Lothian Pension Fund (LPF) and Falkirk Council Pension Fund (FCPF) have announced that they’re exploring the possibility of a merger of operations. The two Local Government Pension Schemes represent a combined 115,000 members, 98 active employers and £11.3bn of assets.
A merger is expected to be a significant and positive development for the funds, members, employers, and colleagues in continuing to build an increasingly resilient pension fund provider for the City of Edinburgh and Falkirk councils.
Lothian Pension Fund and Falkirk Council Pension Fund have been working successfully together for over a decade and both have carried out an investigation of the expected benefits, disadvantages, costs, and risks of a merger. This review is now complete with a favourable outcome.
Work to undertake due diligence and implement the proposal will proceed over the course of this year. Subject to final approval of both the City of Edinburgh and Falkirk councils, regulatory clearances and legislative process, the funds would look to target completion of the merger in 2023.
David Vallery, Chief Executive of Lothian Pension Fund says:
“I’m confident that a merger between Lothian Pension Fund and Falkirk Council Pension Fund is in the best interest of our members, employers and colleagues.
“Both funds share the same principles and objectives: to provide excellent administration to members and to invest assets responsibly. These will remain cornerstone goals if the merger was to proceed.”
We will be keeping members, employers and colleagues updated on progress of the merger throughout the process.
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