Four Local Government Pension Scheme (LGPS) funds have confirmed their intention to join LGPS Central Limited, following a "comprehensive" review to determine a suitable future pooling partner. 

All four of the funds, Hampshire, Isle of Wight, Norfolk, and Suffolk, were previously part of the Access pool, but were forced to look for new pooling partners after both Access and Brunel Pensions Partnership failed to receive the green light as part of the government's fit for the future policy.

LGPS Central, however, has been given approval on its plans, after demonstrating its ability to meet the government's agenda and deliver strong outcomes for scheme members, employers, and stakeholders.

The news of the funds' selection was highlighted as a "positive step" by LGPS Central Limited chief executive, Richard Law-Deeks, who said: “We are delighted that Hampshire, Isle of Wight, Norfolk, and Suffolk have identified LGPS Central as their preferred future pooling partner.

"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.”
 
Adding to this, Norfolk Pensions Committee chair, Councillor Greg Peck, said: “The openness and positivity displayed by LGPS Central Limited throughout the selection process is a key demonstration of the pool’s values.

"We believe LGPS Central Limited is equipped to deliver the requirements of the Government’s ‘Fit for the Future’ agenda and look forward to working collaboratively to deliver positive outcomes for LGPS scheme members.” 

This sentiment was shared by Hampshire County Council section 151 officer, Andrew Lowe, who said that the collaborative approach taken by the founding authorities in establishing and operating the LGPS Central pool was "particularly impressive".

"After a thorough due diligence process our respective officers are pleased to recommend LGPS Central Limited as our preferred pool," he stated.

"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.”

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