Pensions Committee - 10 December 2025

**Minutes and Committee Composition**

The meeting opened with a declaration that no members had any conflicts of interest. The Chairman welcomed newly appointed Employee Representative Emma Causer to the Pensions Committee and noted the recent appointment of Councillor Richard Barker as a replacement member. The Committee formally approved the minutes of the 30 October 2025 meeting, with the resolution moved by Councillor Kenny and seconded by Councillor Smith.

**Funding Strategy Statement**

A report from the Finance, Governance and Valuation Manager, together with a presentation by Julie West of Hymans Robertson, outlined the Draft Funding Strategy Statement. After clarification on stabilised contribution mechanisms, a proposed glossary of investment asset classes, and historical feedback levels, the Committee resolved—motion by Councillor Dennis, seconded by Councillor Smith—to approve the draft (Appendix 1) for consultation with scheme employers and the Department for Education before the final version is tabled at the March 2026 meeting.

**Investment Performance and Responsible Investment**

The Pensions Investment Manager and Mercer representatives briefed the Committee on the Cornwall Pension Fund’s market value, asset allocation and recent performance, including the impact of UK budget announcements and global concerns about debt in AI‑related businesses. The Committee sought explanations for under‑performing long‑term investments, AI market conditions, and the potential effect of forthcoming U.S. export‑policy changes for Nvidia. The Head of Pensions and Treasury reported on responsible‑investment issues, notably the UK government’s proposal to change inflation indexation for the Renewables Obligation and Feed‑in Tariffs from RPI to CPI; Brunel Pension Partnership confirmed a draft response to the consultation. The Committee noted the Fund’s position as of 30 September 2025 (motion by Councillor Kenny, seconded by Julie Martin) and requested any further information required.

**Governance, Administration and Policy Approvals**

The Finance, Governance and Valuation Manager presented a governance update covering the Pension Board, contribution payments, the risk register, training, valuation and several policy documents. After discussion, the Committee approved the Employer Risk Management Policy (Appendix 4) and the Policy on Academy Funding (Appendix 5) (motion by Councillor Smith, seconded by John Tutchier). An administrative report from the Pension Benefits Manager highlighted membership movements, pending leaver actions, workload management, staff qualifications and recent complaints, with officers providing assurances that staffing increases would reduce backlogs. The Committee also delegated authority to the Head of Pensions and Treasury to approve additional Brunel invoices required for winding up the partnership, and resolved to exclude the public from a confidential agenda item concerning exempt financial information. The meeting concluded with a brief comfort break and an adjournment.