Cornwall Pension Fund invests in affordable housing and renewables

A £115m allocation has been approved by Cornwall Pension Fund for affordable housing and renewable energy in Cornwall.

The Pensions Committee approved a proposal to allocate £65m to affordable housing in Cornwall, as well as £50m for UK renewable energy income, including £25m in Cornwall.

The investments will be delivered through the Brunel Pension Partnership, one of eight UK local government pension scheme pools, in line with the decision that such investments will be through regulated investment funds.

This follows a decision made earlier this year as part of Cornwall Pension Fund’s Annual Investment Strategy review to allocate 5% of funds to a Social Impact Portfolio.

The Social Impact Portfolio aims to look at investment opportunities within Cornwall, in addition to wider regional, national and potentially international opportunities, with investments defined by alignment to the United Nations Sustainable Development Goals, such as ending poverty, protecting the planet and improving the lives and prospects of people.

Cllr Jayne Kirkham, the chair of the Cornwall Pension Fund, commented that: ‘This is an exciting outcome and really good for both the Fund and Cornwall. The final details can now be developed with Brunel over the next month and I look forward to being able to make further announcements at the December Pensions Committee meeting.’

Deputy leader of the Council, David Harris, added: ‘This decision means that there is now the opportunity to invest in our Duchy as well as global stocks and shares.’

In related news, following approval to introduce a selective licensing scheme for privately rented housing across 25 of its wards, Birmingham City Council launching a 10-week consultation to get feedback from landlords, tenants and residents.

Photo by Greg Willson