Pensions Committee - 30 October 2025

The Pensions Committee began by confirming the minutes of its 18 September 2025 meeting and formally recorded the audited year‑end financial statements of the Cornwall Pension Fund. A presentation by Grant Thornton’s representative, Zargham Malik, verified that the statements give a true and fair view of the Fund’s transactions for the year ending 31 March 2025 and raised no significant audit issues. The Committee therefore noted the 2024/25 Audit Findings Report and recommended that the Fund’s financial statements be forwarded to the Council’s Audit Committee for approval within the overall Council financial statements.

A further report from the Pensions Investment Manager covered the 2024‑25 Annual Report and the Responsible Investment Outcomes Report. Members discussed concerns raised by some Fund participants about the government’s decision to disband the Brunel Pool and the potential cost of transferring assets. Officers agreed to issue a reassurance statement to members, explaining that the defined‑benefit scheme would not be financially harmed and outlining efforts to seek government funding. The Committee also approved the Annual Report and the responsible‑investment section for publication. In addition, the Chair thanked participants in a training event held on 21 October 2025 and encouraged those who missed it to review the slide deck.

The administration update, presented by the Member Services and Pension Benefits Managers, detailed membership movements, unprocessed leavers, unclaimed refunds, and the rollout of a new Member Self‑Service system expected to launch by year‑end. The Committee noted progress on workload targets, the handling of death‑grant reminders, and the successful recruitment of new staff who are now contributing positively. Roadshow attendance was reported as strong, and the team met its deadline to connect to the national Pensions Dashboard, although the dashboard is not yet publicly available.

Finally, the governance report from the Finance, Governance and Valuation Manager covered the Pension Board, contribution payments, the risk register, and policy reviews. The risk register showed completion of the McCloud remedial work, while the “fund assets do not meet obligations” risk remained amber after the 2025 valuation. Training needs for Committee members will be surveyed in November, with refresher sessions planned for experienced members. The investment consultant Mercer was confirmed to be meeting strategic objectives, the annual cyber‑security review was completed, and minor updates to the Conflicts of Interest and Communications policies were approved. The Committee also recorded the resignation and subsequent recruitment process for a Pensions Committee Employee Representative. No urgent confidential business was considered, and the meeting was closed after noting the initial results of the 2025 actuarial valuation.