Pensions Committee - 18 September 2025

The Pensions Committee confirmed the accuracy of the minutes from its 19 June 2025 meeting and authorised the Chairman’s signature, following a motion moved by Councillor Kenny and seconded by Councillor Smith. A report from the Pensions Investment Manager was presented, summarising the Cornwall Pension Fund’s market value, asset allocation, investment performance, responsible‑investment activity and engagement since the previous meeting. Officers and fund advisers answered questions on quarterly performance, clarifying that managers who missed the three‑year target were not affected by the Ministry of Housing, Communities and Local Government’s (MHCLG) decision to disband the Brunel Pool.

The Committee discussed the impact of the Brunel Pool closure on the fund. Representatives from Brunel reassured members that the pool remained well managed and that a “business as usual” approach was being maintained. The fund’s responsible‑investment update highlighted the anticipated cost of moving assets to a new pool, estimated at around £10 million, and noted that the government had declined to contribute financially. Consequently, the Cornwall Pension Fund drafted a letter to all six Cornwall MPs requesting lobbying assistance to secure government funding in line with the New Burdens Doctrine.

Several resolutions were passed concerning the fund’s position and future actions. The Committee noted the fund’s status as of 30 June 2025, including investment performance and detailed appendices, after motions moved by Councillor Kenny and seconded by Councillor Clegg. It also approved the committee’s request for clarification and further information on the fund’s activities, as presented in a Part 2 report.

Finally, the Committee authorised the next steps for the Local Government Pension Scheme (LGPS) pooling arrangements. A motion moved by Chris Wilson and seconded by Councillor Dennis resolved that officers may: (1) enter formal negotiations with the preferred pool outlined in Appendix 1; (2) develop a transition plan with the existing Brunel Partner Funds; (3) ensure effective management of Brunel Ltd during the transition; and (4) establish budget implications for the pooling arrangements and report back at the December 2025 meeting. No urgent confidential business was identified.