Place corned beef in a large pot and cover with cold water. Bring to a boil, then reduce heat and simmer for 3-4 hours, or until tender.

Add potatoes, carrots, and peppercorns to the pot. Continue to simmer for 20-25 minutes, or until potatoes and carrots are tender.

Add cabbage and bay leaves. Simmer for another 10-15 minutes, or until cabbage is tender.

Remove corned beef and vegetables from the pot. Slice the corned beef and serve with the vegetables.