Local government pension funds join together to reduce costs by £32 million
Lancashire County Pension Fund Committee (LCPF) and the London Pensions Fund Authority Board (LPFA) have now joined together to form the The Lancashire and London Pensions Partnership (LLPP), which will see the two funds pool their assets and liability management activities through newly created corporate structures.
Susan Martin, chief executive of LPFA, said: “We are excited to have taken this unprecedented step of pooling two of the largest pension funds in local government.
“It is our joint aim to significantly reduce the funds’ combined costs – we estimate by over £32m million within five years – and with the benefit of economies of scale, further reduce our respective deficits.”
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