the 14th October 2025 be received.
The Committee received the Pension Board reports, presented by the Chair of the Dyfed Pension Fund Pension Board, providing an update on the items discussed at the Board meeting held on the 14th October 2025. UNANIMOUSLY RESOLVED that the Dyfed Pension Fund Pension Board reports for the meeting held on the 14th October 2025 be received.
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RESOLVED that the Dyfed Pension Fund Annual Report & Accounts and Audit of Financial Statements Report for 2024-25 be noted.
The Committee received for noting the Audit of Financial Statements Report 2024-25. The Committee welcomed to the meeting Jason Blewitt, Audit Wales Representative who presented the report for the Dyfed Pension Fund detailing the matters arising from the audit which required reporting under ISA 260. It was noted that the Auditor General was responsible for providing an opinion on whether the financial statements of the Dyfed Pension Fund gave a true and fair view of their financial position as at 31st March 2025 and of its income and expenditure for the year end. The Committee was advised that an unqualified audit report on the financial statements had been issued and the finalised report had been considered by the Governance and Audit Committee at its meeting held on 24th September 2025 [Minute 5.1 refers]. The Committee was pleased to note that Audit Wales intended to issue an unqualified audit opinion on the accounts, which would be issued upon receipt of the Fund’s Letter of Representation. The Committee was also pleased to note that there were no misstatements identified in the financial statements which remained uncorrected, or which required adjusting. The Committee wished to express their sincere thanks to Audit Wales for undertaking the Audit and to the Pension Investment and Administration teams for all their hard work in what had resulted in a successful audit. UNANIMOUSLY RESOLVED that the Dyfed Pension Fund Annual Report & Accounts and Audit of Financial Statements Report for 2024-25 be noted.
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RESOLVED that the Dyfed Pension Fund Budget Monitoring and Cash Position report be received.
The Committee considered the Budget Monitoring Report and the Cash Position as at the 30th September, 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 September, there was a £5.46m underspend compared to budget. In relation to expenditure, that was currently projected to be underspent by £896k. Pensions payable was forecasted to be underspent by £406k and management expenses by £490k. It was also noted that at budget setting, an allowance of 1.3% had been built in for the increase in pensioner membership, however, the actual increase to June was slightly lower. In relation to fees, costs to September were slightly lower than had been anticipated at budget setting In terms of income, that was forecasted to be under budget 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 which resulted in a positive variance against budget of £5.46m. It was noted that, in respect of the fund’s cash position, £15m 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 Dyfed Pension Fund Budget Monitoring and Cash Position report be received.
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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 and note that there had been one case of late receipt of contributions from Employers since the previous Committee meeting. 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 17 Operational risks (identified as risk numbers O1-O17 in the register) and it was confirmed that following a review of the register, there had been no changes to individual risks since the register was presented to the Committee’s meeting in September 2025. 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 Notices of Motion referred to the Dyfed Pension Fund by Carmarthenshire County Council and Ceredigion County Council and the actions being taken be noted.
The Committee received a report which provided Notices of Motion which had been referred from Carmarthenshire County Council and Ceredigion County Council for consideration. The report stated that The Wales Pension Partnership (WPP) and the Dyfed Pension Fund strongly believe that all companies have a responsibility to respect human rights, uphold policy commitments and act upon the guidance laid out in the UN Guiding Principles on Business and Human Rights and other international standards. Members noted that the WPP and the Fund balanced many conflicting ESG considerations when making investment decisions. Some of the investment strategies, like the Sustainable Active Equity Sub-Fund, had specific exclusions criteria, meaning companies involved in activities such as tobacco, palm oil, controversial weapons and coal mining were not invested in. 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 WPP Joint Governance Committee (JGC) 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. It was emphasised that the Fund was not in a position in its own right to dictate the investments policy of the WPP therefore the solution must be a collaborative effort. Regarding the review of the investment framework, a query was raised about the anticipated timeline for its submission to the JGC for consideration. The Treasury and Pension Investments Manager responded that, given the complexity of the work required, it is challenging to provide a definitive completion date at this time. However, the Committee was assured that the review will be conducted thoroughly and effectively. UNANIMOUSLY RESOLVED THAT the Notices of Motion referred to the Dyfed Pension Fund by Carmarthenshire County Council and Ceredigion County Council and the actions being taken be noted.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Wales Pension Partnership update on the Joint Governance Committee which took place on 17th September 2025 be received.
The Committee 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). It was reported that GCM Grosvenor provided an update to JGC on Infrastructure investments, their presentation was appended to the report for information. UNANIMOUSLY RESOLVED that the Wales Pension Partnership update on the Joint Governance Committee which took place on 17th September 2025 be received.
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RESOLVED that the update report be received.
The Committee 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 UNANIMOUSLY RESOLVED that the update report 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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