Four members of the ACCESS Local Government Pension Scheme (LGPS) pool have elected to join LGPS Central.
The Hampshire, Isle of Wight, Norfolk, and Suffolk pension funds have announced their decision just a few days after their fellow ACCESS members chose to join Border to Coast.
It means that all 11 ACCESS members have now made their decision on a new pooling partner, following the government’s instruction for ACCESS to shut down.
In a statement, the four funds said LGPS Central had “effectively demonstrated its ability to meet the government’s ‘Fit for the Future’ agenda and deliver strong outcomes for scheme members, employers, and stakeholders”.
The moves, if approved by existing LGPS Central partner funds, will swell the pool’s assets by approximately £18.7bn, according to data from PensionsPerformance.com.
It now leaves nine members of the Brunel Pension Partnership that are yet to choose a new pool. Wiltshire is the only Brunel partner fund to declare its choice so far, and has also elected for LGPS Central.
Who’s going where?
| Fund | Size | Old pool | New pool |
|---|---|---|---|
| Cambridgeshire | £4.9bn | ACCESS | Border to Coast |
| East Sussex | £5bn | ACCESS | Border to Coast |
| Essex | £11.5bn | ACCESS | Border to Coast |
| Hertfordshire | £6.2bn | ACCESS | Border to Coast |
| Kent | £8.1bn | ACCESS | Border to Coast |
| Northamptonshire | £3.6bn | ACCESS | Border to Coast |
| West Sussex | £5.8bn | ACCESS | Border to Coast |
| Hampshire | £10.2bn | ACCESS | LGPS Central |
| Isle of Wight | £811m | ACCESS | LGPS Central |
| Norfolk | £5.5bn | ACCESS | LGPS Central |
| Suffolk | £4.2bn | ACCESS | LGPS Central |
| Wiltshire | £3.3bn | Brunel | LGPS Central |
| Avon | £5.8bn | Brunel | Undecided |
| Buckinghamshire | £4.3bn | Brunel | Undecided |
| Cornwall | £2.5bn | Brunel | Undecided |
| Devon | £6.1bn | Brunel | Undecided |
| Dorset | £4.1bn | Brunel | Undecided |
| Environment Agency | £4.7bn | Brunel | Undecided |
| Gloucestershire | £3.6bn | Brunel | Undecided |
| Oxfordshire | £3.5bn | Brunel | Undecided |
| Somerset | £3.2bn | Brunel | Undecided |
Data source: PensionsPerformance.com
Andrew Lowe, section 151 officer at Hampshire County Council, said: “After a thorough due diligence process, our respective officers are pleased to recommend LGPS Central as our preferred pool.
“Among the many strengths we identified, the collaborative approach taken by the founding authorities in establishing and operating the pool was particularly impressive.”
Andrew Lowe, Hampshire County Council
“Among the many strengths we identified, the collaborative approach taken by the founding authorities in establishing and operating the pool was particularly impressive.
“As authorities on the fast-track devolution programme, we are pleased to be aligned with our respective local authority partners helping to deliver the government’s ambition for both devolution and pooling.”
Councillor Greg Peck, chair of the Norfolk Pensions Committee, praised the “openness and positivity displayed by LGPS Central throughout the selection process”.
LGPS Central’s chief executive Richard Law-Deeks said: “We are delighted that Hampshire, Isle of Wight, Norfolk, and Suffolk have identified LGPS Central as their preferred future pooling partner. This is a positive step, and we look forward to working with our existing partner funds to consider the appropriate next steps.
“We remain committed to building a model that works for all our partners, secures the future of LGPS investments, and delivers for scheme members, employers and stakeholders.”
