The Local Government Pension Schemes (LGPS) of London and Buckinghamshire have reached a major pooling milestone, with more than £64bn (representing 99% of total assets) now under London CIV oversight, meeting the Government's 30 September pooling deadline.
Key points
- More than £64bn* (99%) of London and Buckinghamshire LGPS assets are now under London CIV oversight.
- Pooled assets have grown by more than two thirds (66%) in six months, from £38.5bn in March to over £64bn by September 2026.
- The milestone comes as the Government’s 30 September deadline for implementing key LGPS pooling reforms takes effect.
Since March 2026, LGPS assets managed under London CIV's pooled framework have increased from approximately £38.5bn to more than £64bn, a rise of over 66% in just six months. The increase reflects the government's requirement that all 86 LGPS funds in England and Wales transition their assets into their respective pools as part of its Fit for the Future reforms.
The achievement follows the signing of new Investment Management Agreements (IMAs) between London CIV and Partner Funds, establishing a strengthened framework for the management, oversight and reporting of assets across the partnership and supporting the implementation of the Government's pooling reforms.
As the LGPS pool with the largest number of Partner Funds (33), implementing these changes across London and Buckinghamshire has been a substantial undertaking. The milestone reflects many months of collaboration between Partner Funds, elected members, officers and London CIV colleagues.
Alongside meeting this crucial deadline, London CIV has also built the infrastructure needed for the next phase of pooling. This includes establishing an in-house Strategic Asset Allocation capability, completing an investment advice pilot, introducing quarterly reporting across pooled and non-pooled assets, and creating new Partner Fund working groups to strengthen collaboration and oversight.
London CIV has also developed the LGPS’s first Responsible Investment Matrix. Created collaboratively with Partner Funds over 18 months, the Matrix provides a framework through which different responsible investment priorities can be implemented within a pooled structure.
The pool has also launched LGPS PASS (Pension Advice and Support Services), which now supports eight Partner Funds with further reporting, governance and policy support services designed to help meet increasing regulatory and operational demands.
Alongside these operating model and governance improvements, London CIV has continued to expand its investment offering. This has included the launch of the Core Global Equity Fund, the development of new private markets opportunities and continued investment in affordable housing, infrastructure and natural capital. More than £1.7bn is now invested across these areas, including over £530m in affordable housing and approximately £950m in infrastructure and renewable infrastructure.
Dean Bowden, Chief Executive Officer of London CIV, said: “This is a significant milestone for London CIV and our Partner Funds. More than £64bn of London and Buckinghamshire LGPS assets now come under our new pooling framework.
“This progress has only been possible through the close collaboration and trust between London CIV and our Partner Funds, and I would like to extend my sincere thanks to the elected members, officers and teams across London and Buckinghamshire for the commitment, expertise and dedication they have shown in helping us reach this important milestone.”
“However, there is still more work to do. I see this as a strong foundation for the next phase of pooling and for delivering long-term value to scheme members and employers across London and Buckinghamshire.”
*As of 31 August 2026