ACCESS: A Collaboration of Central, Eastern and Southern Shires.
The Local Government Pension Scheme (LGPS) is a national statutory pension scheme administered locally for participating employers and scheme members. Collectively the LGPS has assets of £200 billion and 4.6 million members.
The Government encouraged LGPS Funds to work together to put forward plans to “pool investments to significantly reduce costs, while maintaining investment performance”.
In response eleven like-minded LGPS Funds worked together under the name of ACCESS (A Collaboration of Central, Eastern and Southern Shires). Initial proposals were put forward to the Government in February 2016. (Since this initial proposal Hertfordshire joined ACCESS).
A detailed proposition was developed in response to the guidance and criteria and submitted to the Government in July 2016.
It was the Government’s expectation that the asset pools were formed in order for liquid investment assets to begin being transferred from individual LGPS Funds from 1 April 2018. The Ministry of Housing, Communities and Local Government (MHCLG) required the pools to submit bi-annual progress reports to monitor the development and progress of the pools.