Pensions Committee

The minutes are published. No summary has been written yet.

1. 1

   Attendance and Apologies / Presenoldeb ac Ymddiheuriadau

   Minute

   1.1 There were apologies received by Councillor Keyte. It was noted Councillor Tew had declined the invitation.

2. 2

   Declarations of Interest / Datganiadau o fudd

   Minute

   The following declarations were made: · Councillor Horlor declared a personal interest as he was a contributor to the Fund. · Councillor Williams declared a personal interest as both himself and his wife were both in receipt of a pension and contributors to the Fund. · Councillor Yeowell declared a personal interest due to his Father and two other family members being in receipt of a pension as well as being a contributor to the fund himself.

3. 3

   Wales Pension Partnership – Revised Inter Authority Agreement (IAA) // Partneriaeth Pensiwn Cymru – Cytundeb Rhyng-Awdurdod Diwygiedig (IAA

   Minute

   3.1 The Head of Pensions provided a detailed overview of the revised Inter‑Authority Agreement (IAA), explaining the background, the impact of government‑mandated changes to pooling, and the establishment of the new regulated Wales Pension Partnership Investment Management Company. 3.2 A summary of the drafting and advisory work undertaken with Hyman’s Robertson and Burges Salmon, the governance model, the role of the Joint Governance Committee and Officer Working Group, and the function of the new shareholder board was given to the Committee. 3.3 Following questions from the Committee, Officers confirmed the following points: • The company had no formal input into the drafting of the IAA. • The 12–18 month review period was intended to ensure the governance structure remained fit for purpose. • The new arrangements would preserve collaborative working between the eight authorities while enabling the company to operate effectively. • Reserved matters requiring shareholder approval would continue to come to the Pension Committee. 3.4 The Pension Committee: I. Noted the contents of this report and the respective appendices II. Approved the revised Inter-Authority Agreement; and III. Endorsed the revised Inter-Authority Agreement to Torfaen County Borough Council for final approval.

   Papers: Agenda Item 03 - Revised Inter-Authority Agreement, Agenda Item 03 - Appendix 1 - Hymans Assurance Report - Inter-Authority Agreement, Agenda Item 03 - Appendix 2 - IAA Summary Note, Agenda Item 03 - Appendix 3 - Inter-Authority Agreement
4. 4

   Date of Next Meeting 30/03/26 / Dyddiad y Cyfarfod Nesaf 30/03/26

   Minute

   4.1 The date of the next meeting was 30th March 2026.

5. 5

   Exclusion of Press and Public / Gwahardd y Wasg a'r Cyhoedd

   Minute

   5.1 The Committee agreed the exclusion of the Press and Public. The Chair welcomed members of the Local Pension Board to attend the exempt session.

Councillors must say when they have a personal link to something being discussed, such as a job, a property or a family member. A prejudicial interest is one strong enough that the councillor usually leaves the room and takes no part.

Declarations are read from the minutes once they are published.

• Nathan Yeowell, ChairLabourPresent
• Alfie Best, Committee MemberLabourAbsent
• Chris Tew, Committee MemberThe Independent GroupAbsent
• David Williams, Committee MemberLabourPresent
• Jon Horlor, Committee MemberLabourPresent
• Stuart Keyte, Committee MemberReform UKSent apologies

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