The Pension Fund Committee met on 10 September 2025, and among other things, they approved the revised Pension Fund Administration Strategy, agreed to extend the deadline for implementing the McCloud remedy, and heard updates from the Wales Pension Partnership. Councillor Mike Lewis was chair of the meeting.

Here's a summary of the key topics discussed:

• Councillor Will Thomas
• McCloud Remedy
• Pension Fund Administration Strategy
• Wales Pension Partnership (WPP)
• Breaches in the Pension Fund
• Draft City and County of Swansea Pension Fund Annual Report and Statement of Accounts 2024-25
• Controls Assurance Review Reporting
• Investment Strategy Implementation Update
• Investment Monitoring Report - Quarter 1 2025/26
• Responsible Investment (RI) Health Check
• Fund Manager's Presentation(s)
• Audit Plan 2025
• Overpayment and Underpayment of Pension Policy
• Admitted Bodies (School Cleaning Services)
• Introduction to Pensions Dashboards
• Exclusion of the Public

Councillor Will Thomas

The committee recommended that Councillor Will Thomas be appointed as a non-voting co-opted member of the Pension Fund Committee for the remainder of the municipal year. This was proposed because Councillor Thomas, who has served on the committee since 2016, would likely be removed due to changes in the political makeup of the council. The report noted that Councillor Thomas has acquired and maintained the required statutory knowledge, skills and experience to discharge his role to a high level and is a valued member of the Committee. The report stated:

In the interests of retaining that knowledge, skill and experience on the Committee, it is proposed that Councillor Will Thomas be appointed as a Non-Voting Co-opted Member of the Pension Fund Committee.

McCloud Implementation Update Report

The committee approved the fund exercising its permitted discretion to extend the deadline for the completion of the McCloud remedy rectification and implementation to 31 August 2026. The report noted that implementing the backdated McCloud remedy has been challenging and complex, requiring an extensive data collection exercise with Fund Employers. The report stated:

To implement the backdated McCloud remedy an extensive data collection exercise has been undertaken with a high percentage of member data already received from Employing Authorities; however, to-date there is approximately 700 member records still subject to data verification; therefore, this element of the rectification process is still ongoing.

The report also noted that the Local Government Pension Scheme (Information) Regulations 2024 allows the Fund to apply its discretion not to estimate calculations relating to the McCloud Remedy for the period 2024/25.

Pension Fund Administration Strategy

The committee approved the revised Pension Fund Administration Strategy, attached at Appendix 1 of the Public reports pack. The strategy outlines the administrative requirements and performance standards that the Fund and its participating employers are required to meet to deliver a cost-effective and high-quality pension administration service. The strategy defines the expected standards of administrative performance and outlines the required methods of communication for the transfer of data and information between employers and the Fund.

Wales Pension Partnership (WPP) Update

The committee noted and approved the following in relation to the Wales Pension Partnership:

• JCG Quarterly Update
• WPP RAID Log
• WPP Operator Summary
• WPP Training Plan
• WPP Annual Report
• The implementation of the WPP Fit For The Future Business Case

Breaches Report

The committee received a 'for information' report on breaches which had occurred in the period in accordance with the Reporting Breaches Policy. The Breaches Report is attached at Appendix A of the Public reports pack, and the KPI Target report is at Appendix B.

Draft City and County of Swansea Pension Fund Annual Report and Statement of Accounts 2024-25

The committee received the Draft City and County of Swansea Pension Fund Annual Report and Statement of Accounts 2024-25, attached at Appendix A of the Public reports pack. The report detailed the fund's financial performance and management, as mandated by the Local Government Pension Scheme Regulations 2013.

Controls Assurance Review Reporting

The committee received a 'for information' report in accordance with an Audit Wales Recommendation from the 22/23 statutory audit, to inform the Pension Fund Committee of the reported exceptional items contained within the internal control assurance reports of appointed third party fund managers/custodians.

Investment Strategy Implementation Update

The committee noted and approved the investment strategy implementation progress made to date in paragraphs 2.4 – 2.7. of the report.

Q1 Investment Monitoring Report

Mike Johnson and Chris O'Bryen, Hymans Robertson presented the 'for information' quarterly investment and market update to the fund.

Responsible Investment (RI) Health Check

Andre Ranchin and Chris O'Bryen of Hymans Robertson presented a 'for information' report on the Responsible Investment Health Check which took place in June 2025.

Fund Manager's Presentation(s)

A presentation was made by Aiden Quinn, Peter Dohnal, Gerard Fitzpatrick, Alice Murphy and Andreas Koester of Russell Investments.

Audit Plan 2025

Derwyn Owen, Audit Wales presented the City and County of Swansea Pension Fund – Audit Plan 2025. The committee noted the contents of the report.

Overpayment and Underpayment of Pension Policy

The committee approved the Overpayment and Underpayment of Pension Policy, attached at Appendix 1 of the Public reports pack.

Admitted Bodies (School Cleaning Services)

The committee approved close ended admitted body status for all employers undertaking school cleaning contracts (only) for staff who have TUPE'd across subject to satisfactory due diligence and completion of admission agreement, and delegated the Deputy S 151 Officer to undertake the due diligence and complete the admission agreement and ultimately approve the admission on an individual employer basis, subject to the same.

Introduction to Pensions Dashboards

Laura Caudwell, Ben Challinor and Luke Webster, AON provided a presentation on the Pensions Dashboard.

Exclusion of the Public

The committee resolved that the public be excluded for the following items of business.