The Pensions Committee of Cornwall Council met to discuss the Cornwall Pension Fund's Business Plan for 2024-27, investment updates, governance matters, and the activities of the Benefits Team. Key decisions included the approval of the Business Plan for 2024-27 and the appointment of Mercer and Hymans Robertson for consultancy services.

Cornwall Pension Fund Business Plan 2024-27

The Committee reviewed the Business Plan for 2024-27, presented by the Pension Investments Manager. The plan outlines the Fund’s priorities, key areas of focus, and budget over the next three years. The Head of Pensions and Treasury provided updates on recruitment and team structures. Key points discussed included:

• Efficiencies from the Member self-service system, My Pension Online, could allow staff resources to be used in other areas.
• The new staffing structure would offer career progression opportunities.
• Future reports could better define 'other' costs.
• Part-time roles within the team were confirmed.

The Committee approved the Business Plan for 2024-27 and noted the 2023-24 Work Plan Review.

Cornwall Pension Fund Business Update - Investments

The Committee considered a report on the Cornwall Pension Fund’s investments, including funding position, market value, asset allocation, and responsible investment activities. Discussions included:

• The rise in gold prices and its drivers.
• The potential impact of releasing seized Russian investments.
• The performance of the Chinese market and its impact on Western economies.
• The forthcoming US Election's potential impact.

The Committee noted the Fund’s position as of 31 December 2023 and sought further clarification on investments and the situation in Israel and Palestine.

Governance Update

The Committee reviewed a report on governance matters, including the recruitment of a new Employee Representative following a resignation. The nominated candidate introduced himself and shared his background and experience. Key governance areas discussed included:

• Pension Board updates.
• Payment of contributions.
• The Pensions Regulator’s new General Code.
• Cyber Work Plan and Risk Register.
• Training Needs Analysis and Administering Authority Discretions Policy Update.

The Committee approved the Bond Policy, Cash Management Strategy, and Governance Policy and Compliance Statement. It was recommended to Full Council that John Tutchier be appointed as the new Employee Representative.

Benefits Team Update

The Committee received an update from the Benefits Team on the Fund’s administration activities. Highlights included:

• Progress on clearing the backlog of refund payments.
• Consistent number of deaths reported each quarter.
• One remaining vacancy in the team to be re-advertised.
• Complaints and compliments log.
• Changes to employers in the Fund, including Camborne Science and International Academy transferring to Athena Learning Trust.

The Committee noted the update and sought further clarification from officers.

Brunel Pension Partnership Update

Representatives from Brunel Pension Partnership provided an update on their activities. Discussions included:

• Timescales for divesting decisions.
• The symbolic impact of removing funds from certain companies.
• Terminology regarding pure-play companies and long-lead expansion.
• Engagement actions taken in respect of Barclays.

The Committee noted the update and sought further clarifications.

Investment Consultancy and Actuarial Tenders

The Committee reviewed the results of the investment consultancy and actuarial services tender processes. It was decided that Mercer would provide Investment Consultancy Services for two years, with a possible one-year extension, and Hymans Robertson would provide Actuarial Services for three years.