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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. (paragraphs 38 to 41); iii. To approve the revised WPP Business Plan & budget 25/26 which includes design/enabling costs for Project Snowdon (Appendix 5 and paragraphs 42 and 43); iv. To delegate the S151 Officer in consultation with The Pension Committee Chair to progress Project Snowdon alongside WPP Administering Authorities (AAs) in line with the Government timetable within the approved budget; v. To delegate the final approval of the final formal documentation required for IM Co. to be operational, described as “Go Live Work” as outlined in paragraph 44, to the Pension Committee to give effect to The WPP Fit for the Future Business Case.
Apologies were received from Cllr Lay.
The Chair noted that all Members belonged to the pension scheme, and that he was the Cardiff and Vale representative on the Joint Governance Committee for the Wales Pension Partnership. There were no further declarations of interest.
Y penderfyniad fel y'i cofnodwyd
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. (paragraphs 38 to 41); iii. To approve the revised WPP Business Plan & budget 25/26 which includes design/enabling costs for Project Snowdon (Appendix 5 and paragraphs 42 and 43); iv. To delegate the S151 Officer in consultation with The Pension Committee Chair to progress Project Snowdon alongside WPP Administering Authorities (AAs) in line with the Government timetable within the approved budget; v. To delegate the final approval of the final formal documentation required for IM Co. to be operational, described as “Go Live Work” as outlined in paragraph 44, to the Pension Committee to give effect to The WPP Fit for the Future Business Case.
The Committee received a report updating Members on progress towards the implementation of the Wales Pension Partnership (WPP) Fit for the Future Business case approved by Westminster Government. The Chair outlined the report, explaining that the Fit for the Future consultation had made clear that the WPP’s existing model, involving some procured and outsourced services, was no longer the preferred approach. Rather, the government was expecting the pension pool to be the direct owner of the pension management company. The WPP’s assessment was then that setting up their own management company would be more effective and cost-effective than merging into another fund. As a partnership, they had put forward their consultation response and business case and received a positive response. The government agreed that the WPP could remain in place with the eight funds together, and set up the investment management company. Two of the pools were essentially being disbanded, with their funds having to join other pools. The view of the WPP was that they were not looking for any of the other funds outside of the partnership to come into the new WPP investment management company at this stage, given the amount of work required for the company to be operational by the government’s target of 31st March 2026. He added that it was important to ensure every councillor saw the report and appendices over the next few weeks, as it would go to Council on 17th July. After approval by Council, and similar approvals at the other seven authorities, the process would begin promptly to enable the company to be FCA approved and regulated. There would be a period of transition before the company was in place from next year, and the deadline was 1st April 2026. He thanked officers at all the funds for their work, and emphasised the value of having a Wales-based management company to provide specific Welsh opportunities and allow them to closely coordinate with businesses on economic opportunities. There would be costs to setting up the company, but these would be met by the pension fund, while savings would be made over time to services that were currently outsourced, and it was considered to be by far the most cost-effective approach. Members suggested that it would be helpful to have group briefings for councillors before it went to Council, considering the significance of the subject. The Chair agreed, noting he had already contacted the leaders of political groups and would go through the whips too. It was important to ensure that every councillor had sight of it, as well as a briefing where they could ask questions. Members were in agreement that all councillors needed to be fully informed by the time of the Council meeting on the 17th. Members noted that the WPP in its current form did not meet the expected government operating model criteria, and asked whether this meant it had been at fault in the past. The Chair explained that when the pool was officially formed in 2017, they chose a model with some procured and outsourced services as was permitted at the time. The Fit for the Future consultation provided a clearer picture of what was preferred by national government, which was different to the existing arrangements. This did not mean that the WPP had not discharged its duties properly or had failed to be compliant, just that it needed to change to meet a future need. Members asked whether it would go to Council as a full report or as unopposed business. The Chair responded that this would depend on the views of other councillors, but either way he was happy to provide some introduction. The Pensions Manager noted that one of the recommendations was to approve the WPP Business Plan, and clarified that this was a slightly amended version of the business plan approved earlier in the year at the May 2025 Pensions Committee meeting, with an amended table on page 13 and updated costs. The Chair added that it was important to be clear that there would be costs involved in the setup of the new company, though to the fund rather than to the council. 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. (paragraphs 38 to 41); iii. To approve the revised WPP Business Plan & budget 25/26 which includes design/enabling costs for Project Snowdon (Appendix 5 and paragraphs 42 and 43); iv. To delegate the S151 Officer in consultation with The Pension Committee Chair to progress Project Snowdon alongside WPP Administering Authorities (AAs) in line with the Government timetable within the approved budget; v. To delegate the final approval of the final formal documentation required for IM Co. to be operational, described as “Go Live Work” as outlined in paragraph 44, to the Pension Committee to give effect to The WPP Fit for the Future Business Case.
There were none.
24th November 2025 at 5pm. The Chair noted that at the recent meeting with the Local Pension Board, it was suggested that another joint meeting should be scheduled sooner rather than later. Members would be contacted about possible dates.
Rhaid i gynghorwyr ddweud pan fydd ganddyn nhw gysylltiad personol â rhywbeth sy'n cael ei drafod, fel swydd, eiddo neu aelod o'r teulu. Mae buddiant sy'n rhagfarnu yn ddigon cryf i'r cynghorydd adael yr ystafell fel arfer a pheidio â chymryd rhan.
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