Asset pooling
Overview
The Cambridgeshire and Northamptonshire Pension Funds, together with nine other like-minded funds, are members of the ACCESS asset pool. ACCESS was established in response to the Government’s LGPS reform agenda. The aim is to encourage funds to improve governance and achieve scale benefits, while maintaining or improving investment performance. The pool is governed by the ACCESS Joint Committee, comprised of the Chair of each of the eleven Funds.
You can find out more about the ACCESS pool on their website.
Pensions review: LGPS fit for the future consultation
On 14 November 2024, the Chancellor announced a series of pension reforms. These focused on consolidation and encouraging UK investment. This was followed by the LGPS Fit for the future consultation. The main proposals from the consultation are listed below.
Key LGPS asset pooling proposals
- Administering authorities (AAs) remain responsible for setting investment strategy. They must delegate the implementation of that strategy to the pool.
- AAs can continue to set strategic asset allocation using a prescribed template.
- AAs must take advice on their investment strategy from the pool.
- AAs can challenge the advice, mainly by a need to have an independent adviser.
- Pools must be established as FCA-regulated investment management companies. They must also have the expertise and capacity to implement investment strategies.
- AAs must transfer legacy assets to the management of the pool.
- Pools need to be able to carry out due diligence on local investments and to manage them.
Consultation response
The Funds’ prepared a response to the Government’s proposals in consultation with their Pension Committees. You can read their response on their respective key document pages:
