The Cornwall Pension Fund Local Pension Board met on Wednesday 10 September 2025 to discuss a benefits team update, a governance update and items from the Pensions Committee meeting in June. The meeting was scheduled to include discussion of both public and confidential matters, with the press and public excluded from the latter.

Here's a breakdown of the key topics that were listed on the agenda:

Governance Update

The board was scheduled to review several aspects of the fund's governance, as detailed in the Cornwall Pension Fund LPB Governance Update Part 1 Report. This included:

• Payment of Contributions: An update on contributions receivable.
• Risk Register: A quarterly review of the risk register, which is the primary control document for the analysis, control and monitoring of risks. The Risk Register Report was attached as Appendix 2.
• Fund Attendance and Training Record: Monitoring meeting attendance, meeting content and training undertaken by the Pensions Committee, Pension Board and Senior Officers. The Fund's Attendance and Training Record was attached as Appendix 3.
• Review of Investment Consultant Against Objectives: An annual review of Mercer against strategic objectives set by the committee.
• Annual Cyber Security Review: An update on the annual review of the Fund's cyber security arrangements.
• Cyber Strategy: A review of the Fund's Cyber Strategy.
• Conflicts of Interest Policy: A review of the Fund's Conflicts of Interest Policy.
• Communications Policy: Review of the updated Communications Policy, which outlines how the Fund engages with its stakeholders (Appendix 4).
• Local Pension Board Code of Conduct for Members Policy: A review of the Local Pension Board Code of Conduct for Members Policy.
• Local Pension Board Work Plan: A review of progress against the Local Pension Board Work Plan (Appendix 5).

The report stated that feedback was being sought from the Pension Board on the draft Communications Policy at Appendix 4.

The Cyber Strategy, which sets out how the fund assesses and manages cyber risk, had been reviewed by officers, and minor updates had been made. The report stated that following advice received by Aon, the strategy had been updated to reflect that the Cyber Strategy and Asset & Data Map should be reviewed annually rather than every 3 years. The updated strategy can be accessed on the Cornwall Pension Fund website.

The Fund's Conflicts of Interest Policy details how actual and potential conflicts of interest are identified and managed. The policy had been reviewed, and minor amendments had been made, including referencing the Fit for the Future Government consultation, and updates for minor changes, such as job titles. The policy can be found on the Fund's website under Regulatory Statements: Conflicts of Interest Policy.

The Communications Policy provides an overview of how the Fund communicates with its interested parties, such as members and scheme employers, and how the Fund measures whether the communications are successful. The current Policy, which was approved in April 2023 has been streamlined to make it easier to read, and it now includes a glossary outlining the Fund's key communication types, delivery methods and target audiences. The updated Communications Policy can be found at Appendix 4.

The Local Pension Board Code of Conduct for Members Policy sets out the principles and internal procedures that all Board members are expected to follow. Some minor amendments had been made to the Policy including the addition of Introduction and Objectives sections to more clearly set out expectations of Board members, and a section clarifying what would happen if a Council member was to sit on a Local Pension Board. The updated Local Pension Board Code of Conduct for Members can be accessed on the Fund's website at the attached link: Local Pension Board Code of Conduct for Members.

Benefits Team Update

The board was scheduled to receive an update on the Fund's administration activity for the quarter ending 30 June 2025. The Benefits Team Update Report included details of ongoing and future business issues faced by the Cornwall Pension Fund Benefits Team in relation to the administration of the Local Government Pension Scheme¹.

The report covered:

• Quarterly Scheme Update
• Team Update
• Employer Services Update
• Pension Dashboard Programme Update
• Update from the latest South West Area Pensions Officers Group (SWAPOG) meeting
• Workplan update

The update included discussion of opt-outs from the scheme, and elections to the 50/50 scheme section. The '50/50' section of the Scheme allows members to pay half the normal contribution rate and build up a pension at half of the normal rate (i.e. a rate of 1/98th compared to the normal 1/49th), whilst still benefiting from the full life assurance cover, full ill health cover and full survivor benefits in the event of death.

Items from Pensions Committee Meeting

The board was scheduled to note the minutes, items, and associated recommendations approved by the Pensions Committee from the public part of the Pensions Committee meeting held on 19 June 2025.

The following items were covered:

• Investments Update Part 1
• Responsible Investment Update
• Brunel Pension Partnership Update
• Administration Update
• Minutes from Pensions Committee meeting of 19 June 2025

The Investments Update - Part 1 summarised the Fund's funding position, market value, asset allocation, investment performance, and voting and engagement activity for the quarter ended 31 March 2025.

The Responsible Investment Update detailed some of the major Responsible Investment activities the Fund would be undertaking during the year.

The Brunel Pension Partnership Update included discussion of the Fit for the Future consultation, and the Responsible Investment Outcomes Report.

Exclusion of Press and Public

The agenda included a resolution to exclude the press and public from the meeting for a specific item of business. This exclusion was requested under Section 100A (4) of the Local Government Act 1972, due to the likely disclosure of exempt information as defined in Paragraph 3 of part 1 of Schedule 12A of the Act, relating to the financial or business affairs of particular individuals or the authority itself.