With the clock ticking, Somerset and Dorset are the latest funds to choose Local Pensions Partnership Investments (LPPI) as their new pooling partner.
These two were part of Brunel Pension Partnership.
It means there has been something of recent rush to join the pool, with Avon and Devon also choosing LPPI.
This means LPPI could be transformed somewhat as a pool, having originally been spun out from a collaboration between Lancashire County Council and London Pensions Fund Authority, and only had the Royal County of Berkshire as its partner fund.
The Dorset Pension Fund has assets under management of just over £4bn and Somerset around £3bn.
Chris Rule, chief executive officer of LPPI, said: “We’re pleased that Dorset and Somerset have selected us as their preferred pool following extensive due diligence. Together, we’ll be focused on not just achieving their strategic goals but delivering the benefits that come from pooling for their members, employers, and taxpayers.”
It now leaves three Brunel partner funds to find new homes by the looming deadline of today – the government’s original deadline for partner funds to find a home after the culling of Brunel, along with Access, following the government’s Fit for the Future consultation in May.
These are: Buckinghamshire, Cornwall and the Environment Agency.
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