The Cornwall Pension Fund Local Pension Board met on Wednesday 11 June 2025 to discuss a benefits team update, a governance update, and items from previous Pensions Committee meetings. The meeting also included discussion of any other business considered urgent by the chair, and consideration of exclusion of the press and public from certain items.

The report pack includes updates on fund administration, governance, investments and responsible investment.

Governance Update

The Cornwall Pension Fund Local Pension Board was scheduled to discuss several items related to the governance of the fund.

A key item for discussion was the Risk Register report. The risk register is a standing agenda item for both the Pensions Committee and the Pension Board. The Risk Register Report provides a summary of changes to the Fund's risks, which have taken place over the quarter. Following queries at the previous Board meeting, officers considered the following risks to assess whether their current risk scores remained appropriate:

• F&I 1 - Geopolitical/market events impact on scheme funding and investments/investment valuation volatility
• Gov 2 - Loss of experienced pension staff and difficulty in recruiting suitable replacements

Also included for discussion was the Fund Attendance and Training Record to 31 March 2025. The Attendance and Training Record monitors meeting attendance, meeting content and training undertaken by the Pensions Committee, Pension Board and Senior Officers.

The Board was also scheduled to discuss a new government consultation on amendments to the Local Government Pension Scheme (LGPS) regulations to promote 'access and fairness' to its scheme members. The consultation, which is open until 7 August 2025, covers areas such as:

• Survivor benefits and death grants
• Gender pensions gap
• Opting out of the scheme
• McCloud remedy

A draft timetable outlining the proposed training programme for Board members for the 2025/26 financial year was also scheduled to be discussed.

Benefits Team Update

The Cornwall Pension Fund Local Pension Board was scheduled to receive an update on the Fund's administration activity for the quarter ending 31 March 2025. The update 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 included updates on:

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

The Quarterly Scheme Update included information on:

• Overview of the Fund
• Active Roles
• Non-Active Roles
• Unprocessed Leavers and Unclaimed Refunds
• My Pension Online (MPO)
• Workload Volumes
• Workload KPIs
• Death Grants

The Team Update included information on:

• Staffing
• Training
• Compliments and Complaints

The Employer Services Update included information on:

• Employers in the Fund
• Communications
• Employer Training

The Pensions Dashboard Programme update included information on:

Pensions Dashboards are online platforms designed to provide individuals with a comprehensive view of their pension savings, including their State Pension, all in one place. Dashboards aim to make it easier for people to access and understand their pension information, helping them to plan more effectively for retirement. By consolidating data from various pension schemes, including occupational and personal pensions, the dashboards can also help reunite individuals with lost or forgotten pensions.

The report pack notes that the UK government has mandated that all relevant pension schemes must connect to the Pensions Dashboards ecosystem by 31st October 2026, and that public service pension schemes should 'connect by' 31 October 2025.

The Southwest Area Pensions Officers Group (SWAPOG) meeting update included information on:

LGPC Annual Update: The Local Government Pension Scheme (LGPS) has updated the employee contribution bands for the 2025/26 fiscal year. Additionally, HM Treasury has confirmed the rates for annual revaluation, earnings, and pensions increase effective from April 2025. Specifically, LGPS pensions in payment and deferred pensions will see a 1.7% increase on 7 April 2025, in line with the Consumer Prices Index for the year up to September 2024. The balance in an LGPS active CARE on 31 March 2025 will also increase by 1.7% on 6 April 2025.

Items from Pensions Committee Meeting

The Cornwall Pension Fund Local Pension Board was scheduled to note the minutes, items, and the associated recommendations approved by the Pensions Committee, from the public part of the Pensions Committee meeting, held on 13 March 2025.

The following items were scheduled to be covered within this report:

• Cornwall Pension Fund Business Plan 2025-28
• Investments Update Part 1
• Responsible Investment Update
• Brunel Pension Partnership Update
• Administration Update
• Minutes from Pensions Committee meeting of 13 March 2025

The Cornwall Pension Fund Business Plan 2025-28 details the priorities and areas of key focus in relation to the Cornwall Pension Fund for 2025/26 to 2027/28.

The Investments Update - Part 1 summarises the Fund's funding position, market value, asset allocation, investment performance, and voting and engagement activity for the quarter ended 31 December 2024.

The Responsible Investment Update details some of the major RI activities the Fund will be undertaking during the year.

The Brunel Pension Partnership Update included discussion of the Fit for the Future consultation, CIO Recruitment, and the Transition Finance Council.