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Pensions Committee
Wales Pension Partnership (WPP) Local Government Pension Scheme (LGPS) Fit For The Future Business Case
RESOLVED: i. To note the WPP Fit for the Future Business Case (Appendix 3, Appendix 4 and paragraphs 26 to 37); ii. To approve the formation of a corporate entity wholly owned by the WPP Administering Authorities (AAs) to be the WPP Investment Management Company (IM Co.) and all other actions necessary to submit an application to the Financial Conduct Authority (FCA) for the authorisation of the IM Co. including but not limited to the selection and recruitment of Senior Management Function (SMF) roles as required by the FCA and the preparation and submission of the application to the FCA. …
Council. Full Council sets the budget and council tax and approves major plans.
Wales Pension Partnership 'Fit for the Future' business case
Council noted the Wales Pension Partnership business case. It approved forming a company wholly owned by the partnership's administering authorities (the councils that run the pension funds), to be called the WPP Investment Management Company (IM Co.). It approved all steps needed to apply to the Financial Conduct Authority (FCA), the financial regulator, for the company to be authorised. It approved a revised business plan and 2025/26 budget, including design costs for Project Snowdon. It delegated the work on Project Snowdon, within the approved budget, to the S151 Officer (the council's senior finance officer), in consultation with the Pension Committee Chair. It delegated final approval of the remaining documents needed for the IM Co. to start work to the Pension Committee. The vote was 62 for, none against and none abstaining.
Council. Full Council sets the budget and council tax and approves major plans.
Wales Pension Partnership agreement
Council approved the updated Inter Authority Agreement for the Wales Pension Partnership, as set out in Appendix 1. It delegated minor amendments needed because of changes in law to the Corporate Director Resources (the Section 151 Officer, the senior finance officer), in consultation with the Chair of the Pensions Committee and the Monitoring Officer. It also delegated final approval and signing of the document to the Section 151 Officer, in consultation with the Chair of the Pensions Committee.
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