Decision details

1.    Note the Wales Pension Partnership Fit for the Future Business Case (Appendix 3, Appendix 4 and section 4 of the report) 

2.    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 company 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 of the report)

3.    Approve the revised WPP Business Plan & budget 2025/28 which includes design/enabling costs for Project yr Wyddfa (Appendix 5 and Section 6 of the report)

4.    Delegate the S151 Officer in consultation with the Chair of the Pensions Committee to progress Project yr Wyddfa alongside WPP Administering Authorities (AAs) in line with the Government timetable within the approved budget. 

5.    Delegate the final approval of the final formal documentation required for IMCo. to be operational, described as “Go Live Work” as outlined in Section 7, to The Pension Fund Committee to give effect to The WPP Fit for the Future Business Case.