Local Pensions Partnership Investments (LPPI) has taken a big step towards formally growing to nine partner funds.
The Devon, Avon, Dorset, Somerset, Cornwall and Environment Agency pension funds, together with LPPI’s older funds, the Lancashire County Pension Fund, the London Pensions Fund Authority and the Royal County of Berkshire Pension Fund, have all signed a Memorandum of Understanding, marking the first official step in creating an enlarged LGPS pool.
LPPI will continue to work with all nine partner funds to ensure a smooth and efficient onboarding as equal shareholders, while maintaining alignment with each fund’s existing investment strategies and objectives.
LPPI said the formal process will be completed by the government’s deadline of 31 March, 2026.
Once integration is complete, LPPI’s total assets under management will be more than £54bn.
“This important milestone means we’re now ready to move from due diligence and planning to execution,” said Chris Rule, chief executive officer of LPPI (pictured), said. “We’re excited to work closely with our new and existing partners funds to achieve their strategic goals, all while delivering on the ambition of Fit for the Future and extending the benefits of pooling to more members, employers and taxpayers.”
Toby Simon, chair of the Avon Pension Fund Committee, added: “We are very pleased that a formal MoU has been signed between all the prospective pool partners. We are confident it offers a great basis for our collaboration and for building a stronger and larger pool.”
Councillor Simon Bond, chair of the Berkshire Pension Fund Committee, also added: “I am pleased this first step has been taken in enlarging the LPPI investment pool, and welcome the new partner pension funds who are in the process of joining.”
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