The ACCESS pool for 11 Local Government Pension Schemes (LGPS) has acknowledged that its partner funds will likely separate and join different pools.
In an update posted earlier today (1 August), the pool – which has an estimated £50bn in assets under management – said the 11 funds that founded ACCESS in 2016 were “progressing towards key decisions” in response to the government’s ‘Fit for the future’ LGPS consultation.
“It is recognised that not all 11 ACCESS authorities are expected to select the same pooling partner.”
ACCESS statement
In the statement, ACCESS said: “It is recognised that not all 11 ACCESS authorities are expected to select the same pooling partner.”
The ‘Fit for the future’ consultation, which closed earlier this year, resulted in ACCESS and the Brunel Pension Partnership being told to close down and their partner funds to join other pools.
ACCESS said the consultation’s outcome had presented “significant challenges” for the LGPS sector.
“In light of these challenges, authorities are actively assessing all available options against their strategic criteria to ensure the continued delivery of strong outcomes for members, employers, and stakeholders,” the statement said.
Last month, Wiltshire – currently part of the Brunel pool – became the first affected fund to announce its new pooling partner. Its decision to join LGPS Central is subject to approval from the pool’s existing partner funds.
ACCESS’s partner funds, all of which are “nearing the conclusion” of decisions over their new pooling partners, include Cambridgeshire, East Sussex, Essex, Hampshire, Hertfordshire, Isle of Wight, Kent, Norfolk, Northamptonshire, Suffolk and West Sussex. They have until 30 September to make a decision.
“Throughout this process, ACCESS authorities – supported by the professionalism and expertise of the ACCESS Support Unit – remain committed to delivering scale and efficiency benefits as the largest asset pool,” ACCESS said.
“They continue to proactively manage costs and mitigate risks associated with the uncertainty of reorganisation.
“ACCESS remains focused on delivering value and stability for its members and stakeholders during this period of transition.”
