The Local Pensions Partnership (LPP) and Royal Borough of Windsor & Maidenhead today announced that they have entered into a memorandum of understanding for the Berkshire Pension Fund to join LPP.
The memorandum of understanding confirms a commitment by both parties to pool pension assets from Berkshire with those already managed by LPP.
Work is now underway in the preparation of a proposal and full business case to be approved in which the Berkshire Pension Fund will delegate responsibilities to LPP to manage its assets from 1st April 2018.
These assets will be invested by LPP in line with Berkshire’s Investment Strategy Statement and associated policies. Berkshire will continue to set its own strategic asset allocation and employer contribution rates. It will also exercise relevant discretions over areas of policy, as defined in the LGPS Regulations.
Michael O’Higgins, Chair of LPP, said:
“This agreement is an important step in our collaboration with the Berkshire Pension Fund.”
“We look forward to working closely with Berkshire in helping to bring the same sustainable benefits to the fund and its members as to those of our existing clients."
Cllr John Lenton, Chairman of the Berkshire Pension Fund Panel and Berkshire Pension Fund Advisory Panel, said:
“We’re pleased to be taking this important next step to pool with the LPP, and provide our members with cost effective and efficient pensions arrangements.
“This partnership strengthens our ability to manage our assets and liabilities together, helping us to continue improving long-term fund performance and stabilise contributions.”