Local Pensions Partnership Investments (LPPI) is set to swell to £54bn in assets under management after six local authority funds signed a memorandum of understanding with the pool’s existing members.
The six Local Government Pension Scheme (LGPS) funds are all members of the Brunel Pension Partnership, which was ordered to close down by the government earlier this year.
LPPI announced today that the Devon, Avon, Dorset, Somerset, Cornwall and Environment Agency pension funds had signed the memorandum with the Lancashire County Pension Fund, the London Pensions Fund Authority, and the Royal County of Berkshire Pension Fund.
“This important milestone means we’re now ready to move from due diligence and planning to execution.”
Chris Rule, LPPI
The pool said it would continue to work with all nine funds to “ensure a smooth and efficient onboarding” by the formal deadline set by the government, 31 March 2026.
The new-look LPPI pool
| Fund | Assets |
|---|---|
| Avon | £5.8bn |
| Berkshire | £3.1bn |
| Cornwall | £2.5bn |
| Devon | £6.1bn |
| Dorset | £4.1bn |
| Environment Agency | £5bn |
| Lancashire | £12bn |
| LPFA | £8bn |
| Somerset | £3.3bn |
Source: PensionsPerformance.com
LPPI chief executive Chris Rule said: “This important milestone means we’re now ready to move from due diligence and planning to execution. 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, expressed confidence that the fund’s new pool would be “a great basis for our collaboration and for building a stronger and larger pool”.
“We expect that the new pool will offer innovative approaches to collective investment based on the highest standards of ESG,” Simon added.
At the end of October, LGPS Central announced its expanded roster of partner funds, including three former Brunel members and three former members of the ACCESS pool.
