LPPI attracts two more funds
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The £4.1bn Dorset County Pension Fund and the £3.3bn Somerset Pension Fund have picked Local Pension Partnership Investment as their asset pool. This will bring LPPI’s assets under management to more than £40bn following Devon’s decision earlier this month.
Dorset Council said the decision to join LPPI was taken “after careful analysis and independent advice".
Dorset County Pension Fund is one of the former partners of Brunel Pension Partnership. The government told Brunel and Access pension pools to cease operating, arguing that six pools instead of eight will lead to better outcomes for the UK economy.
Dorset Council said the decision to join LPPI was taken “after careful analysis and independent advice".
Dorset County Pension Fund is one of the former partners of Brunel Pension Partnership. The government told Brunel and Access pension pools to cease operating, arguing that six pools instead of eight will lead to better outcomes for the UK economy.
Dorset has more than 80,000 members across more than 200 employers, including Dorset Council and Bournemouth, Christchurch and Poole Council.
Cllr Andy Todd, who is vice-chair of the pension fund committee, said: “This is a positive step towards securing the long-term sustainability of the Dorset County Pension Fund. LPPI is a well-established, well-regulated investment pool with a strong track record of performance, advice, responsible investment and collaboration, and we are confident that this new partnership will deliver long-term benefits for our scheme members, their employers and the wider community.”
Attracting three pension funds so far is a win for LPPI, which had been one of the smaller asset pools before the government’s reforms.
Its chief executive Chris Rule said Dorset’s decision was the result of extensive due diligence, adding: “With our existing partner funds, we’ll now be working through the next steps for new funds joining the pool.”
Somerset Pension Fund is another of Brunel’s former partners that has also now revealed it will work with LPPI.
Pension fund committee chair cllr Simon Coles said the fund was very disappointed to hear in April that the government did not believe Brunel could meet the government’s ambitions and that Brunel funds would have to seek new pools.
Pension fund committee chair cllr Simon Coles said the fund was very disappointed to hear in April that the government did not believe Brunel could meet the government’s ambitions and that Brunel funds would have to seek new pools.
“The Pension Fund Committee and officers of the Somerset Fund, and the other 9 Funds involved, had worked very hard to build Brunel into a successful pool and transition in excess of 95% of our Fund’s investments to Brunel. It feels much of this effort has now been wasted and we have to start our pooling journey again,” he wrote.
Avon, Buckinghamshire and Cornwall are still to announce their new pooling partners. The Isle of Wight was due to join LGPS Central but has not yet reached a formal decision.
Avon, Buckinghamshire and Cornwall are still to announce their new pooling partners. The Isle of Wight was due to join LGPS Central but has not yet reached a formal decision.
