The Gwynedd Council Pensions Committee is scheduled to meet on Monday, 15 September 2025 to discuss a Wales Pension Partnership update, treasury management, the Gwynedd Pension Fund risk register and to approve pension fund administration policies. The meeting will also consider the Pensions Committee Chair draft report for Gwynedd Pension Fund's annual general report. Some items, including the initial results of the 2025 valuation and a Robeco engagement service report, will be discussed with the press and public excluded.

Wales Pension Partnership Update

The committee will receive an update on the Wales Pension Partnership (WPP)¹, including a summary of the Joint Governance Committee (JGC) meeting held on 16 July 2025, and the operator's quarterly update. As of 31 March 2025, Gwynedd Pension Fund had investments in seven WPP sub-funds:

• Global Opportunities - £460.6m (14%)
• Global Growth - £418.9m (12%)
• Emerging Markets - £63.0m (23%)
• Multi Asset Credit - £241.9m (29%)
• Absolute Return Bond - £403.2m (76%)
• Global Credit Fund - £233.4m (23%)
• Sustainable Equity Fund - £317.7m (21%)

The report pack notes that the JGC, the WPP's decision-making body, last met on 16 July 2025. Councillor Elin Hywel, Gwynedd Councillor and Vice Chair of the JGC, was appointed as Vice Chair for 2025/26. The JGC also received a presentation from Jason Blewitt of Audit Wales on the 2024/25 Annual Return and Audit letter, and reviewed and updated policies on responsible investing, climate, and stewardship.

The operator's update includes a snapshot of the full range of WPP investment sub-funds as of 31 March 2025.

The report pack also contains a Q1 2025 performance summary from Russell Investments, summarising the performance of each individual ACS sub fund for the quarter ending 31 March 2025. The report notes that:

Global equities and fixed income markets declined in sterling terms in the first quarter. Confusion over tariff implementation, geopolitical uncertainty and signs of weaker US consumer sentiment amplified market nervousness, sending investors in search of safe-haven assets.

Schroders Capital, WPP's Private Equity Allocator, provided a progress update on the Private Equity Investment programme.

Waystone presented their quarterly update report as at 31 March 2025, including an update on WPP's sub funds and corporate and engagement activity. The update notes that the Local Government Pension Scheme (LGPS) approved WPP in their response to the 'Fit for the future' consultation². The update also notes that Andrew Smith has joined Waystone as Chief Technology and Information Security Officer (CTISO).

Treasury Management 2024/25

The committee will consider a report on the council's treasury management activities for the 2024/25 financial year. The Chartered Institute of Public Finance and Accountancy (CIPFA)'s Code of Practice requires that a report on the results of the council's actual treasury management is produced.

The report notes that the council's treasury management activity during 2024/25 remained within the limits originally set, and total interest received on deposits was £2.5m, below the budgeted level of £2.7m. There were no defaults by institutions in which the council had deposited money.

The council's investment balances have ranged between £106.8 million and £235.8 million during the year.

£11.9m of the council's investments are held in externally managed strategic pooled equity, bond and property funds, generating an income return of 5.95% and an unrealised capital gain of £0.3m in the financial year.

The report also includes a compliance report, demonstrating compliance with specific investment limits, and treasury management indicators, measuring the council's exposures to treasury management risks.

Gwynedd Pension Fund Risk Register

The committee will consider the updated version of the Gwynedd Pension Fund's Risk Register. The risk register identifies, assesses, and manages risks that may affect the administration, performance, and obligations of the fund.

The 2025 version has been amended to include:

• Requirements of the new Pensions Regulator (TPR) General Code
• Introduction of the Pension Dashboard and its implications
• Project Snowdon Changes resulting from the Fit for Purpose consultation

Following review by the Pension Board in July 2025, a new risk has been added in relation to the implementation of a new payroll system scheduled for 2026, and the risk rating for cyber attacks has been increased.

Pension Fund Administration Policies

The committee will consider and approve three key administration policies:

• Advance Payments from the Pensioner Payroll: This policy sets out the circumstances in which the Fund may issue advance payments to pensioners, such as in cases of delayed processing.
• Death Grant Payment Distribution: This policy provides a structured approach to how death grant payments are allocated to beneficiaries, including guidance on prioritising nominations, handling disputes, and ensuring payments are made in a timely and equitable manner.
• Education Break for LGPS Dependent Child Pension: This policy sets out the circumstances in which a break from education is allowed without affecting a dependent child's pension entitlement under the Local Government Pension Scheme (LGPS) regulations, specifically for individuals aged between 18 and 23.

Pensions Committee Chair Draft Report for Gwynedd Pension Fund's Annual General Report

The committee will consider the Pensions Committee Chair draft report for Gwynedd Pension Fund's annual general report.

The final report is required to be submitted by 30 September 2025, and the fund's annual meeting will take place during the Autumn (24 November 2025 at 1.00 pm).

The draft report includes key sections such as the Background and Constitution of the Committee, its core functions, current membership, a summary of work undertaken during the reporting period, the proposed workplan for 2025/26, and details of the training activities completed by committee members.