Cornwall Pension Fund Local Pension Board - 3 December 2025

The meeting opened with a declaration that no members had any interests to disclose. A motion moved by Ian Smart and seconded by Amanda Trowill was carried, confirming that the minutes of the previous Local Pension Board meeting held on 10 September 2025 were correctly recorded and would be signed by the Chairman.

The Benefits Team, led by the Pension Benefits Manager and the Employer Services Manager, presented a detailed update. Active membership fell slightly in August, a seasonal effect linked to school‑summer staffing changes, and the number of unprocessed leavers rose for the same reason; the Board noted that the increase was expected and that backlog‑reduction work was ongoing. Registrations for My Pension Online surpassed 15 500 members, about half of all active members, and the Fund is migrating to the new “Engage” platform with enhanced security and mobile functionality. Administrative workload remained high, particularly for leaver processing, though key performance indicators for controllable tasks were met within target timescales. Twenty‑five death grants totalling just under £1 million were paid, and checks against Expression of Wish forms were completed. Staffing updates included a team leader commencing maternity leave with internal cover, and continued progression of staff through LGA qualifications. Customer feedback was largely positive; a single complaint about a transfer error was resolved through a corrective process that involved returning the transfer, paying interest, and implementing procedural improvements. The Board also reported several employer moves processed during the quarter.

The Governance Update, delivered by the Finance, Governance and Valuation Manager, highlighted three risk items (A&C 8, A&C 10 and F&I 13) that were removed from the risk register. The Funding & Investments risk area remained classified as red due to the Ministry of Housing, Communities and Local Government rejecting the Brunel Pension Partnership business plan and ongoing market volatility. Training initiatives continued, with a new Microsoft Forms questionnaire to capture needs and an 80 % correct‑response rate on the September training survey. The 2025 valuation results had been issued, the Annual Employer Meeting held in November, and a draft Funding Strategy Statement was to be circulated to employers on 15 December, with consultation open until 31 January 2026 via a new feedback portal. The Board reviewed forthcoming “Fit for the Future” governance requirements, the Access and Protections consultation launched by MHCLG on 13 October 2025, and updates to the Employer Risk Management, Academy Funding, and Cessation policies. A mid‑year review of the Pension Fund Work Plan indicated that governance, funding, investment and administration tasks were broadly on track.

Finally, the Pensions Investment Manager presented the “Items from Pension Committee 18 September and 30 October 2025 Meetings – Part 1” report, which was noted without comment. A motion moved by Amanda Trowill and seconded by Sam Davis resolved that, under Section 100A(4) of the Local Government Act 1972, the public would be excluded from the discussion of the confidential “Items from Pensions Committee – Part 2” report, citing the exemption provisions for personal financial or business information. The Board recorded the report and the resolution was carried.