Pensions Committee - 19 June 2025

**Committee leadership and procedural matters**

The meeting opened with the election of the Pensions Committee’s leadership. Councillor Kenny moved, and Chris Wilson seconded, that Councillor Thomas be elected Chairman; the motion was carried on a show of hands. A second motion, moved by Councillor Dennis and seconded by Councillor Thomas, appointed Councillor Burnett as Vice‑Chairman, which also carried. The minutes of the previous meeting (10 April 2025) were approved and signed by the Chairman following a motion moved by Chris Wilson and seconded by Julie Martin. The Committee also resolved to exclude the public from a specific agenda item under Section 100A(4) of the Local Government Act 1972, citing the potential disclosure of exempt information.

**Investment and responsible‑investment updates**

The Pensions Investment Manager presented a comprehensive report on the Cornwall Pension Fund’s market value, asset allocation, performance, and responsible‑investment activities. Mercer representatives gave a global market overview, noting the impact of U.S. tariffs and the difficulty of forecasting short‑term fluctuations. Officers emphasized that the Fund remains a long‑term investor and that market monitoring is ongoing. A significant development was the Government’s rejection of the Brunel Pension Partnership’s Business Plan in the “Fit for the Future” consultation; the Committee was informed that a recommendation on the next steps will be presented at the September 2025 meeting. The Committee also noted the publication of the Brunel Responsible Investment & Stewardship Outcomes Report 2025 and resolved, after discussion, to record the Fund’s position as of 31 March 2025, seeking any further clarification required.

**Administration and member services**

The Pension Benefits Manager reported on quarterly administration activity, covering membership movements, unprocessed leavers, unclaimed refunds, and the My Pension Online self‑service portal. Officers confirmed ongoing contact attempts with members owing refunds and promised to include portal screenshots in the next quarterly update. Staffing updates included the filling of the Employer Data Team Officer role, the imminent recruitment of a Member Support Officer, and the status of three additional posts approved at the previous meeting. The Committee was briefed on the death‑grant payment process, training fee repayment conditions for staff leaving the Council, and the team’s nomination for the Council’s Service Excellence Award. A complaint concerning a Pension Sharing Order was addressed, with procedural revisions confirmed.

**Governance, valuation and risk management**

The Finance, Governance and Valuation Manager delivered a governance update, highlighting the Pension Board, contribution payments, valuation, risk register, audit risk assessment, and the government’s “Access and Fairness” consultation. The Fund’s triennial valuation, undertaken by Hymans Robertson, was noted as being completed a month ahead of schedule and with minimal errors—a first among Hymans’ LGPS clients. The Risk Register showed a Red rating for Funding and Investments, reflecting the Brunel Business Plan rejection and market volatility. The Committee agreed to enhance training evaluation surveys and to review the “Access and Fairness” consultation material. The updated Investment Strategy Statement, approved at the April 2025 meeting, was confirmed as compliant and recommended for adoption. Representatives from Grant Thornton provided an audit‑plan update, and the Committee noted the detailed investment position as of 31 March 2025, seeking any further information as needed. No urgent confidential business remained.