Cornwall Pension Fund Local Pension Board - 4 March 2026

The meeting opened with a formal approval of the previous quarter’s minutes. The members declared no conflicts of interest, and a motion moved by Amanda Trowill and seconded by Ian Smart was passed, confirming that the minutes of the Cornwall Pension Fund Local Pension Board meeting held on 3 December 2025 were correctly recorded and would be signed by the Chairman.

The Benefits Team Update, presented by the Member Services, Employer Services and Pension Benefits Managers, covered a range of operational matters. Active membership fell slightly to 17,321 roles, with 657 new starters and 617 leavers, a change attributed to normal cyclical staffing patterns. Progress was reported on reducing unprocessed leaver cases and on the rise in unclaimed refunds, supported by a new online refund process via Member Self‑Service (MSS). The soft launch of the Engage platform in December generated about 2,000 registrations, offering enhanced security and mobile access. Administrative workload improved, with 4,800 cases completed in the quarter—approximately 400 more than new cases received—helping to shrink outstanding queues. Fourteen death grants were paid, and no “death‑in‑service” cases occurred.

The Governance Update, delivered by the Finance, Governance and Valuation Manager, highlighted several risk‑management and training developments. The risk register was amended: Risk F&I16 (uncertainty over proposed MHCLG pension changes) was removed, while two new risks were added—F&I17 concerning the transition of Fund assets from Brunel to the Local Pensions Partnership Investments, and Gov9 relating to implementation of recent MHCLG consultations on access, fairness and protections. Risk F&I1 (geopolitical market events) retained its “red” rating due to ongoing global instability. Training activity increased, with full attendance at recent investment‑related events and a 100 % response rate to a quarterly training survey, indicating strong understanding of the material. Minor amendments were made to the Policy for Reporting Breaches of the Law to align with the Pensions Regulator’s General Code, and the 2025 valuation process was nearing completion, with the final Funding Strategy Statement slated for the Pensions Committee in March.

The Pension Investment Manager presented the “Items from Pensions Committee 10 December 2025 Meeting – Part 1” report, which the Board noted without comment. A motion moved by Ian Smart and seconded by Cas Leo was carried, invoking Section 100A(4) of the Local Government Act 1972 to exclude the public from discussion of confidential items concerning financial or business affairs of specific persons. The Board also noted the confidential “Part 2” reports from the Pensions Committee and the Governance Update, concluding the meeting.