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Lancashire County Pension Fund
Lancashire County Pension Fund operates as the defined-benefit scheme for local government workers across the county, with its committee chaired by Eddie Pope...
Lancashire County Pension Fund
Lancashire County Pension Fund operates as the defined-benefit scheme for local government workers across the county, with its committee chaired by Eddie Pope and administered by Head of Service Sean Greene. It pools its operational and investment management functions through Local Pensions Partnership Limited, a 50/50 joint venture with the London Pensions Fund Authority, consolidating back-office and portfolio oversight for greater cost efficiency than a standalone fund of its size could achieve alone. Direct real estate forms the backbone of the portfolio, expressed through two distinct property pools: a County Portfolio of mixed-use assets within Lancashire and a National Portfolio of commercial properties across the United Kingdom. The fund has also committed to UK industrial development, partnering with Harworth Group on the Multiply Logistics North scheme in Bolton — a project delivering large-scale warehouse facilities. On the infrastructure side, LCPF is a founding partner in GLIL Infrastructure alongside the Greater Manchester Pension Fund, targeting long-dated, inflation-linked assets such as renewable energy and transport. The fund maintains agribusiness exposure and participates actively in shareholder engagement through the Local Authority Pension Funds Forum, reflecting a governance posture that blends direct asset ownership with collaborative stewardship. LCPF also features in the Local Authority Fund league tables compiled by Pensions and Investments Research Consultants, a benchmarking practice that sharpens accountability among UK municipal schemes. What distinguishes LCPF from its peers is the depth of its pooled-entity commitment: LPP Limited is not a loose collaboration but a fully integrated cost-sharing vehicle that externalizes the pension administration and investment supply chain. This creates a quasi-institutional platform from two mid-sized public funds — a model that only a handful of UK pensions have pursued with comparable intensity.
General information
Firm type
Pension Fund
Year founded
1983
Location
Region
Europe
Country
United Kingdom
City
Preston
Corporate office
Preston, United Kingdom
Principals
Eddie Pope
Chair of the Pension Fund Committee
Sean Greene
Head of Service for the Pension Fund
Sector focus
Frequently asked questions
Who makes investment decisions at Lancashire County Pension Fund?
The Pension Fund Committee, chaired by Eddie Pope, sets investment strategy and policy. Day-to-day operational management falls under Sean Greene as Head of Service, while pooled portfolio management and back-office functions are executed by the Local Pensions Partnership, the 50/50 joint venture with the London Pensions Fund Authority.
How does LCPF source its direct real estate deals?
The fund's real estate investments are organized into two portfolios: a County Portfolio focused on Lancashire and a National Portfolio of commercial assets across the UK. Partnerships with developers such as Harworth Group provide access to industrial development projects, as seen with the Multiply Logistics North scheme in Bolton.
What is Lancashire County Pension Fund's relationship with GLIL Infrastructure?
LCPF is a founding joint venture partner in GLIL Infrastructure alongside the Greater Manchester Pension Fund. GLIL targets direct, long-dated infrastructure assets — such as wind farms, ports, and rail rolling stock — providing the fund with inflation-linked cash flows without the management fees and carry typical of closed-end fund structures.
Does LCPF co-invest alongside other UK local authority pension funds?
Yes. The Local Pensions Partnership with LPFA is the primary example, but LCPF also co-invests directly with neighbors like the Greater Manchester Pension Fund through the GLIL vehicle. This collaborative model is designed to achieve institutional-grade access and fee structures for mid-sized public schemes that would otherwise struggle to negotiate favorable terms alone.
How does Lancashire County Pension Fund handle ESG and stewardship?
LCPF is an active member of the Local Authority Pension Funds Forum, using this platform for collaborative shareholder engagement on environmental, social, and governance issues. The fund also participates in the PIRC Local Authority Fund league tables, which benchmark governance and voting practices across UK municipal pension schemes.
Is Lancashire County Pension Fund's portfolio concentrated in the North West?
While the County Portfolio specifically targets mixed-use assets within Lancashire, the fund also holds a National Portfolio of commercial property spanning the United Kingdom. Infrastructure holdings through GLIL and agribusiness exposure further diversify the geographic and asset-class footprint beyond its home region.
What is the Local Pensions Partnership and how does it benefit LCPF?
Local Pensions Partnership Limited is a 50/50 joint venture between Lancashire County Pension Fund and the London Pensions Fund Authority. It consolidates investment management, administration, and employer services for both funds, reducing duplication and procurement costs. This model allows two mid-sized schemes to share the overhead of a larger institutional platform without formally merging their balance sheets.
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