The Pensions Committee of Cornwall Council met on Thursday, 12 March 2026, to discuss the Cornwall Pension Fund's financial performance, future plans, and governance. Key agenda items included the 2025 Final Actuarial Valuation Report, the Cornwall Pension Fund Business Plan for 2026-2029, and updates on investments, benefits administration, governance, and the 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 an appropriate 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. The report also includes gender pension gap reporting and climate risk reporting, as required by new regulations.

Additionally, the committee was asked to formally adopt the draft Funding Strategy Statement (FSS) from 1 April 2026, following a period of consultation with scheme employers and the Department for Education (DfE). The FSS sets out the objectives for the management of the Cornwall Pension Fund.

Cornwall Pension Fund Business Plan 2026-2029

The committee was set to review the Cornwall Pension Fund's Business Plan for 2026-2029. This plan outlines the Fund's priorities, key areas of focus, and budget for the next three years. It details the objectives for managing the Fund, the improvements to be implemented, and how progress and performance will be monitored. The plan also addresses fundamental changes expected within the Fund, including significant shifts in investments and governance functions, as well as changes in the administration function due to the implementation of outcomes from the Access and Fairness, and Access and Protection consultations. The business plan includes the budget for expected payments and resources required to manage the Fund.

Cornwall Pension Fund Business Update – Investments Part 1

An update was scheduled on the Cornwall Pension Fund's investment activities as at 31 December 2025. This included information on the Fund's market value, asset allocation, and investment performance. The report detailed returns across various asset classes, including equities, property, fixed income, and alternatives, comparing performance against benchmarks. The update also covered investment commitments, responsible investment activity, and voting statistics from engagement partners. A significant part of this update focused on the transition of assets from the Brunel Pension Partnership to LPPI, with recommendations to approve the Fund becoming a shareholder of LPPI and the orderly transition of assets, alongside the wind-down of Brunel Pension Partnership Ltd.

Cornwall Pension Fund Business Update – Benefits Team

The committee was to receive an update on the activities of the Cornwall Pension Fund's Benefits Team for the last quarter. This report covered an overview of the Fund, movements in active and non-active memberships, unprocessed leavers, and unclaimed refunds. It also provided an update on the member self-service portal, measures of administration workload, a summary of death grants paid, and details on team resourcing and recruitment. The report was also set to include information on changes to employers in the Fund, communications, employer training, and an update from the South West Area Pensions Officers Group (SWAPOG) meeting.

Cornwall Pension Fund Governance Update

This report was scheduled to provide updates on various governance matters related to the Cornwall Pension Fund. Topics included an update from the Pension Board, the status of contribution payments, a review of the Risk Register, and the Fund's attendance and training record. It was also to cover the results of the Training Needs Analysis, an update on the 2025 Valuation, and reviews of the Contribution Reviews Policy, Passthrough Policy, and the Policy for Reporting Breaches of the Law. An update on the Government's Access and Fairness consultation and a review of the Pension Fund Work Plan for 2025/26 were also on the agenda, alongside an update on compliance with The Pensions Regulator's (TPR) General Code of Practice.

Brunel Pension Partnership Update

A representative from the Brunel Pension Partnership was scheduled to provide an update on the Partnership's activities. This report was intended to inform the committee about key issues and progress within Brunel. Given that the Cornwall Pension Fund was transitioning to the LPPI Pool from 1 April 2026, this was anticipated to be the final formal update from Brunel to the committee. The report was expected to cover specific investment activities, such as the Truro investment within the Cornwall Local Impact Portfolio, and updates on the CPI Indexation Switch Consultation for renewables. It was also to include a verbal update on Project Cornerstone and a look back at Brunel's responsible investment achievements.