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Investments and investment pooling

Read Bedfordshire Pension Fund's Investment Strategy Statement November 2023 (PDF 509KB)


Bedfordshire Pension Fund's asset allocation (June 2021, PDF 84KB)


Pooling of Investments

The LGPS is managed by a number of separate pension funds across the country, of which Bedfordshire Pension Fund is one.  Historically, each Fund has been responsible for managing its own investments, however in 2015 the Government announced that LGPS investments would no longer be managed separately by each Fund, but would be merged into a smaller number of investment pools to achieve economies of scale.  The objectives of the pooling of assets are:


1. Cost savings through economies of scale

2. Improved governance

3. Improved approach to responsible investment

4. Improved ability to invest in infrastructure


Responding to this initiative, Bedfordshire Pension Fund joined with eleven (now ten following the merger of Northumberland and Tyne & Wear Pension Funds) other like-minded LGPS funds to set up an investment management company called Border to Coast Pensions Partnership. The company's objectives include improving investment returns and reducing investment costs for the eleven funds.

The transfer of investments to Border to Coast started in 2018 and is expected to take a number of years to complete.  To date, Bedfordshire Pension Fund has made investments in the Global Equities, Infrastructure, and Private Credit Funds with Border to Coast.

More information on Border to Coast can be found on the Border to Coast website.




The Markets in Financial Instruments Directive (2014/65/EU) (MiFID II) has changed the status of Local Authorities to Retail clients.  As this would affect the investments Bedfordshire Pension Fund makes, the administering authority has chosen to opt up to Professional Status with its investment managers.