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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.
1.1 Apologies were received from Diane Morley.
2.1 Board Members confirmed the following declarations of personal interest: Board Member In Receipt of Pension Contributor Bob Campbell Self Steve Harford Self Sister Rhian Hayden Mother Self and sister Ian Reese Self Jane Waters Brother Self Anthea Wellington Self Daughter John Wright Self and wife Daughter 2.2 The CLO left the meeting.
3.1 It was agreed that the minutes were an accurate record of the meeting. 3.2 It was noted that the minutes of the most recent Pension Committee meeting were not included on the agenda due to the short timeframe between recent meetings and the need for Welsh Translation prior to publishing. It was confirmed that these would be circulated once available and included in the next meeting pack.
4.1 The Pension Manager provided an update on the business continuity plan, confirming that they had contacted third-party organisations to request notification of any changes in personnel. This information will be incorporated into the plan going forward. 4.2 The Pension Manager also addressed a previous action, confirming that six individuals were currently affected by the McCloud data exclusion on annual benefit statements. This number may increase by the time the work is undertaken. 4.3 The Pension Board noted the Action Sheet.
5.1 The Head of Pensions introduced the item and welcomed Audit Wales representatives Mike Jones and Hepzibah Hill to present their findings. 5.2 The draft accounts for the year ending 31 March 2025 had been submitted to Audit Wales at the end of August. The draft ISA 260 report and the substantially completed annual report were presented to the Board. Audit Wales confirmed that the final proofreading and cross-referencing would be completed before submission to the Pensions Committee for approval on 17 November 2025. 5.3 Audit Wales confirmed that: • The audit was substantially complete. • An unqualified audit opinion would be recommended. • No misstatements were identified. • The accounts were of a high standard, and officers were thanked for their support. 5.4 Following questions from the Board, Audit Wales and the Head of Pensions confirmed the following points: • The discrepancy in valuation of Level 3 investments noted in previous years did not occur this year because the difference between estimated and actual valuations was below the triviality threshold. • The clean audit report was attributed to the diligence of officers in preparing the accounts. 5.5 The Board thanked officers for their work and: I. Noted the Annual Report and Accounts for 2024/25 and raise any questions on the contents as appropriate II. Noted the intention of Audit Wales to issue an unqualified opinion within the ISA260 following their annual audit work on the Annual Report and Accounts 2024/25 III. Noted the responses provided to Audit Wales’s Enquiries of Management as approved by the Pension Committee 5.6 The Board thanked Audit Wales, and they left the meeting.
6.1 The Pensions Manager outlined the report and provided a detailed update on current administration services being undertaken by officers. 6.2 The number of outstanding cases as of 30 September 2025 was slightly lower than the same time last year, although the number of new cases had also decreased. Key performance indicators showed improvements in processing times for transfers in and refunds, while transfers out remained above 70% but had declined compared to the previous quarter. 6.3 The new My Pensions Online system launched on 6 August 2025, featuring enhanced security, a retirement planner, and video benefit statements. Registration rates were increasing, with 42% of members now registered. Officers planned further engagement to encourage migration to the new system. 6.4 It was confirmed that the Fund had successfully connected to the Pensions Dashboard on 31 October 2025. Two AVC providers had not yet connected, but the Fund was within the permitted flexibility window and expected full compliance by 30 November 2025. 6.5 The Board were updated on recent government consultations. The Access and Fairness consultation launched in July 2025 included 52 questions across seven areas. The Fund worked with Welsh colleagues to produce an All-Wales response, which was included in Appendix 3. The Fund was broadly supportive of the proposals but highlighted concerns about increased administrative workload. In addition, the Board was informed of a second consultation launched in October 2025 on Access and Protection. 6.6 Following questions from the Board, the Pension Manager made the following points: · A possible match on the dashboard would require additional verification. · The dashboard would help reconnect with deferred members and improve data accuracy. · Pensioners in payment would not see their data on the dashboard but could still use it to find other pensions. · The Fund would receive reports on matches and data issues once the dashboard goes live. · The Pensions Regulator had not required reporting of AVC provider delays at this stage, but the Fund would log the issue internally. · Testing of the dashboard and matching criteria was ongoing, with further testing planned as new criteria are introduced. · Concerns about digital exclusion and confirmed that traditional communication methods would remain available. · The responses to the aforementioned consultations would be presented to the Board in due course. 6.7 The Local Pension Board noted the report.
7.1 The Investment Officer outlined the report and provided an update on the first full iteration of the revised risk framework. The review was undertaken to align with best practice and the Pensions Regulator’s General Code of Practice. Key changes included a revised scoring matrix with a 36-month likelihood period, the introduction of five new risk categories, and the inclusion of Key Risk Indicators (KRIs). A new “top ten” risk snapshot and a detailed look-through document was also introduced. 7.2 Three key changes were highlighted this quarter: · The addition of a new risk relating to the delivery of Project Snowden. · The removal of a duplicate cyber risk. · A reduction in the score for the risk surrounding insufficient cash flow as this had not materialised in the past three years. 7.3 Following questions from the Board, the Head of Pensions, Pension Manager and Investment Officer made the following points: · The top ten list would always include ten active risks going forward. · The cyber risk that had been removed remained covered under other risk entries. · There were no concerns of negative impact in respect of Project Snowden and appropriate mitigations were in place. · Where multiple officers were listed as responsible for a risk, each was accountable for specific controls. · The new Chief Information Security Officer would have responsibilities similar to the previous postholder, covering multiple authorities. • Certain risks within the risk register would be updated to reflect the protocol for reporting data breaches to the ICO and the Pensions Regulator. 7.4 The Local Pension Board: I. Noted the refreshed risk register and the key updates implemented during the quarterly review; and II. Commented on the risks highlighted as part of this quarter’s risk in theme review.
8.1 The Finance and Investment Manager outlined the report and provided an update on the draft Risk Appetite Statement, a new component of the risk management framework. 8.2 The statement defined the Fund’s appetite for risk across five categories and sets tolerance ranges for each. The aim was to support balanced decision-making, prioritise resources, and ensure consistency. The appetite for investment risk was identified as high, while other areas were generally low or moderate. 8.3 Following questions from the Board, the Finance and Investment Manager made the following points: · The statement aligns with the Fund’s core vision as set out in the business plan. · The risk appetite and tolerance levels for each specific risk would be reflected in the risk register going forward. · The appetite for risk may change over time depending on external circumstances, such as changes in funding levels or legislation. · The Risk Appetite Statement would help drive the design and implementation of appropriate controls. · It was not thought that the statement would change frequently but would be reviewed at least every three years or sooner if circumstances required. 8.4 The Local Pension Board noted the report and commented on the first draft of the Fund’s Risk Appetite Statement.
9.1 The Pension Manager outlined the report and provided an update on the training logs tor 25/26 9.2 Members of the Board were reminded to make use of the Hymans Robertson online training portal (LOLA). 9.3 The Local Pension Board noted the training update provided in this report.
10.1 The Head of Pensions provided an update on both the Wales Pension Partnership (WPP) and the 2025 Triennial Valuation reports that had been presented to Pension Committee in October. 10.2 The WPP Investment Management Company had been incorporated and had submitted its FCA application. Rob Lamb had been appointed as CEO, and recruitment was underway for key roles. The company would manage pooled assets and provide investment advice and implementation. Shareholder and governance structures were being developed, and further engagement with stakeholders was planned. Officers from the Fund had been seconded to support the company’s development. 10.3 Regarding the Triennial Valuation, the Fund’s funding level had increased from 97% in 2022 to 134% in 2025. This improvement was attributed to strong investment returns and changes in future expectations, including a more optimistic outlook for long-term investment returns. The importance of prudence and smoothing contribution rates over time to avoid volatility was emphasised. 10.4 Following questions from the Board, the Head of Pensions confirmed the following points relating to the WPP update: • Scheme member views would be represented through existing governance structures, though not directly on the company board. • The shareholder agreement would define roles, responsibilities, and accountability. • Fiduciary responsibility remains with the administering authorities. • The company would act within parameters set by the Pension Committee, including risk appetite and investment strategy. • In respect of the Triennial Valuation update: · The vast majority of employers were expected to benefit from reduced contribution rates. · The Fund’s modelling assumed an 80% probability of meeting its funding target, up from 70% in previous valuations, as agreed by the Pension Committee earlier in the process. · There would be a further engagement sessions set to provide information to the Board. It was noted that the Local Pension Board appointments ended March 2026.
11.1 The next meeting of the Local Pension Board is scheduled to take place on 28 January 2026.
12.1 The Board agreed to exclude the press and public from the remainder of the meeting in accordance with paragraphs 12 and 14 of Part 4 of Schedule 12A of the Local Government Act 1972, as amended by the Access to Information Variation Order (Wales) 2007. This was due to the inclusion of information relating to individuals and the financial or business affairs of particular persons, including the Council. The Board agreed that the public interest in maintaining the exemptions outweighed the public interest in disclosing the information.
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