The Cornwall Pension Fund Local Pension Board meeting scheduled for 4 March 2026 was set to cover a range of updates concerning the fund's administration, governance, and investment activities. Key discussions were expected to include a detailed update from the Benefits Team, a comprehensive review of the fund's governance, and items previously considered by the Pensions Committee.

Benefits Team Update

The Benefits Team provided an update on the fund's administration for the quarter. This included information on active and non-active membership movements, with a slight decrease in active membership noted, primarily attributed to the school summer holiday period. The report highlighted an increase in unprocessed leavers, also linked to seasonal school leavers, and a rise in unclaimed contribution refunds. The upgrade to the Engage system for member self-service was confirmed, with registrations increasing significantly. Performance against Key Performance Indicators (KPIs) was discussed, noting high workload volumes, particularly in leaver processing, but improvements in controllable tasks. The payment of 25 death grants totalling just under £1 million was reported. Staffing updates included arrangements for maternity leave cover and ongoing progress with Local Government Association (LGA) qualifications. Customer feedback indicated a number of compliments regarding the team's helpfulness and efficiency, alongside one reported complaint concerning an error in a transfer-in case. Updates were also provided on employer changes, employer engagement and training sessions, and the successful connection to the national Pensions Dashboards Programme. An update from the South West Area Pensions Officers Group (SWAPOG) meeting covered topics such as access and fairness consultations, data sharing agreements, and inter-fund transfer best practices.

Cornwall Pension Fund Local Pension Board Governance Update - Part 1

This report provided an update on the fund's governance arrangements. It was noted that no employer contributions were outstanding for the quarter ending 31 December 2025. The Risk Register was reviewed, with specific risks related to administration and communication, and funding and investments being discussed. The average rating for Administration & Communication risks remained unchanged, while Funding & Investments risks saw a decrease but remained overwritten to a red rating due to asset transition programmes and governance arrangements. Governance risks saw an increase, primarily due to the addition of a new risk concerning the failure to implement required changes from MHCLG consultations. The Fund's Attendance and Training Record was presented, detailing meeting attendance and training undertaken by committee members and senior officers. A quarterly training survey indicated that 74% of responses to a survey on financial statements training were correct. The Training Needs Analysis survey results were encouraging, with most respondents reporting a general level of understanding across scheme-specific areas and a preference for face-to-face training. The 2025 Valuation process was nearing completion, with key dates and milestones outlined. Updates were provided on the Contribution Reviews Policy and the Passthrough Policy, with no immediate changes deemed necessary. Minor amendments to the Policy for Reporting Breaches of the Law were reported to strengthen alignment with regulatory expectations. An update on the MHCLG Access and Fairness Consultation indicated that changes would be phased in from April 2026. A review of the Pension Fund Work Plan for 2025/26 showed progress against governance, funding, and administration tasks, with some areas for future focus. The Local Pension Board Work Plan was also reviewed. Finally, the Business Plan Budget for 2026/27 to 2028/29 was presented, outlining projected fees and operating expenses.

Items from Pensions Committee 10 December 2025 - Part 1

This report summarised key items from the Pensions Committee meeting held on 10 December 2025. It included an Investments Update Part 1, detailing the fund's funding position, market value, asset allocation, and investment performance for the quarter ending 30 September 2025. The report indicated a positive total fund return of 3.2% for the quarter, underperforming the target of 5.0%. Specific asset classes like equities, fixed income, property, and alternatives all showed positive returns, though some equity portfolios underperformed their benchmarks. The report also covered a Responsible Investment Update, an update on the activities of the Brunel Pension Partnership, and an Administration Update for the quarter ending 30 September 2025. A draft Funding Strategy Statement was presented, outlining the approach to collecting employer contributions to ensure the fund can meet its obligations. This draft statement was approved for consultation with scheme employers and the Department for Education, with a final version to be presented in March 2026. The minutes from the Pensions Committee meeting of 10 December 2025 were also provided.

The meeting also included agenda items for apologies for absence, declarations of interest, and the minutes of the previous meeting held on 3 December 2025. The agenda also indicated that the committee would consider excluding the press and public for certain items due to the likely disclosure of exempt information relating to financial or business affairs.