The Dyfed Pension Fund Board is scheduled to meet on Tuesday, 14th October 2025, to discuss a range of topics including budget monitoring, the Wales Pension Partnership, and a review of the fund's risk register. The board will also consider its work plan for 2026. Some items, including reports on global securities lending and investment advisor performance, may be discussed in private due to their commercially sensitive nature.

Wales Pension Partnership (WPP) Joint Governance Committee (JGC) Update

The meeting agenda includes an update on the Wales Pension Partnership (WPP) Joint Governance Committee (JGC). The JGC report is expected to provide details of the 16 July 2025 JGC Meeting, including the agenda items and discussions.

The topics that were covered in the JGC meeting included:

• The WPP Business Plan Review (April 2024 – March 2025), which provides an update on governance, sub-fund development, operator services, investments, reporting, communication, training, resources, budget and fees.
• An operator report, providing an update on corporate and compliance matters, sub-fund values, fund snapshots, initiatives, market updates, and third party monitoring.
• A report summarising and providing commentary on WPP's investment performance for Q1 2025 (January 2025 – March 2025).

The WPP Business Plan Review (April 2024 to March 2025) noted that the WPP received government approval for its plans on 9 April, stating:

"We have reviewed the WPP proposal and are supportive of you proceeding as set out in line with the March 2026 deadline'.

The Operator Update from Waystone is expected to note that Andrew Smith has joined Waystone as Chief Technology and Information Security Officer (CTISO).

The Operator Update is also expected to include a table detailing recent regulatory compliance developments that are relevant to WMUK, including:

• FCA review of firms' treatment of vulnerable customers
• FCA Publishes Multi-firm Review on Private Market Valuation Practices
• FCA launches 5-year strategy to support growth and improve lives
• FS25/2: Immediate areas for action and further plans for reviewing FCA requirements following introduction of the Consumer Duty

The Operator Update is also expected to include a table showing WPP Sub Fund Values & Percentage Ownership as at 31 March 2025, broken down by constituent authority.

Dyfed Pension Fund Cyber Policy

The board is scheduled to discuss the Dyfed Pension Fund Cyber Policy. The report pack states that during 2024, The Pensions Regulator (TPR) published a new code of practice for pension schemes, and that to assist in compliance with the new code, the Committee are requested to approve the Cyber Policy which sets out how the Fund intends to assess and manage cyber risk. The policy is intended to ensure that:

cyber risk management and cyber governance are integrated into the overall risk management approach of the Fund to reduce any potential loss, disruption or damage to scheme members,scheme employers or the Fund's data or assets.

The policy follows the Seek, Shield, Solve and Review framework.

Dyfed Pension Fund Committee Meeting 22 September 2025

The agenda includes a report from the Dyfed Pension Fund Committee meeting held on 22 September 2025. According to the Summary, the committee considered and approved the following items:

• Pension Board Chair Report
• Budget monitoring and Cash Position 30 June 2025
• Pensions Administration Report
• Dyfed Pension Fund Cyber Policy
• Breaches Report
• Risk Register
• Training Plan 2025-26
• Wales Pension Partnership Joint Governance Committee (JGC) update

Budget Monitoring

The board will be presented with the Pension Board Budget Monitoring report for the period 1 April 2025 to 30 September 2025. The Summary states that the position as at 30 September 2025 was a total actual expenditure incurred of £14k, and that expenditure for the year indicates a slight overspend compared to budget.

Risk Register

The board is expected to discuss the risk register for the Dyfed Pension Fund. The Summary states that the Risk Register is a working document that highlights all the risks identified in relation to the functions of the Dyfed Pension Fund, and that this is regularly monitored and reviewed. The focus of the risk register review for this meeting are the Funding and Investment risks. There are 13 risks, and these are referenced on the risk register as risk numbers F1 – F13. The report pack indicates that there have been no changes to the risk register since the previous Committee meeting.

Pension Board Work Plans

The meeting will include discussions on the Pension Board Work Plan for both 2025 and 2026. The Summary for the 2025 work plan states that the work plan outlines the work of the Pension Board throughout 2025 and the items to be presented at each meeting, and that the Work Plan is reviewed at each Board meeting and is revised as necessary. The Summary for the 2026 work plan makes the same points, but in relation to the 2026 work plan.

Breaches Report

The board is scheduled to discuss the Breaches Report. The Summary states that Section 70 of the Pension Act 2004¹ sets out the legal duty to report breaches of the law. The report pack indicates that since the previous Committee meeting there have been three cases where contributions were received late, and that there are no long-term implications associated with these breaches. The report has also been updated to reflect the automatic payment of refunds that were due for June, July and August 2025.

Training Plan

The agenda includes a review of the Training Plan. The Summary states that the report includes the schedule of Committee meetings and training events for members and officers of the Dyfed Pension Fund.

Pension Board Action Log

The board will review the Pension Board Action Log. The Summary states that the report outlines the Pension Board Action Log which includes details of actions and updates from previous meetings, and that the Action Log is reviewed at each Board meeting and is updated as necessary.

Global Securities Lending Review, Robeco Engagement Report, Independent Advisor Performance & Risk Report, and Northern Trust Performance Report

The agenda includes items that may be discussed in private, including a Global Securities Lending Review 2024-25, a Robeco Engagement Report, and performance reports from the Independent Advisor and Northern Trust². These items are marked for exclusion of the public, as they contain exempt information as defined in paragraph 14 of Part 4 of Schedule 12A to the Local Government Act 1972³.