Two more Local Government Pension Scheme (LGPS) funds that were formerly with Brunel Pension Partnership have confirmed their intent to move to the Local Pensions Partnership Investments (LPPI).

Just over 20 LGPS funds were recently forced to select a new investment pooling partner, after both Access and Brunel Pension Partnership failed to receive the green light on their future plans, as part of the government's LGPS reforms.

Most have now confirmed their final decisions in principle ahead of the government's official deadline today (30 September), with a growing number of LGPS funds that were formerly within the Brunel pool choosing to move to LPPI.

Building on the recent news that both Avon and Devon Pension Fund will join the firm, the Somerset Pension Fund confirmed that it has also selected LPPI as its preferred new host pool, as agreed at a meeting of its Pension Fund Committee earlier this month.

In addition to this, Dorset County Pension Fund has also selected LPPI as its preferred new investment pooling partner.

The fund said that the decision, which was confirmed by the Pension Fund Committee, was made after careful analysis and independent advice.

Dorset County Pension Fund Committee vice-chair, Cllr Andy Todd, 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.”

Adding to this, LPPI chief executive officer, Chris Rule, said: “We’re really pleased that Dorset County Pension Fund has selected us as its preferred pooling partner.

"This decision is the culmination of an extensive due diligence process that’s consistently highlighted the opportunity we have to maximise the power of pooling together delivering an even more affordable, stable, scheme for the benefit of Dorset’s employers, its members and taxpayers across the county.

"With our existing partner funds, we’ll now be working through the next steps for new funds joining the pool.”

News that the number of former Brunel funds joining LPPI has continued to grow is likely to cause some speculation, as reports previously suggested that LPPI may also be considering integrating the Brunel business, given the "material" number of former Brunel funds expected to join the pool.

---