Wrthi'n llwytho
Cyfarfu'r Pwyllgor Pensiynau ar 22 Gorffennaf 2026 i ystyried ei strategaeth fuddsoddi, canllawiau cenedlaethol newydd, risgiau a'i gynllun busnes. Cymeradwyodd Ddyraniad Asedau 2026/27 y Gronfa, gan gynnwys hyd at 10% mewn gilts sy'n gysylltiedig â mynegai a hyd at 5% mewn cronfa bondiau enillion absoliwt, a chymeradwyodd Gynllun Busnes 2026/27. Rhoddodd hefyd awdurdod i swyddogion ddechrau penodi Person Annibynnol ac Uwch Swyddog LGPS, gyda phenodiadau i fod wedi'u gwneud erbyn 31 Rhagfyr 2026.
The Committee noted the appointment of Councillor Leonora Thomson as Chair and the current membership of the Committee. Cllr Jackie Jones was welcomed to her first meeting of the Pensions Committee. Resolved: That the appointment of the Chair and membership arrangements be noted.
The Committee considered and noted the Terms of Reference. Resolved: That the Terms of Reference be noted.
Apologies had been received from Cllr Dilwar Ali.
Committee members who are members of the Local Government Pension Scheme declared their interest as scheme members. No further declarations were made.
The minutes of the previous meetings held on 2 March 2026 and 16 March 2026 were considered. Resolved: That the minutes be approved as an accurate record.
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.
Unnamed Committee members: Buddiant
Declarodd aelodau'r Pwyllgor sy'n aelodau o Gynllun Pensiwn Llywodraeth Leol fuddiant fel aelodau'r cynllun. Nid yw'r cofnod yn eu henwi nac yn cysylltu'r buddiant ag eitem benodol.
Yn rhestru cynghorwyr presennol y cyngor yn unig. Nid yw aelodau cyfetholedig, swyddogion a chyn-gynghorwyr yn cael eu dangos.
The Committee received a presentation from Aon on the strategic asset allocation review following the triennial valuation. Marc Falconer advised that the Fund's funding level had improved from 98% at the 2022 valuation to 111% at the 2025 valuation. The review had therefore focused on protecting the improved funding position and reducing investment risk. Colin Cartwright (Aon) presented the findings of the review and outlined: • The new “Fit for the Future” investment requirements. • Expected returns and risk objectives. • The proposed local investment allocation target of 2%. • Cashflow requirements of approximately £4 million per month. • Responsible investment objectives. • Proposed changes to the strategic asset allocation. The Committee discussed: • The rationale for limiting local investment to an initial 2% allocation. • The balance between supporting local investment opportunities and maintaining fiduciary responsibilities. • Opportunities for future increases in local investment allocations if suitable investment-grade opportunities arise. • Ethical and responsible investment objectives, including progress toward net-zero targets. • The role of index-linked gilts in matching pension liabilities and managing inflation risk. • Absolute Return Bond Funds as a lower-risk diversifying asset class. It was suggested that a future report be brought to the Committee on ethical investment and progress against responsible investment and net-zero targets. Resolved: • Notes the work undertaken by Aon in modelling changes to the Fund’s Asset Allocation and the recommendations from the review of report which are :- i. An investment of up to 10% in index linked gilts ii. An investment of up to 5% in the (WPP) Absolute Return Bonds sub-fund iii. A reduction in listed equities to fund the above investments.. • That the proposed Strategic Asset Allocation for 2026/27 be approved. • That officers continue discussions with WPP IMCo regarding implementation of the revised allocations. • That a future report be presented on ethical investment and progress against responsible investment objectives. Councillor Jackie Jones indicated support for the recommendations but expressed reservations regarding the proposed 2% local investment allocation.
The Committee considered a report outlining the latest guidance issued by the Ministry of Housing, Communities and Local Government relating to the Government’s “Fit for the Future” reforms. Marc Falconer summarised the key requirements, including: • Enhanced training and knowledge requirements for Committee members, Pension Board members and officers. • Appointment of a Senior LGPS Officer by 31 December 2026. • Appointment of an Independent Adviser by 31 December 2026. • Requirement to undertake independent governance reviews. • New requirements relating to investment strategy statements and local investment. • Governance and operational changes resulting from FCA authorisation of WPP IMCo. Members discussed employee representation within pension governance, and officers explained the role of the Local Pension Board in representing employers and scheme members. Resolved: • That the guidance be noted. 2. That authority be delegated to the Corporate Director Resources to commence the necessary procurement, recruitment and governance processes required to appoint :- a) The Independent Person - by 31 December 2026 b) The Senior LGPS officer - by 31 December 2026 c) The body to undertake the Independent Governance Review.
The Committee received the regular Wales Pension Partnership and Investment Update report. Dean Batte reported that: • The value of the Fund had increased from £3.1 billion to £3.5 billion over the year to 31 March 2026. • The Fund had achieved growth of 12.04%. • Approximately 96% of Fund assets were now pooled. • Market volatility continued, but overall performance remained positive. • Progress continued in relation to private market investments and pooling arrangements. Resolved: To note the recent developments related to the WPP Investment Pool, and the Fund’s Investment holdings.
The Committee considered the latest Risk Register. Marc Falconer advised that: • The Risk Register had been reviewed by the Local Pension Board. • Changes since the previous review were mainly narrative updates. • The Guaranteed Minimum Pension (GMP) reconciliation risk had now been closed and removed from the register. Members welcomed the regular reporting arrangements. Resolved: To note the Risk Register.
The Committee considered the draft Business Plan for 2026/27. Dean Batte outlined: • Key achievements during the previous year, including issuing Annual Benefit Statements to 99.9% of active members. • Completion of communications relating to the GMP project. • Priorities for 2026/27, including implementation of WPP IMCo and enhanced training requirements. During discussion, Members sought clarification on pension scam prevention measures. Karen O'Donoghue-Harris advised that: • Staff receive scam awareness training. • Robust transfer checks are undertaken. • Members are provided with information on pension scams through annual communications. • No pension scams had been identified or reported by the Fund to date. Resolved: That the Business Plan for 2026/27 be approved.
The Committee considered the minutes of the Local Pension Board meeting held on 27 January 2026. Resolved: That the minutes be noted.
Resolved: That the press and public be excluded from the meeting for the following item in accordance with Section 100A(4) of the Local Government Act 1972 as it involved the likely disclosure of exempt information under Schedule 12A of the Act.
Noted
None received.
The next meeting of the Pension Committee will be held on Teams at 5pm on 25 November 2026.