Published: April 01, 2026
The LGPS Central pool has confirmed that it has successfully met the Government’s ‘Fit for the Future’ implementation date of 1 April. This is in line with the transition plan set out last year as part of the consultation.
The milestone marks a significant step forward in the evolution of LGPS pooling, with the pool now representing approximately £100 billion of collective assets on behalf of 14 Partner Funds, over 6,000 employers and 1.7 million scheme members.
Pooling is a complex, long-term undertaking, particularly where it involves building and operating an FCA-authorised investment company. This has taken LGPS Central a number of years to establish and develop.
Against that backdrop, recent progress represents a significant milestone. The Company, LGPS Central Limited has onboarded six new Partner Funds from both the Brunel Pension Partnership and ACCESS pools. At the same time, it has completed a full governance review, embedded its target operating model, and updated its legal framework to reflect Fit for the Future, including the transition of all Partner Funds to fiduciary management agreements. These changes have been supported by continued investment in the organisation by Partner Funds, strengthening the Midlands-based team and attracting high-quality talent.
The Company has established advisory and client portfolio management functions, bringing together experienced professionals from across the investment and consulting sectors and procured a best-in-class asset & liability modelling solution.
The Company works in partnership with its Partner Funds to support the implementation of their investment strategies, including commitments to local and regional investment where appropriate. This reflects differing stages of development across Partner Funds, as well as the evolving landscape for English devolution.
The pool is working closely with mayoral combined authorities and regional stakeholders where they exist and priorities are already defined, while also supporting those areas still shaping their approach. This ensures a flexible, partner-led approach that can respond to varying local contexts while building a strong pipeline of investable opportunities over time.
A phased delivery plan is now in effect across the pool, ensuring assets are transitioned efficiently and services are transferred from existing providers in a controlled and proportionate manner, with active risk management and delivery of value for money central to the approach.
The pool continues to work closely with the Isle of Wight Council Pension Fund as it progresses towards participation in the pool.
This achievement reflects an intensive period of collaboration across both existing and joining Partner Funds, working together at pace to meet ambitious timelines set by Government. This has been supported by the Partner Fund Support Office, an independent unit that enables effective collaboration between Partner Funds and the Company.
Richard Law-Deeks, Chief Executive Officer, LGPS Central Limited, said:
“Today marks a significant milestone for LGPS Central as a pool and company as well as the Local Government Pension Scheme more broadly. We have successfully delivered the launch of Fit for the Future, including bringing new Partner Funds into the pool and establishing our enhanced investment and advisory capabilities from day one.
This has been a huge collective effort across our Partner Funds and the Company, demonstrating what can be achieved when we work together at scale. I would particularly like to thank the officers and the Partner Fund Support Office, who have worked tirelessly and collaboratively to support one another, and in particular to support funds transitioning from pools that are winding up at pace and under significant pressure.
As we move forward as a purpose-driven, LGPS-owned fiduciary manager with £100bn of assets under stewardship our focus is clear: To bring Partner Funds together to invest collectively for stakeholders, combining scale, expertise and strong governance to deliver long-term value beyond what Partner Funds could achieve individually.
Nemone Wynn-Evans, Chair of LGPS Central Limited, said:
“Strong governance has been fundamental to the success of this transition. Throughout this process, we have maintained a clear focus on robust decision-making, transparency and accountability.
These principles will continue to underpin our approach as we move forward, ensuring we deliver effectively on our strategy and maintain the trust of our Partner Funds and stakeholders.”
Sean Greene, Head of Cheshire Pension Fund, said:
“Meeting the Government’s ‘Fit for the Future’ implementation date is a significant milestone for LGPS Central and all Partner Funds. As a founding Partner Fund, Cheshire has been closely involved in the development of the pool from the outset, and it is encouraging to see the Company continue to evolve and strengthen.
This has been a complex and demanding transition, delivered through strong collaboration, shared commitment and a clear focus on long-term outcomes for members. We look forward to continuing to work with LGPS Central and fellow Partner Funds to build on this progress, ensuring we deliver robust governance, value for money and sustainable investment outcomes for our employers and scheme members.”
Andy Lowe, Director of Corporate Operations and CFO of the Hampshire Pension Fund, said:
“I’m delighted that Hampshire has become a shareholder of LGPS Central, alongside our 13 other partners, and is therefore fully compliant with the Government’s ‘Fit for the Future’ changes. It has been an enormous effort to meet this deadline from both LGPS Central, the partner authorities and their advisers and I’m grateful for the dedication and co-operative spirit that has made this success possible. It was only last summer that Hampshire identified LGPS Central as its preferred investment pool. I’m very pleased that we continue to see the positive features that we first identified and I look forward to many years of this productive partnership.”
Glenn Cossey, Director of Pensions at Norfolk Pension Fund, said:
“The Norfolk Pension Fund is delighted at having become a shareholder in the LGPS Central Pool. We extend our appreciation to the pool company and our Partner Funds for the constructive, transparent, and highly professional engagement demonstrated throughout the onboarding process. We look forward to working collaboratively to realise greater scale, deliver enhanced value, and secure long-term, sustainable outcomes for LGPS scheme members.”
Rachel Brothwood, Executive Director, West Midlands Pension fund, said:
“This is an important milestone for LGPS Central and reflects a significant amount of work across the partner funds to reach this point. For us, pooling provides a stronger platform to deliver our investment strategy in practice, including our ambitions around regional investment, while continuing to take decisions that are firmly grounded in the long-term interests of our members and employers.”
Jennifer Devine, Head of Wiltshire Pension Fund, said:
“The Government decision on the future of the LGPS left Wiltshire as an LGPS orphan fund, needing to seek a new pooling home. Ever since, we have worked tirelessly and meeting this challenging deadline today is a monumental achievement. We are grateful to so many people who have supported us along the way. Formally joining the LGPS Central family secures the future of our investments, and this is the first step on our collective journey to build a Pool that meets the needs of all partner Funds. We look forward to contributing to its success.”
Phil Rook, Chief Financial Officer and Section 151 Officer at Worcestershire County Council, said:
“Worcestershire Pension Fund welcomes LGPS Central’s successful achievement of the Government’s ‘Fit for the Future’ milestone. This marks a significant and complex transformation delivered at pace, reflecting exceptional collaboration, professionalism and leadership across the partnership. We look forward to continuing to work closely with LGPS Central and fellow Partner Funds to deliver strong investment outcomes, value for money and a robust, well-governed pooled model for the benefit of members and stakeholders.”
The full list of Partner Fund shareholders comprises Cheshire Pension Fund, Derbyshire Pension Fund, Gloucestershire Pension Fund, Hampshire Pension Fund, Leicestershire County Council Pension Fund, Norfolk Pension Fund, Nottinghamshire Pension Fund, Oxfordshire Pension Fund, Shropshire County Pension Fund, Staffordshire Pension Fund, Suffolk Pension Fund, West Midlands Pension Fund, Wiltshire Pension Fund, and Worcestershire Pension Fund.
