Two of the eight vehicles that manage pension assets for town halls in England and Wales have been told they must merge, marking the biggest overhaul of Local Government Pension Scheme “pools” for a decade.
ACCESS and Brunel, which manage close to ￡90bn between them, received letters from pensions minister Torsten Bell and minister for local government Jim McMahon, saying their business plan “does not meet the government’s vision for the future of LGPS”.
The two pools, which span the south-east and south-west of England respectively, have been told they must notify ministers of their plan to merge with by the end of September.
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