Rachel Elwell: In coming together, we can build on the collective experience and capabilities of all funds
Seven Local Government Pension Scheme (LGPS) funds have confirmed their intention to join the Border to Coast Pensions Partnership.
Border to Coast said the seven funds – Cambridgeshire, East Sussex, Essex, Hertfordshire, Kent, Northamptonshire and West Sussex – have, following a thorough review process and detailed engagement, entered exclusive discussions on joining the pool.
The decisions follow the government's Fit for the Future consultation and the subsequent Pension Schemes Bill – a reform process which will see the current eight LGPS pools consolidate to six.
In April, the government announced member funds of the Brunel and Access pools would be required to find a new pool – with their 21 partner funds needing to have reached an ‘in principle' agreement to have joined a new pool by the end of September. The deadline for the funds to have formally joined their new pool is April next year.
The seven funds that have expressed their intent to join Border to Coast are currently part of the 11 fund Access pool.
Commenting on behalf of the seven funds looking to join Border to Coast, West Sussex County Council pension committee chair Jeremy Hunt said: "In response to the government's Fit for the Future policy, each authority has undertaken a comprehensive review to determine their most suitable future pooling partnership.
"Following this robust evaluation, seven funds have chosen to enter exclusive discussions with Border to Coast Pensions Partnership as their preferred future pooling partner."
Hunt added: "The Border to Coast Pensions Partnership offers a strong governance framework and a collaborative approach. Border to Coast's proven track record gives us confidence in a smooth transition and continued excellence in service delivery."
He continued: "We would also like to thank colleagues across the LGPS community for the positive and constructive manner in which they have engaged with us throughout this process."
Border to Coast joint committee chair George Jabbour added: "We're really pleased that these funds have signalled their intent to work with us to form a new partnership, as they share our values of collaboration, with a focus on openness. Together, we believe we can harness our combined strengths to make a difference for the LGPS."
Border to Coast chief executive Rachel Elwell said: "We're delighted that these seven funds have selected Border to Coast as their pool of choice. This decision to form a new partnership is reflective of our joint commitment to collaboration, innovation, and shared purpose. In coming together, we can build on the collective experience and capabilities of all funds to not only strengthen our collective voice, but enhance our combined ability to deliver robust, sustainable, and cost-effective outcomes for partner funds."
Border to Coast currently has 11 funds – Bedfordshire, Cumbria, Durham, East Riding of Yorkshire, Lincolnshire, North Yorkshire, South Yorkshire, Surrey, Teesside, Tyne & Wear, and Warwickshire.
It currently has around £65bn of investments. The seven funds that have stated their intention to join Border to Coast currently have around £45bn of investments.
