Purpose

Report seeking Council approval to progress
implementation of the Wales Pension Partnership's Fit for the
Future Business Case following its approval by HMT and MHCLG in
April 2025

Content

Council unanimously agreed
to:
 

·        
Note the WPP Fit for the Future Business Case
previously approved by the JGC and noted by The Pension Fund
Committee (Appendix 3, and Section 6).

·        
Approve the formation of a corporate entity wholly
owned by the WPP Administering Authorities (AAs) to be the WPP
Investment Management Company (IMCo.)
and all other actions necessary to submit an
application to the Financial Conduct Authority (FCA) for the
authorisation of the IMCo. 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 (Section
5).

·        
Approve the revised WPP Business Plan & budget
25/26 which includes design/enabling costs for Project Snowdon
(Appendix 4 and Section 6 of this report).

·        
Delegate the Strategic Director of Resources
(Section 151 Officer), in consultation with the Pension Committee
Chair, to progress Project Snowdon alongside WPP Administering
Authorities (AAs) in line with the Government timetable and within
the approved budget.

·        
Delegate the final approval of the final formal
documentation required for IM Co. to be operational, described as
“Go Live Work” as outlined in Section 10, to the
Pension Fund Committee to give effect to The WPP Fit for the Future
Business Case.