The merger between two Local Government Pension Scheme (LGPS) funds in the United Kingdom — the Northumberland County Council Pension Fund and Tyne and Wear Pension Fund — is scheduled to proceed as planned, following approval by the U.K. government.
According to the Tyne and Wear Pension Fund’s website, following the merger, all members of the Northumberland pension fund will automatically become members of the Tyne and Wear Pension Fund.
As of 2019, the Tyne and Wear Pension Fund had a 12 percent allocation to U.K. and global property and a 2.5 percent allocation to infrastructure.
South Tyneside Council is already operating a shared pension administration service for both Tyne and Wear Pension Fund and Northumberland County Council Pensions Fund.
The LGPS funds have applied for the merger to take effect starting on April 1.
