LGPS Central has confirmed that six pension funds have now formally indicated their intention to join the central England based pool bringing the total number of its partner funds to 14.
The six new Funds that have signed a memorandum of understanding, are: Gloucestershire, Hampshire, Norfolk, Oxfordshire, Suffolk, and Wiltshire.
Together they will take LGPS Central’s total managed assets to around £100bn, covering nearly 5,000 employers and over 1.6 million scheme members.
Uncertainty surrounds The Isle of Wight Pension Fund after internal arguments resulted in them voting against joining LGPS Central at a council meeting in September.
Although the council issued a statement that read: “The Isle of Wight Council has already submitted an expression of interest in joining LGPS Central, and that position remains unchanged.”
LGPS Central said conversations are on-going with the Isle of Wight fund to support “their governance process and to confirm their pool preference”.
The new partner funds nevertheless marks a major milestone in the evolution of pooling and reflects well on LGPS Central.
But formal decisions remain subject to legal agreements and regulatory approval.
LGPS Central said it will continue to work closely with all relevant parties to ensure a well-managed and cost-effective transition.
“This is a landmark moment for LGPS Central and for pooling across the UK,” said Joanne Segars, chair of the board at LGPS Central. “The decision by six prospective partner funds to join us is a clear endorsement of the robust investment platform, responsible investment focus, and collaborative culture we’ve built alongside our current partner funds.”
Each of the six partner funds commented on their commitment.
Matthew Trebilcock, head of Gloucestershire Pension Fund, said: “This pivotal moment for our fund, LGPS Central offers a strong cultural and strategic fit, and we are confident that this partnership will deliver long-term value for our members and employers.”
Andrew Boutflower, head of investments and borrowing at Hampshire Pension Fund, noted: “The Hampshire Pension Fund is delighted that LGPS Central and their existing funds have accepted our request join their pool, and we look forward to working with them, and their existing and new partner funds.”
Glenn Cossey, director of pensions at Norfolk Pension Fund, said: “The LGPS Central Pool offers us a strong governance framework and a collaborative approach as we work towards a common future with our new fund partners.”
Mark Smith, head of Oxfordshire Pension Fund, commented: “Oxfordshire Pension Fund are delighted to have been accepted into LGPS Central. We are highly impressed by the calibre of the LGPS Central team, and we welcome the opportunity to collaborate with a broader group of partner funds.”
Councillor Katen Soons, chair of Suffolk Pension Fund, said: “The Suffolk Pension Fund is looking forward to working with LGPS Central and the partner funds to ensure that we continue to maximise the benefits of pooling and deliver the requirements of LGPS Fit for the Future”
And Jennifer Devine, head of Wiltshire Pension Fund, said: “During our selection process, the openness demonstrated by the senior leadership team at LGPS Central gave us a high level of conviction that our voice would be heard, providing the best prospect of being able to collaborate and help drive positive outcomes.”
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