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The decisions as the council's minutes record them. A plain-language summary follows once it has been written.
RESOLVED: The Committee noted these documents and noted that these will be brought back to the first Committee of each new business year.
RESOLVED: The minutes of 25 March 2026 were received, approved, and will be signed by the Chairman.
RESOLVED: The Committee noted the Audit Wales Audit Plan.
RESOLVED: The Committee considered the update and approved the appointment of the Pensions Operations Manager as a nominated officer to the Wales Pension Partnership (WPP) Officer Working Group, in place of the Pensions Investment Manager.
RESOLVED: The Committee noted the Investment and Funding Pooling Update.
RESOLVED The Committee noted the Funding and Investment Performance Update.
RESOLVED: The Committee noted the Administration and Communications Update.
RESOLVED: The Committee noted the future meeting dates.
The Chairman invited attendees to declare any potential conflicts of interest that they may have in relation to Clwyd Pension Fund (“the Fund”), other than those already recorded in the Fund’s register. No additional declarations of interest or conflicts of interest were made.
Decision as recorded
RESOLVED: The Committee noted these documents and noted that these will be brought back to the first Committee of each new business year.
The Committee received the annual reminder of The Clwyd Pension Fund Terms of Reference and Flintshire County Council's Members' Code of Conduct. RESOLVED: The Committee noted these documents and noted that these will be brought back to the first Committee of each new business year.
The Chairman stated that whoever is appointed Vice Chair, will also be appointed as the deputy representative on the Joint Governance Committee (JGC) for the Wales Pension Partnership (WPP). The Chairman asked for nominations for this role. Following nomination from Cllr Mullin, Cllr Wren was appointed as the Vice Chair. RESOLVED: The Committee appointed the Cllr Wren as Vice Chair and noted that the Chair and Vice-Chair are therefore appointed as Member and Deputy (alternate) respectively of the Joint Governance Committee for the Wales Pension Partnership.
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Decision as recorded
RESOLVED: The minutes of 25 March 2026 were received, approved, and will be signed by the Chairman.
The Committee reviewed the minutes of the previous meeting 25 March 2026. Mr Hibbert queried wording relating to the proposed 12-month review of Wales Pension Partnership governance documents and noted that the review had been discussed earlier in the process than reflected in the minutes. RESOLVED: The minutes of 25 March 2026 were received, approved, and will be signed by the Chairman.
Decision as recorded
RESOLVED: The Committee noted the Audit Wales Audit Plan.
Mr Bateman introduced the report and Rob Gore and Amy Lord, Audit Wales presented the Audit Wales Audit Plan for the 2025/26 annual report and accounts. Key points included: · Audit Wales will issue its Audit of Accounts Report in November 2026. · Key audit risks identified include management override of controls, valuation of investments, LGPS reform disclosures, related party disclosures. · Audit materiality levels were outlined. Audit work was progressing to timetable. · The proposed audit fee for 2025/26 was £53,144. No questions were raised. RESOLVED: The Committee noted the Audit Wales Audit Plan.
Decision as recorded
RESOLVED: The Committee considered the update and approved the appointment of the Pensions Operations Manager as a nominated officer to the Wales Pension Partnership (WPP) Officer Working Group, in place of the Pensions Investment Manager.
Mr Latham presented the report and highlighted key points on Good Governance and Pooling Regulations. · New regulations come into force on 30 June 2026. · Assets must transfer to the pool by 30 September 2026. · Appointment of an LGPS Senior Officer and Independent Person is required by 31 December 2026. · Investment Strategy Statements will require updating by 31 March 2027. · Governance reviews are required by 31 March 2028. Andrew Johnston gave an update on WPP IMCo. Recruitment and operational preparations were substantially complete. The company was ready to operate. FCA authorisation remained the final outstanding milestone. Mr Latham informed the Committee of personnel changes: · Departure of Ieuan Hughes, Pensions Investment Manager. · Departure of Kenneth Ettles and confirmation that Chris Emerson (Aon) will act as independent adviser · Appointment of Nick Page as Mercer Alternate Consultant. · Karen McWilliam stepping down as Independent Chair of the Pension Board, with Jennie Green appointed as successor. The Committee thanked all those leaving their roles and welcomed those taking up new appointments. The Committee considered the proposal to appoint the Pensions Operations Manager as the nominated officer to the Wales Pension Partnership Officers Working Group whilst the Pensions Investment Manager post is vacant. RESOLVED: The Committee considered the update and approved the appointment of the Pensions Operations Manager as a nominated officer to the Wales Pension Partnership (WPP) Officer Working Group, in place of the Pensions Investment Manager.
Decision as recorded
RESOLVED: The Committee noted the Investment and Funding Pooling Update.
Mr Latham thanked Mr Connor Griffiths Noble – Graduate Investment Officer for writing the report. Business Plan is progressing broadly in line with expectations. Mr Latham gave an update on responsible investment and advised that a separate briefing session would take place following the meeting. Mr Latham discussed that significant work continues through the Wales Pension Partnership on responsible investment, local impact reporting, nature-related investment considerations. New private market commitments are now being made through the pool structure. Officers reported ongoing engagement between: Clwyd Pension Fund officers, Mercer, WPP IMCo. The focus was to ensure a smooth operational transition. Assets had successfully transitioned out of the Tactical Asset Allocation (TAA) Portfolio into the WPP UK Credit Fund, WPP Multi-Asset Credit (MAC) Fund and Risk Management Framework. Transition costs incurred were offset by the longer-term savings expected through lower fee structures. Mr Ettles advised that the Fund currently has amongst the lowest employer contribution rate across LGPS funds in England and Wales. Members discussed the anticipated benefits of pooling, potential fee reductions and economies of scale. The importance of maintaining appropriate risk management rather than focusing solely on fee reductions. Mr Hibbert asked how long it will take for the fund to see the benefits of pooling. Mr Latham responded that the fund has already benefited but the timescale for further benefits is unclear. RESOLVED: The Committee noted the Investment and Funding Pooling Update.
Decision as recorded
RESOLVED The Committee noted the Funding and Investment Performance Update.
Mr Page presented the economic markets update. Members were advised that equity markets experienced volatility during the quarter, Geopolitical events affected returns. Markets had recovered strongly following the quarter-end. Fund performance was slightly below benchmark for the quarter. Sustainable Equity and MAC mandates contributed to underperformance. Private market investments continue to be long-term investments with returns expected over time. Mr Middleman gave an actuarial update. · The Fund remained in a strong financial position. · Funding level at 31 March 2026 was approximately 114%. · Funding position had improved further during April and May 2026. · The risk management framework was functioning effectively. Members welcomed the positive position despite market volatility. RESOLVED The Committee noted the Funding and Investment Performance Update.
Decision as recorded
RESOLVED: The Committee noted the Administration and Communications Update.
The Committee received a summary update report. No comments or questions were raised. RESOLVED: The Committee noted the Administration and Communications Update.
Decision as recorded
RESOLVED: The Committee noted the future meeting dates.
The Chairman asked the Committee to note the following future Committee meetings: · 2:00pm on Wednesday 16 September 2026 · 9.30am on Wednesday 25 November 2026 · 9.30am on Wednesday 24 February 2027 · 2.00pm on Wednesday 24 March 2027 · 9.30am on Wednesday 16 June 2027 RESOLVED: The Committee noted the future meeting dates.