Pensions Committee - 18 June 2026

At the Cornwall Council Pensions Committee meeting on [date], Councillor Thomas was elected Chairman following a motion by Councillor Dennis and second by Councillor Kenny. Councillor Burnett was subsequently elected Vice-Chairman, moved by Councillor Kenny and seconded by Councillor Crawford. The committee confirmed that Members of the Cornwall Pension Fund were not required to declare an interest in pension matters, as decisions would affect all members equally. The minutes of the previous meeting on 12 March 2026 were approved as correct.

The committee reviewed the Cornwall Pension Fund's position as of 31 March 2026, noting a decrease in total market value over the quarter. Officers reported that the Fund had recovered from April onwards, reaching its highest value to date. The volatility was attributed to the Middle East conflict, geopolitical factors, and developments in AI. Officers anticipated the Fund's value would align with the actuarial return target by the next meeting. The committee also received an update on the transition from Brunel to LPPI, including the Emerging Markets transition, which was achieved with minimal market risk.

An update on Fund administration activity highlighted progress with the new Member Self Service system, which had positively impacted key performance indicators and turnaround times. Officers confirmed that Annual Benefits Statements had been issued online ahead of the statutory deadline. The committee noted the administration update and sought clarification on unclaimed refunds, complaints, and the Pensions Dashboard, which remained in testing with no launch date announced.

The committee approved the Administration Strategy Statement for consultation with employers. Governance updates included progress on the "Fit for the Future" consultation, the Brunel wind-down process, and the appointment of an Independent Person pending government guidance. The committee noted the 2025/26 Audit Plan from Grant Thornton and confirmed that draft financial accounts had been submitted two weeks ahead of the statutory deadline.

In private session, the committee discussed the underperformance of Gresham House, primarily attributed to Wildanet, and received updates on Manager monitoring arrangements and the formal Brunel wind-down. A cashflow forecast from Hymans Robertson was presented, covering projections under different scenarios. The committee noted the detailed Fund position and the cashflow forecast, requesting further updates at future meetings.