Decision Maker: Council

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: July 22, 2025

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.