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There is no summary of this meeting yet. One is written once the council publishes the minutes. The agenda and papers are below.
The Chair announced that Jeff Dong, Deputy Chief Finance / Deputy Section 151 Officer and Jeremy Parkhouse, Democratic Services Officer were both attending their last Pension Fund Committee meeting and were leaving the Authority. The Chair and Committee Members thanked the officers for their contributions to the Committee. Particular reference was made to the outstanding performance of the Pension Fund under the guidance of Jeff Dong, Deputy Chief Finance / Deputy Section 151 Officer.
In accordance with the Code of Conduct adopted by the City & County of Swansea, the following interests were disclosed: 1) Councillors P N Bentu, P Downing, M B Lewis, S Pritchard & W G Thomas declared personal interests in the agenda as a whole. Officers: 2) K Cobb, J Dong, J Parkhouse, L John & S Palmer declared personal interests in the agenda as a whole.
Resolved that the Minutes of the Pension Fund Committee meetings held on 11 November 2025 and 26 February 2026 be signed and approved as correct records.
Jeff Dong, Deputy Chief Finance Officer / Deputy S151 Officer submitted a ‘for information’ report which outlined breaches which had occurred in the period in accordance with the Reporting Breaches Policy.
Laura Caudwell and Arkady Gibas, AON provided the Committee with a presentation and report regarding the valuation process, assumptions and 31 March 2025 valuation results. Resolved that: - 1) The Pension Fund Committee note the valuation report prepared in line with the regulations and the final Funding Strategy Statement as confirmed by the Fund Actuary. 2) AON sign the Valuation report and Rated & Adjustment certificate by the statutory deadline of 31 March 2026. 3) Employers start paying new contributions from 1 April 2026. 4) AON submit Section 13 data and results to GAD by the end of April 2026. 5) GAD prepare the Section 13 report. 6) The next cost management process as at 31 March 2024 be noted.
The Deputy Chief Finance Officer / Deputy S151 Officer submitted a report which sought approval of the City and County of Swansea Pension Fund – Investment Strategy Statement. Resolved that the City and County of Swansea Pension Fund – Investment Strategy Statement be approved.
The Deputy Chief Finance Officer / Deputy S151 Officer submitted a report which appraised and recommended changes to the current staffing levels with the aim of addressing scheme administration challenges and Regulatory changes to ensure that the structure is fit for purpose to meet the objectives of the fund. Resolved that: 1) the resourcing and budgetary additions identified in paragraph 37 of the report be approved. 2) Delegation be given to the Deputy Section 151 Officer implement accordingly.
The Deputy Chief Finance Officer / Deputy S151 Officer presented a working framework for the Pension Fund’s programme of work for 2026/27. Resolved that the following be approved and noted: 1. The City & County of Swansea Pension Fund Annual Business Plan 2026/27. 2. Risk Register 2026/27. 3. Asset Allocation. 4. Budget 2026/27.
The Deputy Chief Finance Officer / Deputy Section 151 Officer submitted a report updating the Board on the Government’s Fit for the Future reforms to the Local Government Pension Scheme (LGPS) and the local implications of the draft regulations and statutory guidance issued by MHCLG. The proposed changes introduce mandatory changes, some of which need implementation by October 2026. Resolved that the Committee note the new regulations arising from The Pensions Bill 2025 and shall in due course receive proposals on how The City & County of Swansea Pension Fund shall comply with these requirements.
The Committee was requested to exclude the public from the meeting during consideration of the item(s) of business identified in the recommendation(s) to the report on the grounds that it / they involved the likely disclosure of exempt information as set out in the exclusion paragraph of Schedule 12A of the Local Government Act 1972, as amended by the Local Government (Access to Information) (Variation) (Wales) Order 2007 relevant to the item(s) of business set out in the report. The Committee considered the Public Interest Test in deciding whether to exclude the public from the meeting for the items of business where the Public Interest Test was relevant as set out in the report. Resolved that the public be excluded for the following items of business. (Closed Session)
Councillors must say when they have a personal link to something being discussed, such as a job, a property or a family member. A prejudicial interest is one strong enough that the councillor usually leaves the room and takes no part.
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