Wells Cathedral in Somerset. Source: iStock
The Somerset Pension Fund has selected Local Pensions Partnership Investments (LPPI) as its preferred new host pool.
The £3.1bn local government pension scheme (LGPS) fund said its decision was confirmed following a meeting of its pension fund committee on 12 September.
LPPI chief executive Chris Rule said: "We're pleased that Somerset has selected us as its preferred pool following its extensive due diligence.
"Together, we'll be focused on not just achieving their strategic goals but delivering the benefits that come from pooling for their members, employers, and taxpayers."
Rule added: "We'll now be working through the next steps with our existing partner funds for new funds joining the pool."
The Somerset Pension Fund's move follows 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 30 September. The deadline for the funds to have formally joined their new pool is April next year.
The Somerset scheme was the sixth of Brunel's partner funds to select a new pool – with the £6.2bn Avon Pension Fund and the £6.1bn Devon County Council Pension Fund both choosing LPPI and the Gloucestershire Pension Fund, Oxfordshire Pension Fund and Wiltshire Pension Fund all selecting LGPS Central.
In August, the Hampshire, Isle of Wight, Norfolk and Suffolk funds, currently part of the Access pool, signalled their intent to join LGPS Central. This came after the seven other funds that are part of the Access pool signalled their intent to join Border to Coast.
