Cornwall Pension Fund Local Pension Board - 10 September 2025

The meeting began with the formal approval of the previous session’s minutes. Sam Davis moved, and Ian Smart seconded, that the minutes of the Cornwall Pension Fund Local Pension Board meeting held on 11 June 2025 were correctly recorded and should be signed by the Chairman. The declaration of interest was noted as having no entries.

The Benefits Team, led by the Member Services Manager, Pension Benefits Manager and Employer Services Manager, delivered a comprehensive update. Key points included a continued rise in registrations for the My Pension Online self‑service portal, with a planned upgrade to a new “Engage” version later in the year to improve usability and reporting. The officers clarified figures for administrative workload volumes and KPIs, particularly concerning opt‑outs and 50/50 elections, and confirmed a forthcoming review of the Controllable Tasks Target. Twenty‑six death grants were paid in the quarter, six of which were Death‑in‑Service. Staffing changes were outlined: five new appointments since the last meeting, a transition of a retiring Pension Technical Officer to a Member Support Officer role, an upcoming maternity‑cover vacancy, and a nine‑month secondment of a Team Leader leaving a vacancy.

The Finance, Governance and Valuation Manager presented the governance update. The risk register showed no new material risks, although minor mitigation updates were made to two items. The funding and investments risk rating was upgraded from amber to red in the previous quarter due to the MHCLG rejection of the Brunel Pension Partnership business plan and heightened market volatility. The Chair announced his attendance at the Local Government Association Annual Forum on 22 October 2025 and reminded members to log training hours; a Responsible Investment Training Day is scheduled for October 2025. The Fund’s investment consultant, Mercer, was assessed as performing well against the Board’s strategic objectives, with a positive confirmation to be included in the annual Scheme Return. The annual cyber‑security review was completed, and the cyber strategy was updated to require annual review of the Cyber Strategy and Asset & Data Map. Minor amendments were made to the Conflicts of Interest Policy to reflect recent government consultation terminology.

Finally, the Pensions Investment Manager reported on the correspondence received from the Palestine Solidarity Campaign, which had been circulated to all 86 Local Government Pension Scheme funds. Due to the complexity and legal implications, the matter was referred to the LGPS Scheme Advisory Board, which has sought guidance from the Local Government Minister and will advise on next steps. The Board resolved, by motion of Ian Smart and seconded by Sam Davis, to exclude the public from discussion of the confidential items from the Pension Fund Committee meeting of 19 June 2025, citing the exemption provisions of Schedule 12A of the Local Government Act. The Board noted the report and confirmed that the website statement would be updated to reflect the current position.