The Pension Fund Committee of Swansea Council is scheduled to meet on Wednesday, 4 November 2026. The meeting's agenda includes a review of the Pension Fund's financial statements for 2025-26, an update on the Wales Pension Partnership (WPP), and a discussion on climate and nature risks.

Audit of Accounts Report 2025-26

A significant portion of the meeting is dedicated to the Audit of Accounts Report for the 2025-26 financial year. This report, presented by the Section 151 Officer, will cover the findings of the external audit of the City and County of Swansea Pension Fund's annual report and statement of accounts. The committee is expected to consider the outcome of this audit and formally approve the audited financial statements. The report itself is extensive, detailing the fund's financial position, income and expenditure, investment performance, and actuarial valuations. It also includes information on the fund's governance, administration, and compliance with various regulations, such as The Pensions Regulator's General Code of Practice. The audit report from Audit Wales, which provides an unqualified opinion on the financial statements, is also included for review.

Welsh Pension Partnership (WPP) Update

The committee will receive an update on the Wales Pension Partnership (WPP). This section of the report will likely cover the ongoing activities and progress of the WPP, which is a collaborative arrangement between eight Welsh local government pension funds aimed at achieving economies of scale, strong governance, and reduced costs. The update is expected to detail investment management costs, asset allocation, and performance across the pooled assets. It will also likely include information on the WPP's responsible investment policies and engagement activities.

Climate and Nature Risk Report

A report on Climate and Nature Risk is scheduled for discussion. This report, prepared by Hymans Robertson LLP, will provide an assessment of the portfolio's exposure to transition and physical climate risks, as well as nature-related risks. It will likely outline the fund's carbon footprint, exposure to fossil fuels, and alignment with net-zero targets. The report is also expected to detail the methodology used for assessing these risks and identify key sectors and companies that contribute to deforestation and biodiversity loss. The committee will likely consider actions to mitigate these risks and explore opportunities for investing in sustainable solutions.

Swansea Pension Fund Employer Forum

The committee will be provided with an overview of the agenda for the Swansea Pension Fund Employer Forum. This forum, which will be held virtually, is an annual event designed to engage with the employers who participate in the pension fund. The agenda for the forum includes discussions on the fund's performance, investments in local communities, updates on fund administration, technology such as cyber resilience and artificial intelligence, and a roundtable on responsible investment.

Equity Rebalancing

A report from the Wales Pension Partnership Investment Management Company (WPP IM Co.) concerning equity rebalancing is also on the agenda. This report will likely detail the rationale, activity, and implementation status of portfolio rebalancing undertaken by WPP IM Co. on behalf of the Swansea Pension Fund. The aim of this rebalancing is to move the portfolio closer to its strategic asset allocation targets, potentially involving adjustments to holdings in listed equities and credit.

Exclusion of the Public

Finally, the committee will consider a report from the Chief Legal Officer regarding the potential exclusion of the public from certain parts of the meeting. This is a procedural item that allows the committee to discuss sensitive information, such as details relating to individuals, financial or business affairs, or ongoing consultations, in private, where the public interest in maintaining confidentiality outweighs the public interest in disclosure. The report will outline the specific legal grounds for exclusion and the public interest tests that need to be applied.