LGPS Central is expected to see its total managed assets increase to around £100m following the news that six partner funds have formally indicated their intention to join the central England-based pool, bringing the total number of partner funds to 14.

LGPS Central confirmed that six new partner funds have signed a memorandum of understanding. These are: Gloucestershire, Hampshire, Norfolk, Oxfordshire, Suffolk, and Wiltshire.

This is expected to take LGPS Central’s total managed assets to around £100bn, covering nearly 5,000 employers and over 1.6 million scheme members.

The pool highlighted the news as a "major milestone in the evolution of pooling", although the formal decisions remain subject to legal agreements and regulatory approval.

LGPS Central will continue to work closely with all relevant parties to ensure a well-managed and cost-effective transition.

However, the group confirmed that conversations are ongoing with the Isle of Wight fund to support their governance process to confirm their pool preference, despite the fund having previously signalled its intent to join LGPS Central.

Further updates will be provided as the position develops.

Commenting on the news, LGPS Central Limited chair of the board, Joanne Segars, said: “This is a landmark moment for LGPS Central and for pooling across the UK. The decision by six prospective partner funds to join us is a clear endorsement of the robust investment platform, responsible investment focus, and collaborative culture we’ve built alongside our current partner funds.

"Together, we will continue to deliver scale, value, and sustainable outcomes for all our partner funds, their participating employers and scheme members”.

Adding to this, LGPS Central chief executive, Richard Law-Deeks, said: “This milestone takes us to the £100bn mark, and our focus now is on delivery, working as one team to build an even more efficient, resilient platform for all our partners.”

Adding to this, Gloucestershire Pension Fund head, Matthew Trebilcock, said: “This pivotal moment for our fund, LGPS Central offers a strong cultural and strategic fit, and we are confident that this partnership will deliver long-term value for our members and employers.

"We look forward to working closely with our new partners to shape the future of pooled investment within the LGPS.”

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