Local Pensions Partnership (LPP)

April 2016 saw the launch of the Local Pensions Partnership (Ltd), the £10bn Asset and Liability Management (ALM) partnership between LPFA and Lancashire County Pension Fund.  LPP covers all aspects of pension fund management and is a fully-fledged pension service organisation, providing both jointly managed administration and pooled asset and liability management activities through appropriate corporate structures.  A key objective for both LPFA and LCPF in forming LPP was to significantly reduce the funds' combined costs (e.g. in administration and investment management) - we estimate over £32 million within five years - and with the benefit of economies of scale, we expect to further reduce our respective deficits.  Both funds also benefit from gaining access to different types and a greater amount of direct investments and more effective liability management.   See LPP's website for more information.

Both LPP's founding funds retain their local accountability; so LPFA's Board maintains control of key strategic decisions. 

If you are an Active or Deferred member or Pensioner of LPFA, your pension is not affected by the creation of LPP.  The benefits will continue to be guaranteed by the Government and the way in which we will calculate any benefits due to you or your dependents will continue to be covered by the rules and regulation of the LGPS.

 

www.localpensionspartnership.org.uk

London Pensions Fund Authority will remain legally responsible under the Data Protection Act 1998 for member and employer data with LPP and LPFA staff processing the data on  behalf of members and employers.