The agenda for the Pensions Committee of Cornwall Council included discussion of a draft funding strategy statement, a business update, and an update from the Brunel Pension Partnership¹. There was also a section of the meeting from which the press and public were excluded.

Draft Funding Strategy Statement

The committee was scheduled to consider a draft of the Funding Strategy Statement (FSS) for the Cornwall Pension Fund. The FSS sets out the approach for collecting contributions from the scheme's employers, to ensure that the fund can meet its obligations to pay members' benefits. The draft FSS was prepared by the Administering Authority in collaboration with the Fund's Actuary, Hymans Robertson. The report pack stated that, if approved, the draft FSS would be issued for consultation with scheme employers and the Department for Education (DfE) from 15 December 2025 to 31 January 2026. The final version, together with an analysis of consultation feedback, would then be presented for approval at the March 2026 meeting. According to the report pack, the draft FSS summarises the Fund's approach to funding its liabilities and references other key policies. It was not intended to be an exhaustive statement of policy on all issues. It forms part of a framework which includes:

• The LGPS Regulations;
• The Rates and Adjustments Certificate;
• The Fund's policies on admissions, cessations and bulk transfers;
• Actuarial factors for valuing individual transfers, early retirement costs and the costs of buying added service;
• The Fund's Investment Strategy Statement.

The report pack stated that the draft FSS had been prepared in accordance with joint guidance issued by MHCLG², CIPFA³ and the Scheme Advisory Board.

The report pack stated that the Funding Strategy objectives are to:

• take a prudent long-term view to secure the regulatory requirement for long-term solvency, with sufficient funds to pay benefits to members and their dependants
• use a balanced investment strategy to minimise long-term cash contributions from employers and meet the regulatory requirement for long-term cost efficiency
• where appropriate, ensure stable employer contribution rates
• reflect different employers' characteristics to set their contribution rates, using a transparent funding strategy
• use reasonable measures to reduce the risk of an employer defaulting on its pension obligations.

The report pack also included a recommendation that the draft FSS be approved for consultation with the scheme employers and the Department for Education (DfE).

Cornwall Pension Fund Business Update

The committee was scheduled to discuss the Cornwall Pension Fund Update – Investments – Part 1. This report summarised the fund's funding position, market value, asset allocation, investment performance, responsible investment activity and engagement activity since the previous committee meeting. The report pack stated that Administering Authorities, under the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016, must keep under review the performance of the investment managers, and that this report fulfils this requirement. According to the report pack, over the quarter to 30 September 2025, the fund's total market value increased by £77.3 million, to £2,662 million. Total fund assets produced a positive return of 3.2%, compared to a target of 5.0%, underperforming the total fund benchmark by 1.8%. The report pack also stated that at the 30 September 2025, 90.8% of the fund's assets were in Brunel Portfolios. The report pack also included an appendix with performance information and another appendix with responsible investment information.

The committee was also scheduled to discuss the Cornwall Pension Fund Business Update – Benefits Team Update. This report provided an update on the activity of the Fund's Benefits Team for the last quarter and details of ongoing and future business issues faced by the Cornwall Pension Fund (CPF) Benefits Team in relation to the administration of the Local Government Pension Scheme. The following topics were scheduled to be covered within this report:

• Overview of the Fund
• Active Membership Movements
• Non-Active Membership Movements
• Unprocessed Leavers and Unclaimed Refunds
• My Pension Online (Member Self Service) update
• Measures of Administration Workload
• Summary of Death Grants paid
• Team update resourcing and recruitment
• Complaints/Compliments log
• Changes to Employers in the Fund
• Communications and Employer Training
• Pensions Dashboard Programme Update
• Update from South West Area Pensions Officers Group (SWAPOG) meeting

The report pack stated that the Fund connected to the Dashboard ecosystem on 29 October 2025, ahead of the deadline required in the DWP guidance of 31 October 2025. The report pack also included an appendix with further information.

The committee was also scheduled to discuss the Cornwall Pension Fund Governance Update Part 1. This report covered governance updates since the previous committee meeting, in relation to:

• Pension Board Update
• Payment of Contributions
• Risk Register
• Fund Attendance and Training Record
• Quarterly Training Survey Update
• Valuation Update
• Fit for the Future Governance Update
• Access and Protections Government Consultation
• Employer Risk Management Policy
• Policy on Academy Funding
• Cessation Policy
• Pension Fund Work Plan Mid-Year Review

The report pack stated that there were no outstanding contributions owed to the Fund by employers for the quarter ending 30 September 2025.

The report pack also stated that the government intends to implement proposals from its 2019 consultation, including removing admission body status for new contractors, eliminating the need for Admission Agreements.

The committee was asked to approve the Employer Risk Management Policy and the Policy on Academy Funding.

The report pack also included further appendices.

Brunel Pension Partnership Update

The committee was scheduled to receive an update from the Brunel Pension Partnership. According to the report pack, Andrew November had joined Brunel as Interim Chief Investment Officer (CIO) in late October. The report pack stated that Mr November would be focussed on supporting business-as-usual activity, as well as advocating for Brunel during the contract negotiation phase. The report pack also stated that Brunel's Chief Responsible Investment Officer, Faith Ward, attended the recent PRI meeting in Sao Paolo which was a precursor to the COP30 gathering. The appendix to the report included further information.