The City and County of Swansea Pension Fund’s recently published “Pension Fund Administration – Resourcing” report, dated November 12, 2025, outlines strategic adjustments to its administration staffing levels.
Staffing Expansion for Enhanced Administration
The Pension Fund Committee approved the addition of one Senior Pension Officer to the administration team. This decision, effective for the fiscal year 2025/26, is a direct response to the increasing complexity of scheme administration challenges and regulatory changes, including the McCloud remedy. The total cost for this new position, including on-costs, is projected at £51,214.80 for 2025/26, adjusting to £50,068.20 from April 1, 2026, onwards. The rationale for this expansion is to ensure the administration structure is fit for purpose to meet the Fund’s objectives and statutory deadlines, particularly the August 31, 2026, deadline for recalculating benefits for all members affected by the McCloud remedy. The report highlights that incorporating project-based work into existing day-to-day operations is not feasible due to current workload pressures and the potential impact on business-as-usual caseloads. (Source: Pension Fund Administration – Resourcing, page 231)
New Commitments to Private Market Mandates
During the fiscal year 2024/25, the Fund committed to new private market mandates through the Wales Pension Partnership (WPP). These commitments include £66.0 million to the GCM Grosvenor WPP Global Infrastructure Fund II and £80.0 million to the Schroders Capital WPP Global Private Equity Fund III. The total new commitment for these mandates is £146.0 million. (Source: City & County of Swansea Pension Fund Annual Report & Statement of Accounts 2024-25, page 172)
Strategic Exploration of Local Infrastructure Investments
In 2024/25, the Fund established the £50 million Swansea Partnership with Newcore Capital. This initiative aims to invest in affordable housing and social and healthcare infrastructure within the Swansea and Neath Port Talbot areas. Investments through this partnership are scheduled to commence in 2025/26. (Source: City & County of Swansea Pension Fund Annual Report & Statement of Accounts 2024-25, page 200)
Investment in UK Forestry Fund
Also in 2024/25, in collaboration with some WPP partner funds, the Fund decided to invest in the Gresham House UK managed forestry fund. This fund owns and manages a 600-hectare forest in the Brecon Beacons. Capital drawdowns for this investment are expected to begin in 2025/26. (Source: City & County of Swansea Pension Fund Annual Report & Statement of Accounts 2024-25, page 200)
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