Bucks chooses London CIV, Cornwall joins LPPI
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Buckinghamshire Pension Fund has chosen London CIV as its preferred pooling partner, the only fund in Brunel Pension Partnership to have done so. Cornwall Pension Fund intends to move to Local Pensions Partnership Investments.
All Brunel funds have picked either LGPS Central or LPPI as their new pooling partner apart from Buckinghamshire.
All Brunel funds have picked either LGPS Central or LPPI as their new pooling partner apart from Buckinghamshire.
Buckinghamshire’s pension fund committee and LCIV’s 32 partner funds were unanimous in agreeing in principle to working together.
Cllr Robert Carington, who chairs Buckinghamshire Council’s pension fund committee, said: “We are grateful that this ringing endorsement bodes well for the future partnership.”
He pointed to his fund’s previous support for asset pooling, saying it was effectively 100% pooled. The fund will continue to work closely with Brunel and the other Brunel partner funds to ensure a coordinated transition to the respective new pools.
“Our shared goal is to support our employers, members and the sector in achieving long-term resilience, stability and value for money,” he said.
The chief executive of LCIV, Dean Bowden, said LCIV was delighted to be chosen by Buckinghamshire: “Given our cultural alignment and shared vision for the future direction of pooling, we look forward to working with our new Buckinghamshire colleagues in delivering sustainable pensions for those we serve.”
Cornwall joins LPPI, Berkshire could become shareholder
The Cornwall Pension Fund has also revealed its new pooling partner. The £2.5bn fund has decided to enter formal negotiations with LPPI, after Avon, Devon, Dorset and Somerset made similar announcements.
A spokesperson said: "We will be working closely with our Brunel Partner Funds to develop a plan to transition to the new pooling arrangements, ensuring that we secure the best possible outcome for our members."
A spokesperson said: "We will be working closely with our Brunel Partner Funds to develop a plan to transition to the new pooling arrangements, ensuring that we secure the best possible outcome for our members."
One existing partner of LPPI, Royal County of Berkshire Pension Fund, recently received an update from LPPI on pooling developments, including consideration of the Berkshire fund becoming a shareholder.
The Environment Agency Pension Funds have not yet formally announced which pool they will be joining.
The funds in Brunel and Access are expected to move assets to these pools:
Border to Coast: Cambridgeshire, East Sussex, Essex, Hertfordshire, Kent, Northamptonshire, West Sussex
LPPI: Avon, Cornwall, Devon, Dorset, Somerset
LGPS Central: Gloucestershire, Hampshire, Isle of Wight (indicated but not formally decided), Norfolk, Oxfordshire, Suffolk, Wiltshire
London CIV: Buckinghamshire
