Investment pooling - LGPS Central

In the Summer 2015 Budget, the UK Government asked LGPS funds to put forward proposals to pool investments to reduce costs significantly while maintaining overall performance. In December 2015, the Fund also announced its intention to participate in an investment pool with several other Midlands based LGPS funds. This saw the creation of a multi asset investment pool, meeting the scale sought by the UK Government in its investment pooling criteria for the LGPS.

LGPS Central investment pool has been formed to enable the pooling of assets of 8 Administering Authorities of the Local Government Pension Scheme (Partner Funds). In order to effect the pooling, the 8Partner Funds have established an FCA regulated operator of collective investment vehicles, which is also appointed as the Asset Manager for those vehicles. This company is LGPS Central Limited. More information can be found on the LGPS Central Ltd website.

LGPS Central Limited (The Company) is wholly owned by the Partner Funds who are its customer and also shareholders.

Company performance is overseen by shareholder representatives from the 8 Administering Authorities of the Partner Funds both on an ongoing basis and formally once a year at its AGM.

The Partner Funds and the Company work collaboratively to build the investment capabilities required to ensure that the Partner Funds are able to efficiently and effectively deliver their strategic asset allocations in line with the guiding principles. However, to hold the Company to account and to meet FCA requirements for a regulated asset manager, the governance structure is designed to ensure sufficient independence between Partner Funds and the Company during implementation and ongoing management of the Investment Sub-Funds.

The Company's investment performance and capability is overseen by the Partner Funds on a day-to-day basis by the Senior Fund Officers via the Practitioner's Advisory Forum and formally on a bi-annual basis by the Joint Committee, which is constituted of representatives from each of the Partner Funds.

The Joint Committee is hosted by Cheshire Pension Fund with agendas and papers published in advance of the meetings on their website. 

The next meeting of the Joint Committee is scheduled for 11 November 2022, a copy of the agenda and papers are provided below 

 LGPS Central Joint Committee Agenda 11 November 2022 [395kb] 

 LGPSC Joint Committee Papers 11 November 2022 [4Mb]

 Joint Committee Public Questions [248kb]

The meeting will be held virtually and a link to a recording of the meeting will be posted here shortly afterwards.  Although there will not be a live webcast of the meeting, you can still attend the meeting live by sending an email to PFSO@wolverhampton.gov.uk before noon on 11 November 2022 and you will be sent an MS Teams invite. 

To view the recording of the meeting please click here 

LGPS Central Joint Committee 11 Nov 2022

Minutes of the meeting are available below 

 Joint committee Minutes [352kb]