The Dyfed Pension Fund Board met on Thursday 10 July 2025, noting various reports on the fund's financial position, administration, policies, and risk management. The Board also received updates on the Wales Pension Partnership (WPP) and its business plan, as well as the implementation of the WPP's Fit for the Future business case.

Dyfed Pension Fund Committee Meeting 23 June 2025

The Committee received and noted the Dyfed Pension Fund Pension Board report, which detailed discussions from the Board's meeting on 15 May 2025. Key topics included budget monitoring, pensions administration, updated policies, the risk register, and updates on the Wales Pension Partnership (WPP) and investment performance. The Committee also approved the Audit Plan 2025, received the final budgetary and cash position as at 31 March 2025, and noted the Pensions Administration Report.

Significant progress was made in approving several Dyfed Pension Fund policies, including the Recovery of Overpayment Policy, Death Grant Policy, Anti-Fraud and Corruption Policy, Equality and Diversity Policy, Privacy Notice, Conflict of Interest Policy, and Risk Management Policy. The Committee also noted the Breaches Report and the Risk Register, which focused on governance and regulatory risks. The Training Plan for 2025-2026 and the Carbon Intensity Analysis as at 31 March 2025 were also noted.

Updates were received on the Wales Pension Partnership's (WPP) Responsible Investment activities, including information on the Global Growth, Sustainable Active Equity, and Global Credit Sub-Funds. The Committee approved the revised Wales Pension Partnership (WPP) Business Plan for 2025-2028, which incorporates design and enabling costs for Project Snowdon, related to the WPP's Fit for the Future proposals.

Furthermore, the Committee agreed to progress the implementation of the Wales Pension Partnership (WPP) Fit for the Future Business Case, which had been approved by the Government. This involves establishing a standalone Financial Conduct Authority (FCA) authorised investment management company (IM Co) and moving all WPP assets into its management. The report on this matter was to be submitted to the County Council for formal approval.

Following the exclusion of the public, the Committee noted the Independent Advisor Performance & Risk Report and the Northern Trust Performance Report, both as at 31 March 2025. These reports were considered in private due to concerns that disclosure could adversely impact the Pension Fund and its members.

Dyfed Pension Fund Pension Board Meeting 10 July 2025

The Dyfed Pension Fund Pension Board met on 10 July 2025, noting the Pension Board Budget Monitoring report for the period 1 April 2025 to 30 June 2025. The report indicated a slight overspend compared to the budget for the year. The Board also noted the Pension Board Work Plan for 2025, which outlines the Board's activities and agenda items for the year. Finally, the Board reviewed the Pension Board Action Log, which details ongoing actions and updates from previous meetings.

Wales Pension Partnership (WPP) Business Plan 2025-2028

The WPP Business Plan for 2025-2028 was considered, outlining the partnership's background, governance structure, priorities, objectives, financial budget, and investment and performance objectives. The plan, initially approved in March 2025, was revised to include the design and enabling costs for Project Snowdon, which relates to the WPP's proposals agreed with the UK Government following the Fit for the Future consultation. The revised plan was approved by the Committee.

Implementation of the Wales Pension Partnership (WPP) Fit for the Future Business Case

A report was presented on the implementation of the WPP's Fit for the Future Business Case, which had been approved by the Government on 9 April 2025. This case proposes the establishment of a standalone Financial Conduct Authority (FCA) authorised investment management company (IM Co) to manage all WPP assets. The WPP project group, Project Snowdon, comprising representatives from the eight Welsh authorities and WPP's service providers, developed the proposal. The Committee agreed to progress the implementation of this business case and to submit the relevant reports to the County Council for formal approval.

The report highlighted that the WPP's business case was approved by the Joint Governance Committee on 12 March 2025 and subsequently by the Government. The proposal aims to establish an FCA-regulated IM Co to manage WPP assets in line with government criteria and timescales. The Committee was asked to support the report and agree to its submission to the County Council for approval to proceed with the implementation.

The Committee also received updates on the Audit Plan 2025, the Final Budgetary and Cash Position as at 31 March 2025, the Pensions Administration Report, and the Carbon Intensity Analysis as at 31 March 2025. Several Dyfed Pension Fund Policies were approved, including those related to Overpayment Recovery, Death Grants, Anti-Fraud and Corruption, Equality and Diversity, Privacy, Conflict of Interest, and Risk Management. The Breaches Report and Risk Register were noted.

The Committee received the WPP's Responsible Investment update report as at 31 March 2025, covering Global Growth, Sustainable Active Equity, and Global Credit Sub-Funds, along with a Stewardship Summary. The revised WPP Business Plan for 2025-2028 was approved, incorporating costs for Project Snowdon. Finally, the Committee agreed to progress the implementation of the WPP's Fit for the Future Business Case and to submit the relevant reports to the County Council for approval.

The meeting also included the exclusion of the public for the consideration of the Independent Advisor Performance & Risk Report and the Northern Trust Performance Report, both as at 31 March 2025, due to concerns about potential adverse impacts on the Pension Fund if disclosed.