Cornwall Pension Fund Local Pension Board - 8 September 2026

# Cornwall Pension Fund Local Pension Board – Meeting Summary

The Cornwall Pension Fund Local Pension Board met on 18 June 2026, with no declarations of interest recorded. The minutes of the previous meeting, held on 12 June 2026, were approved as an accurate record and signed by the Chairman. The Chairman updated the Board on his attendance, alongside three other Board members, at the Fund's Investment Strategy Training Day, and reported on a recent conference call organised by the LGPS Scheme Advisory Board for Local Pension Board Chairs, which addressed forthcoming governance changes to local pension boards. He confirmed that Cornwall was well-placed to accommodate these changes. Members were also reminded to complete a distributed investment strategy survey, with officer support available if needed.

The Member Services Manager and Employer Services Manager jointly presented a Benefits Team Update report. Key points included unclaimed refunds totalling approximately £200,000, with individual amounts ranging from £1 to £2,000, and confirmation that around 30% of active fund members had used the member self-service portal to view their pension records. Officers noted efforts to boost engagement with the portal, including direct email communications and video guides, while acknowledging that some members may simply be reluctant to use IT systems rather than facing any specific barriers with the platform itself. The Board was informed of a data correction to previous "Transfer Out" figures caused by a software error, and discussed that KPI targets for transfers in and out were aspirational and would be reviewed to better reflect realistic completion timescales, some of which depend on factors outside the team's control. The Fund's continued investment in staff training via Local Government Association certificates was also highlighted as a popular and successful initiative.

The Finance, Governance and Valuation Manager presented a Governance Update report, confirming that the transition of investment management from Brunel to LPPI (Local Pensions Partnership Investments) had proceeded smoothly, with only minor teething issues such as differences in data formatting, which LPPI was addressing. The risk register was confirmed to be under ongoing review, with transition-related risks to be added as necessary, and work on wider governance structure changes was reported to be progressing to schedule. The Board resolved to note this update and to seek further clarification from officers as required.

The Pensions Investment Manager then presented items arising from the Pensions Committee meeting of 18 June 2026 (Part 1). It was clarified that although Brunel had been more publicly vocal about responsible investment activity, LPPI maintained an equally well-developed responsible investment programme, and would continue managing existing investments in line with Brunel's original responsible investment framework, applying similar principles to future portfolio construction. A dedicated training day on responsible investment was confirmed for November 2026. The Board resolved to note the public Pensions Committee items and associated recommendations.

Finally, the Board resolved to exclude the public under Section 100A(4) of the Local Government Act 1972, on the grounds of exempt information relating to financial or business affairs, in order to consider confidential items from the Part 2 P