The Berkshire Pension Fund is to join the Local Pensions Partnership, the Royal Borough of Windsor and Maidenhead has announced.

The fund has officially entered into a memorandum of understanding, which confirms a commitment by both parties to pool pension assets from Berkshire with those already managed by LPP. In addition, the partnership will also manage Berkshire’s pension administration, liability management and employer risk services.

Work is now underway in the preparation of a proposal and full business case to be approved in which the Berkshire Pension Fund will delegate responsibilities to LPP to manage its assets from 1 April 2018.

These assets will be invested by LPP in line with Berkshire’s Investment Strategy Statement and associated policies. Berkshire will continue to set its own strategic asset allocation and employer contribution rates. It will also exercise relevant discretions over areas of policy, as defined in the LGPS Regulations.

Commenting on the partnership LPP chair Michael O’Higgins said: “This agreement is an important step in our collaboration with the Berkshire Pension Fund. We look forward to working closely with Berkshire in helping to bring the same sustainable benefits to the fund and its members as to those of our existing clients."

In addition, Berkshire Pension Fund Panel and Berkshire Pension Fund Advisory Panel chairman Cllr John Lenton said: “We’re pleased to be taking this important next step to pool with the LPP, and provide our members with cost effective and efficient pensions arrangements. This partnership strengthens our ability to manage our assets and liabilities together, helping us to continue improving long-term fund performance and stabalise contributions.”

Share Story: