Cornwall Pension Fund Local Pension Board - 11 June 2025

The meeting opened with a declaration that no members had any interests to declare. A motion moved by Sam Davis and seconded by Ian Smart was passed, confirming that the minutes of the Cornwall Pension Fund Local Pension Board meeting held on 4 March 2025 were correctly recorded and would be signed by the Chairman.

The Benefits Team Update, delivered by the Member Services Manager, Pension Benefits Manager and Employer Services Manager, covered several operational items. Unclaimed refund amounts were reported to range from roughly £4 to £10,000, with officers seeking to trace eligible members and exploring possible employer assistance. An upgrade to the My Pension Online system is scheduled for later in 2025, introducing online forms and email notifications for members. The Board was informed that recruitment and training of additional staff, together with specialised roles, should reduce administrative workload volumes, and that a new KPI dashboard will be reviewed at a future meeting. Staffing changes included the filling of an Employer Data Team Officer position, the creation of a Member Support Officer vacancy, and the advertising of new posts approved by the Pensions Committee. The team was congratulated on a Service Excellence Award nomination in the Council’s Annual Employee Awards, and new web pages for employer training were launched. The Pensions Dashboards Programme is expected to meet the government‑mandated deadline, provided Cyber Security requirements are satisfied, and preliminary discussions on using artificial‑intelligence tools for pension administration were noted, with a cautious approach emphasized.

The Governance Update, presented by the Finance, Governance and Valuation Manager, addressed risk and training matters. Quarterly updates will be given on Risk A&C 8, while Risk F&I 16 is likely to remain at a level of 25 due to its existential nature. Risk Gov 1 has not been set to the highest level because of mitigating factors such as the use of fixed‑term contracts, external investment managers handling day‑to‑day investment decisions, and the FCA‑regulated status of Brunel. The Board was reminded that induction training has been provided to the large number of newly appointed Council Members on the Pensions Committee, and that experienced external members continue to serve. The final Audit Report will be presented at a future meeting, and members were invited to attend Pensions Committee meetings. Dates for a Responsible Investment Training Day will be finalised shortly.

Finally, a motion moved by Ian Smart and seconded by Sam Davis resolved that the public be excluded from discussion of a specific item concerning the financial or business affairs of a particular person, on the basis that it involves exempt information under Schedule 12A of the Local Government Act 1972. The Board considered the confidential “Items from Pension Fund Committee” reports dated 13 March and 10 April 2025 (Part 2) and formally noted the report.