On the go: The circa £8.6bn Lothian Pension Fund and the circa £3.2bn Falkirk Council Pension Fund are exploring the possibility of a merger.
The Lothian Pension Fund and Falkirk Pension Council Pension Fund have been leading work on this proposed merger for some time. The two funds have a combined £11.3bn in assets and represent 115,000 members and 98 active employers.
Both funds have carried out an investigation into the expected benefits, disadvantages, costs and risks of a merger and this review is now complete. Work to undertake due diligence and implement the proposal will proceed 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. The total process would take around 15 months to complete.
David Vallery, chief executive of the Lothian Pension Fund, said: “I’m confident that a merger between Lothian Pension Fund and Falkirk Council Pension Fund is in the best interests 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.”
This article first appeared on MandateWire.com
