The Swansea Council Local Pension Board is scheduled to meet on Wednesday, 24 September 2025, to discuss several key items, including a review of breaches, the draft annual report, and the Wales Pension Partnership (WPP). The board will also receive training and updates from the Appointed Actuary and consider the investment strategy.

Draft Pension Fund Annual Report and Statement of Accounts

The board is scheduled to review the Draft City and County of Swansea Pension Fund Annual Report and Statement of Accounts 2024-25. This report provides a comprehensive overview of the pension fund's performance, financial position, and activities throughout the year. It is expected to include details on investment performance, membership data, and governance arrangements. The report is split into two documents, Draft Pension Fund Annual Report 24-25 and Draft Annual Report 2024-25.

Breaches Report

The Local Pension Board is scheduled to discuss a report detailing breaches of regulations and internal policies within the pension fund. This report, Breaches June - Aug 2025, is for information and covers the period from June to August 2025. Breach reporting is a critical aspect of pension fund governance, ensuring transparency and accountability in the management of members' retirement savings. These reports typically include:

• Details of the nature and extent of each breach
• The impact on members and the fund
• Remedial actions taken to address the breach and prevent recurrence

Wales Pension Partnership (WPP) Update

The board is scheduled to receive an update on the Wales Pension Partnership (WPP). The Wales Pension Partnership is a collaboration between the eight local authority pension funds in Wales, pooling their assets to achieve economies of scale and improve investment performance¹. The WPP Update will likely cover:

• Performance of the pooled investment vehicles
• New investment opportunities
• Progress on responsible investment initiatives
• Any changes to the partnership's structure or governance

Controls Assurance Review Reporting

The board is scheduled to review the Controls Assurance Review Reporting. This comprehensive review assesses the effectiveness of internal controls within the pension fund. The Controls Assurance Review Reporting is supported by several appendices:

• Appendix 1 - 2024 RI SOC 1 Type 2 - FinalA4Unsecure
• Appendix 2 - 2024 Global AMS Report
• Appendices 3 and 4

Pension Fund Administration Strategy Report

The board is scheduled to discuss the Pension Fund Administration Strategy Report. This report outlines the strategic objectives and priorities for the administration of the pension fund. It is expected to cover areas such as:

• Member services and communication
• Data management and security
• Technology and systems
• Efficiency and cost-effectiveness

The Pension Admin Strategy 2025 Report will provide a framework for ensuring the effective and efficient administration of the pension fund, meeting the needs of its members and complying with regulatory requirements.

Investment Monitoring Report

The board is scheduled to receive the Investment Monitoring Report for Quarter 2 of 2025/26. This report provides an overview of the performance of the pension fund's investments during the quarter. It is expected to include:

• Details of asset allocation
• Performance of individual investment managers
• Overall fund performance against benchmarks
• Market commentary and outlook

The Investment Monitoring Report - Quarter 2 2025/26 helps the board to monitor the fund's investment strategy and ensure that it is on track to meet its long-term objectives.

McCloud Implementation Update Report

The board is scheduled to receive an update on the implementation of the McCloud judgment. The McCloud judgment relates to age discrimination in public sector pension schemes. The McCloud Update will likely cover the progress of the scheme in addressing the discrimination and ensuring that all members are treated fairly.

Other Items

• The board will discuss the Triennial Valuation Training / Update, and Investment Strategy Review Training.
• The board will consider the appointment of a Pension Fund Committee - Co-opted Member, as detailed in the Co-opted Member Report.
• The board will also discuss the exclusion of the public, as detailed in the document Exclusion New.