London CIV (LCIV)
London councils are finalising the mandatory pooling of pension fund assets into London CIV, while also scrutinising its operations and considering new admissions.
Westminster Pension Board addressed scrutiny of the London Collective Investment Vehicle (LCIV), a pooled investment vehicle for Local Government Pension Schemes, in July 2026, following the election of its new Chair and Vice-Chair. This comes as councils across London have been transitioning their pension fund assets to LCIV in line with 'Fit for the Future' reforms. The Pensions Schemes Bill, expected to receive Royal Assent in March 2026, placed asset pooling on a statutory footing, with all fund investment assets required to be pooled by 31 March 2026.
In March 2026, Barking and Dagenham Pension Fund approved its Investment Management Agreement (IMA) with LCIV, aiming to complete its asset transition by the end of March 2026. Lewisham Pension Fund and Hammersmith and Fulham Pension Fund also approved IMAs with LCIV, effective from April 2026, as mandated by government reforms. Harrow Pension Fund decided in March 2026 to join the LCIV pooling arrangement, which includes the admission of Buckinghamshire Pension Fund, a move considered by Ealing Pension Fund in December 2025.
The 'Fit for the Future' programme, driving these changes, aims to enhance scale efficiencies and boost UK investment. Tower Hamlets Pension Board reviewed its risk register in March 2026 to address new risks from mandatory asset pooling and new governance regulations taking effect from April 2026. Sutton Pension Fund also discussed LCIV's progress on these reforms in March 2026, with a gradual transition expected. No upcoming meetings are listed with this topic on their agenda.
Key facts
- Westminster Pension Board addressed scrutiny of the London Collective Investment Vehicle (LCIV) in July 2026. Source
- All fund investment assets were required to be pooled into asset pool companies, such as LCIV, by 31 March 2026. Source
- Barking and Dagenham Pension Fund approved its Investment Management Agreement with LCIV in March 2026. Source
- Lewisham Pension Fund approved an Investment Management Agreement with LCIV, effective from April 2026. Source
- Harrow Pension Fund decided in March 2026 to join the LCIV pooling arrangement, including the admission of Buckinghamshire Pension Fund. Source
About this summary
This summary was written automatically from our published stories and the council meeting records they draw on. It describes what councils have discussed and decided; it does not take a view on any decision. Each key fact links to the story it comes from. Updated 30 September 2026. Spotted a mistake? Email community@opencouncil.network.