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Governance

In accordance with the Local Authorities (Functions and Responsibilities) (England) Regulations 2000, Cornwall Council has established a Pensions Committee to exercise its functions as the Administering Authority for the Local Government Pension Scheme. These are statutory functions contained within various Regulations that relate to the governance, management and administration of the Cornwall Pension Fund.

In accordance with the Local Government Pension Scheme Regulations 2013, Cornwall Council has also been required to establish a Local Pensions Board which is designed to assist the Pensions Committee with its statutory responsibilities.

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You can also read the Fund’s Governance Compliance and Policy Statements prepared in accordance with the requirements of the Local Government Pension Scheme Regulations 2013 in the 2018-2019 Annual Report. These and other regulatory statements are available to be viewed on the Investments Regulatory Statements webpages.

The Fund has prepared a Policy for Reporting Breaches of the Law setting out its policy and procedures on identifying, managing and where necessary reporting breaches of the law to comply with its statutory responsibilities.

The Fund liases with both employers and members in relation to the Local Government Pension Scheme (LGPS), the Communications Policy Statement provides an overview of how the Fund communicates including the measures used to establish whether the communications are successful.

It is imperative that the Fund achieves and maintains the highest possible data quality standards, to comply to its core functions and to ensure the cost-effective use of resources. High quality data is also the basis for all fund valuations and effective decision making. In January 2020, the Pension Committee approved the Data Improvement Strategy and Plan

In accordance with the Public Service Pensions Act 2013 and the Local Government Pension Scheme Regulations, the Local Government Pension Scheme Advisory Board was established to encourage best practice, increase transparency and coordinate technical and standards issues. It will consider items passed to it from the Department of Communities and Local Government (DCLG), the Board's sub-committees and other stakeholders as well as items formulated within the Board.