Under the relevant Local Authority regulations, Cornwall Council has created a Pension Committee. The committee exercises its functions as the Administering Authority for the pension scheme.
The functions include the:
- governance of the Fund
- management of the Fund
- administration of the Fund
Local Pension Board
The Local Government Pension Scheme Regulations 2013 requires:
- Cornwall Council to establish a Local Pension Board. The Board assists the Pensions Committee with its statutory responsibilities.
The Fund has a Policy for Reporting Breaches of the Law. The policy explains its procedures on identifying and managing breaches of law. This also includes the process of reporting breaches of the law.
The Fund liaises with both employers and members about the pension scheme. The Communications Policy Statement explains how this is undertaken.
The Fund must achieve and maintain the highest possible data quality standards. This is to comply to its core functions and to ensure the cost-effective use of resources. Basing it on high quality data, valuations and effective decision can take place. In January 2020, the Pension Committee approved the Data Improvement Strategy and Plan.
Scheme Advisory Board
The Local Government Pension Scheme Advisory Board was set up under:
- the Public Service Pensions Act 2013
- the Local Government Pension Scheme Regulations
It will consider items passed to it from:
- the Department of Levelling Up, Housing and Communities (DLUHC),
- the Board's sub-committees,
- other stakeholders
Pension Fund Risk Register
Identified risks are documented in the Fund’s Risk Register, which is maintained by Officers and updated on a quarterly basis. The Risk Register was last updated in November 2023.