The Pensions Committee meeting scheduled for 2 March 2026 was set to discuss significant updates regarding the Wales Pension Partnership (WPP), including governance documents required to meet Fit For The Future requirements. The committee was also scheduled to review the Pension Fund's policies and strategies, and receive an update on investments.

Wales Pension Partnership (WPP) Local Government Pension Scheme (LGPS) - Governance Documents to Meet Fit For The Future Requirements

A key item on the agenda was the consideration of governance documents necessary for the implementation of the WPP Fit for the Future Business Case. This initiative, approved by the Council on 17 July 2025, aims to strengthen the management of LGPS investments. The report detailed proposed changes to the WPP governance arrangements, including the creation of a new Shareholder Forum to oversee the Investment Management Company (IM Co), amendments to the terms of reference for the Officer Working Group (OWG) and Joint Governance Committee (JGC), and the introduction of new legal documents such as a Shareholder Agreement (SHA) and a Client Service Agreement (CSA). A revised Inter-Authority Agreement (IAA) was also to be considered, reflecting these required changes. The report highlighted that these changes are necessary to meet government expectations for investment pooling, which are expected to become legislation on 1 April 2026.

Annual Review of Pension Fund Policies and Strategies

The committee was scheduled to review six key policies: the Pensions Administration Strategy, Complaints and Compliments Policy, Communications Policy, Overpayment Policy, Conflict of Interest Policy, and Breaches Policy. These documents are subject to an annual review by the Local Pension Board, which had considered the updated versions in January 2026. The report indicated that no substantive changes were required for these policies, with updates primarily limited to refreshing review dates.

WPP and Investment Update

An update was to be provided on the Wales Pension Partnership and the Fund's investments. As of 31 December 2025, the Fund had investments totalling £3,185 million in twelve WPP products, representing approximately 91% of the Fund's total valuation of £3,481 million. The report detailed specific investments across various asset classes, including equities, bonds, credit, infrastructure, and private equity. Progress on the launch of WPP Property Funds and the transition to a bespoke WPP Passive Equity Fund with BlackRock were also to be discussed. The report included an update on public engagement and responsible investment, with work underway to develop a WPP exclusionary policy.

Pension Fund Risk Register

The committee was to consider the Pension Fund's Risk Register, which covers investments, funding, governance, and administration. The register had been reviewed by Fund officers and the Local Pension Board in January 2026, with several narrative updates proposed and included in the report. These updates reflected changes such as reduced residual risk scores for certain items, increased focus on training, and progress in recruitment for the Pensions Section. The report also noted the development of a Fund-specific Cyber Security Policy.

Minutes of the Local Pension Board

The committee was scheduled to note the minutes of the Local Pension Board meeting held on 11 November 2025. These minutes covered updates on administration, investment and WPP matters, the unaudited 2024/25 Annual Report, and the review of the Risk Register.

Minutes of the previous meeting

The committee was asked to approve the minutes of the previous meeting held on 24 November 2025.

Items 10 and 11 were confidential and excluded from public discussion.