Issue - meetings
Approval for Buckinghamshire to join London CIV
Meeting: 19/01/2026 - Cabinet (Item 10)
10 Proposal for Buckinghamshire Pension Fund to join London CIV 
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The purpose of this paper is to seek approval from the London Borough of Brent as a shareholder of London CIV to the admission of a new Partner Fund (Buckinghamshire) as a member of the London LGPS CIV Limited.
Additional documents:
- 10a. (exempt) Appendix 1 – Detailed Proposal , View reasons restricted (10/2)
- 10b. (exempt) Appendix 2 - Buckinghamshire Pension Fund - Business Case to join London CIV , View reasons restricted (10/3)
- 10c. (exempt) Appendix 3 - LCIV Shareholder Agreement 2025 , View reasons restricted (10/4)
- 10d. (exempt) Appendix 4 - Shareholder Resolution Buckinghamshire Allotment , View reasons restricted (10/5)
- 10e (exempt) Appendix 5 - LCIV Articles of Association 2025 , View reasons restricted (10/6)
- Webcast for Proposal for Buckinghamshire Pension Fund to join London CIV
Decision:
Cabinet RESOLVED:
(1) To approve the admission of the Buckinghamshire Pension Fund to join the London CIV.
(2) To approve the amendments outlined to the Shareholder Agreement and Articles of Association as detailed within Appendix 1 of the report (classified as containing exempt information).
(3) To delegate authority to the Corporate Director, Finance and Resources (s151 officer) or their nominee on the operational elements to enable the admission.
Deadline for submission of call-in: 6pm on Monday 26 January 2026
Minutes:
Councillor Mili Patel (Deputy Leader and Cabinet Member for Finance & Resources) presented a report from the Corporate Director Finance & Resources seeking the Council’s approval, as a shareholder of the London Collective Investment Vehicle (LCIV) to the admission of a new Partner Fund (Buckinghamshire) as a member of the London Local Government Pension Scheme (LGPS) CIV Ltd.
In introducing the report, Councillor Mili Patel began by advising members of the wider context to the proposal in terms of the Government’s Fit for the Future reforms aimed at strengthening governance and achieving the full pooling of LGPS Fund assets by March 2026 enabling local authority pension schemes to operate more efficiently, reduce costs and act as significant, long-term institutional investors, supporting UK businesses, jobs and economic growth while delivering secure pensions for scheme members.
In noting that the proposal had been subject to the appropriate scrutiny and received unanimous ‘in principle’ support from all existing London Partner Funds, members were assured of the Council’s ongoing commitment to ensure that London CIV remained a strong, stable, and well-governed pool that continued to meet regulatory expectations while maintaining the interests of its existing partners.
Recognising the national direction of travel and importance in ensuring the LCIV remained a strong and stable investment pool, Cabinet RESOLVED, having noted the information contained within the exempt appendices to the report:
(1) To approve the admission of the Buckinghamshire Pension Fund to join the London CIV.
(2) To approve the amendments outlined to the Shareholder Agreement and Articles of Association as detailed within Appendix 1 of the report (classified as containing exempt information).
(3) To delegate authority to the Corporate Director, Finance and Resources (s151 officer) or their nominee on the operational elements to enable the admission.