Key Takeaways
- •Emma Causer was appointed as the new Employee Representative to the Pensions Committee and Councillor Richard Barker was appointed to replace an existing committee member.
- •The Committee approved the draft Funding Strategy Statement for consultation with scheme employers and the Department for Education, with the final version to be presented in March 2026.
- •The Cornwall Pension Fund's investment performance was reviewed, with officers agreeing to provide bullet point summary sheets for future performance reports.
- •The UK government's proposal to change inflation indexation from RPI to CPI for renewable energy schemes raised concerns from Brunel Pension Partnership.
- •The Benefits Team provided updates on administration activities including recruitment of new staff and ongoing training, with expectations that workload backlogs would reduce as new team members gain experience.
This summary was generated by AI and may contain errors. Read the full minutes for the official record.
**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.
Attendance
5 of 9 members present
Decisions
Minutes of 30 Oct 2025 Pensions Committee meeting recorded and signed
The council agreed that the Pensions Committee’s minutes from 30 October 2025 are accurate and should be signed by the Chairman.
Draft Funding Strategy Statement approved for consultation
The council approved the draft Funding Strategy Statement and will now consult with scheme employers and the Department for Education.
Fund position as of 30 Sep 2025 noted – investment performance
The committee reviewed the fund’s status and performance as of September 30, 2025 (see Appendix 1) and asked officers for any needed clarification.
Fund position as of 30 Sep 2025 noted – responsible investment
The council noted the fund’s responsible‑investment status as of 30 September 2025 and will ask staff for more details if needed.
Brunel update noted and clarification sought
The council heard the Brunel update and will ask officers for more details and clarification.
Public excluded from meeting item under Section 100A(4)
The council decided that the public cannot attend a particular agenda item because it might reveal information that is legally protected.
Fund position as of 30 Sep 2025 noted – detailed position
The council noted the fund’s detailed status as of September 30 2025 and asked officers for any needed clarification or additional information.
Authority delegated to approve additional Brunel invoices
The council gave the Head of Pensions and Treasury permission to pay extra Brunel invoices that weren’t in the budget, to cover winding‑up costs.
Related meetings
Adjacent Pensions Committee meetings:
Other meetings within a week
- Cornwall Pension Fund Local Pension Board — Cornwall Pension Fund Local Pension Board - 3 December 2025 (3 Dec 2025)
- Standing Advisory Council on Religious Education — Standing Advisory Council on Religious Education - 3 December 2025 (3 Dec 2025)
- Chief Officers Employment Committee — Chief Officers Employment Committee - 5 December 2025 (5 Dec 2025)
- Miscellaneous Licensing Committee — Miscellaneous Licensing Committee - 5 December 2025 (5 Dec 2025)
- Tamar Bridge and Torpoint Ferry Joint Committee — Tamar Bridge and Torpoint Ferry Joint Committee - 5 December 2025 (5 Dec 2025)
- Cornwall Growth Board — Cornwall Growth Board - 11 December 2025 (11 Dec 2025)