The Pensions Committee of Cornwall Council met on Thursday, 12 March 2026, to discuss the 2025 Final Actuarial Valuation Report, the Cornwall Pension Fund Business Plan for 2026-2029, and updates on investments, benefits, and governance. The meeting also included an update from Brunel Pension Partnership.

2025 Final Actuarial Valuation Report

The committee was scheduled to consider the 2025 Final Actuarial Valuation Report, which is a statutory requirement to ensure the Fund has a sustainable contribution plan and investment strategy. The report, prepared by the Fund's Actuary, Hymans Robertson, details the Fund's funding level as at 31 March 2025 and employer contribution rates for the period 1 April 2026 to 31 March 2029. It also includes gender pension gap reporting and climate risk reporting, as mandated by recent reforms. The committee was asked to note the report and request any necessary clarifications from officers.

Additionally, the committee was to consider the formal adoption of the Funding Strategy Statement (FSS) from 1 April 2026. This statement had been approved for consultation with scheme employers and the Department for Education (DfE) at a previous meeting on 10 December 2025. Following consultation, no amendments were made to the FSS.

Cornwall Pension Fund Business Plan 2026-2029

The committee was scheduled to review and approve the Cornwall Pension Fund Business Plan for 2026-2029. This plan outlines the Fund's priorities, key areas of focus, and budget for the next three years. It addresses fundamental changes expected within the Fund's investments and governance functions, stemming from the 'Fit for the Future' consultation, as well as significant changes in the administration function due to the outcomes of the 'Access and Fairness' and 'Access and Protection' consultations. The plan includes a budget for expected payments and resources required to manage the Fund, with a forecast underspend for service providers and operating expenses, but an overspend for Brunel and custodian charges due to the costs associated with winding down Brunel.

Cornwall Pension Fund Business Update – Part 1 Investments

An update on the Cornwall Pension Fund's investment position as at 31 December 2025 was scheduled for discussion. This included the Fund's market value, asset allocation, investment performance, and responsible investment activity. The report highlighted that over the quarter to 31 December 2025, the Fund's total market value increased to £2,718 million, with a total Fund return of 2.2%, underperforming the benchmark by 0.2%. The report also detailed investment commitments and voting statistics from engagement partner Hermes Equity Ownership Services (EOS). A key recommendation was for the committee to approve the Fund becoming a shareholder of LPPI (Local Pensions Partnership Investments) and the orderly transition of assets to LPPI, alongside the wind-down of Brunel Pension Partnership Ltd.

Cornwall Pension Fund Business Update – Part 1 Benefits Team Update

The committee was to receive an update on the Cornwall Pension Fund's Benefits Team's activities for the last quarter. This included an overview of the Fund, membership movements, unprocessed leavers, unclaimed refunds, member self-service updates, administration workload measures, death grants paid, team staffing and recruitment, complaints and compliments, changes to employers in the Fund, communications, and employer training. The update also included information from the South West Area Pensions Officers Group (SWAPOG) meeting.

Cornwall Pension Fund Business Update – Part 1 Governance

This report was scheduled to provide governance updates since the previous committee meeting, covering the Pension Board update, payment of contributions, the Risk Register, Fund attendance and training records, training needs analysis, valuation updates, and reviews of policies including the Contribution Reviews Policy, Passthrough Policy, and Policy for Reporting Breaches of the Law. It also included an update on the 'Access and Fairness' government consultation and a review of the Pension Fund Work Plan. The report indicated that the Fund remained fully compliant with 13 out of 14 chapters of The Pensions Regulator's (TPR) General Code of Practice, with 99% overall compliance.

Brunel Pension Partnership Update

An update on the activities of the Brunel Pension Partnership was scheduled, with a representative from Brunel present to provide information and answer questions. This report was noted as being the final formal committee update from Brunel, as the Fund was transitioning to the LPPI Pool from 1 April 2026. The update highlighted progress in areas such as reducing emissions exposures, developing new products for responsible investment outcomes, achieving real-world impact through renewable infrastructure, stewardship and engagement activities, and supporting industry and policy initiatives.

Any Other Business

The agenda also included provisions for any other urgent business that the Chairman considered necessary to discuss.

The meeting also had a scheduled item to consider the exclusion of the press and public for specific business, likely relating to exempt information concerning financial or business affairs.