Cornwall Pension Fund Local Pension Board - 12 June 2026

The meeting opened with no declarations of interest. The Board resolved, on the motion of Katie Dalsgaard and seconded by Amanda Trowill, that the minutes of the Cornwall Pension Fund Local Pension Board meeting held on 4 March 2026 were correctly recorded and would be signed by the Chairman.

The Benefits Team Update, delivered by the Member Services, Employer Services and Pension Benefits Managers, addressed several operational points. It was noted that starter and leaver volumes naturally rise around academic year changes, that unprocessed leavers and unclaimed refunds have declined thanks to increased staff experience, and that unpaid refunds will not appear on the Pensions Dashboard because the individuals have no entitlement to benefits. A board member praised the new member self‑service portal for its improved user experience. Outstanding retirement cases were confirmed to be processed in chronological order and were not awaiting payment but rather the members’ retirement dates or missing paperwork. The Board recognised current staffing pressures caused by long‑term sickness and workload, and agreed that additional resources would be sought in the short term. A complaint about a discrepancy between transfer‑value estimates generated by My Pensions Online and the Member Self Service portal was investigated; the cause was identified as a software issue, the member was advised of the illustrative‑only disclaimer, and feedback was sent to the software provider. The Board was briefed on the Qualifying Additional Pension Arrangement (QAPA) calculator supplied by the LGA and on forthcoming guidance for employers, and was informed that national GAD guidance required a temporary suspension of certain transfer calculations and cash‑equivalent values for divorce until the factors are updated.

The Governance Update, presented by the Finance, Governance and Valuation Manager, covered the wind‑down of the Brunel scheme, which cannot commence until all paid staff have completed notice periods and a liquidator is appointed. A new statutory requirement for an independent professional advisor to cover investments, governance and administration was discussed; guidance on the role’s specifications is pending, with recruitment planned before the end of December 2026. Concerns were raised about the limited candidate pool for this national role, although Cornwall already has an independent person in a related capacity. The Board noted that independent Governance Reviews are already commissioned but await clarification on future formats, and that a review of Standard Life’s AVC options was underway, with caution expressed that too many choices could cause decision paralysis. The Board resolved to note the governance update and to request any further information or clarification from officers as needed.

Finally, the Pensions Investment Manager reported on items from the 12 March 2026 Pensions Committee meeting. It was concluded that no government offset is expected for costs associated with the transition from Brunel to the Local Government Pension Scheme (LPPI); cost reductions will be pursued through portfolio rationalisation, a process projected to take 18 months or more, with local investments retained throughout. The financial impact of the move to LPPI is unlikely to be clear for 12–18 months, and several Brunel staff have already transferred to LPPI. The Board resolved to note the public and confidential parts of the Committee minutes, to request any necessary clarifications, and, under Section 100A(4) of the Local Government Act, excluded the public from discussion of