The Pensions Committee of Cornwall Council scheduled a meeting to discuss a business update from the Cornwall Pension Fund, an update from the Brunel Pension Partnership, and various governance matters. The meeting was scheduled to take place in the Trelawny Room at County Hall in Truro.

Here are the key topics that were included in the agenda:

Cornwall Pension Fund Business Update

The committee was scheduled to receive updates on various aspects of the Cornwall Pension Fund's performance and administration.

Investments

The committee was scheduled to note the fund's position as of 31 March 2025, including investment performance information. This was to include a review of the fund's market value, asset allocation, and responsible investment activity.

The report pack included a performance report which indicated that the fund's total market value decreased by £48.74 million over the quarter to £2,527 million. Total Equities produced a negative absolute return of -4.2%, while UK Property was positive, returning 1.3%. The report also noted investments and disinvestments made during the quarter, including an investment of £30.0m in index-linked gilts and a disinvestment of £15.0m from Smaller Companies Equities.

The report also included voting and engagement statistics from Hermes Equity Ownership Services (EOS), the Partnership's engagement and voting overlay provider.

The report pack also included responsible investment information for the Brunel Equities Portfolios.

Benefits Team

The committee was scheduled to receive an update on the activities of the Fund's Benefits Team, including:

• An overview of the fund's membership
• Active and non-active membership movements
• Unprocessed leavers and unclaimed refunds
• An update on the My Pension Online (MPO) member self-service portal
• Measures of administration workload
• A summary of death grants paid
• Team resourcing and recruitment
• A log of complaints and compliments
• Changes to employers in the fund
• Communications and employer training
• A Pensions Dashboard Programme update
• An update from the South West Area Pensions Officers Group (SWAPOG) meeting

The report pack noted that as of 31 March 2025, there were 2,523 unclaimed contribution refunds. It also noted that 948 members registered for My Pension Online (MPO) last quarter.

The report pack also included several compliments received by the team, including:

'Not sure if you are the right person to send this to but I just wanted to say that one of my team had a bit of an issue and [team member] dealt with it straight away, no fuss and everything is sorted. The words were what a dream Cornwall are . As you know we work with nearly all the (LGPS) funds and have very varying experiences so thank you and please pass this on'

The report pack also detailed a complaint received by the team from a pensioner member regarding a delay in applying a Pension Sharing Order (PSO) following their divorce.

Governance

The committee was scheduled to note a governance update and approve the updated Investment Strategy Statement. The update covered:

• Pension Board Update
• Payment of Contributions
• Cornwall Pension Fund Valuation Update
• Risk Register
• Fund Attendance and Training Record
• Informing the Audit Risk Assessment
• 2024/25 Audit Plan
• Government Consultation 'Access and Fairness'
• Investment Strategy Statement

The report pack noted that there were no outstanding contributions owed to the Fund by employers for the quarter ending 31 March 2025.

The report pack also included a summary of changes to the Fund's risks, which have taken place over the quarter, with the average rating of the risks associated with Funding & Investments having increased.

The report pack also included a draft of the updated Investment Strategy Statement (ISS), with the substantive updates being to reflect the approved changes in the asset allocation.

Brunel Pension Partnership Update

The committee was scheduled to note an update given by a representative from the Brunel Pension Partnership¹

, including updates on the Fit for the Future consultation and the Responsible Investment Outcomes Report.

The report pack noted that following the government's announcement on pooling consolidation, Brunel is working with its partner funds to consider options for the next stage in its evolution. It also noted that Brunel advocated for a process for considering pool mergers which was transparent, fair, evidence-led and fully costed.

The report pack also highlighted key objectives and achievements from Brunel's Responsible Investment Outcomes Report, including progress in tracking, reporting, and improving outcomes in private markets.