Pensions Committee - 12 March 2026

**Pensions Committee – 10 December 2025 (Cornwall Council)**

The Committee first confirmed the minutes of the previous meeting and, after a brief discussion, resolved that the 2025 Final Actuarial Valuation Report – prepared by the Fund’s actuary, Hymans Robertson – was correctly recorded and signed. The report, which satisfies Regulation 62 of the Local Government Pension Scheme Regulations 2013, was presented along with a summary of the valuation process and the outcomes of the draft Funding Strategy Statement consultation. No major themes emerged from the consultation, although the Department for Education showed increased interest. The Committee subsequently adopted the draft Funding Strategy Statement as the formal Funding Strategy Statement effective 1 April 2026 and thanked the officers and actuary for completing the valuation.

A second agenda item dealt with the Business Plan 2026‑29 and its associated budget. The Pensions Investment Manager outlined the Fund’s priorities and the three‑year financial plan, while the Head of Pensions and Treasury reported on recent achievements, challenges, and changes to the forecasted out‑turn. The Committee noted a reduction in investment‑advisor fees for 2026‑27, an increase in governance fees, and higher staffing costs driven by inflation and pension expenses, bringing the total 2026‑27 cost to £4.069 million. The budget was re‑analysed to re‑classify the Head of Service salary from internal recharges to staffing costs. After discussion, the Committee approved the Business Plan and budget, and recognised five staff members who earned the PMI Award in Pensions Essentials and one who obtained the CFA Institute Sustainable Investing Certificate.

The investment update highlighted the Fund’s market value, asset allocation, performance, responsible‑investment activities and engagement since the previous meeting. The Committee were that market volatility had risen, private‑market commitments were nearing the end of their life‑cycles, and some private‑debt holdings were under negative press, but these were long‑term positions. The Fund retained index‑linked bonds and, as a defined‑benefit scheme, would not be materially affected by the Middle‑East conflict. The Committee approved the Fund’s becoming a shareholder of LPPI, the orderly transition of assets to LPPI, and the wind‑down of Brunel Pension Partnership Ltd., delegating authority to the Head of Pensions and Treasury to implement these actions and report back at the next meeting. Appreciation was expressed to those who delivered the programme ensuring the Fund meets the 1 April 2026 deadline to join the new LGPS pool.

The benefits administration report covered quarterly activity, including membership movements, unclaimed refunds, the soft launch of the new Engage self‑service system, and death‑grant processes. The Committee noted a net increase in active members, ongoing outreach to members with unclaimed refunds, and that no complaints had been received during the quarter. Four staff members successfully completed the PMI Level 2 Award in Pensions Essentials, and the Committee congratulated the team for their performance. It was also noted that Cornwall will host the 2026‑27 South West Area Pensions Officers Group meeting on 18 March 2026.

Finally, the Governance update addressed the Pension Board, contribution payments, the risk register, training records, policy reviews, and the Access and Fairness consultation. The Committee recorded the update and sought clarification where needed. A confidential item concerning the financial affairs of a specific person was excluded from public view under Section 100A(4) of the Local Government Act 1972. The meeting concluded after a short comfort break, with no further urgent business.