Cutting-edge legal work by experts from international law firm Osborne Clarke’s Bristol office has helped 10 local government pension schemes create a ground-breaking £27.5bn pension fund investment pool.
Brunel Pension Partnership (BPP), which is also based in Bristol, manages the pension savings on behalf of more than half a million scheme members and represents around 2,000 different organisations across the South West, including local authorities, police and fire authorities, schools and charities. 
Among the local authority funds advised by Osborne Clarke was Avon, which administers the pension scheme for nearly 106,000 members in the former Avon County Council area, including Bristol, South Gloucestershire, North Somerset and Bath & North East Somerset.
The firm’s approach helped set up the unique new investment pool in response to government regulations that require local government pension scheme funds to create new pooling arrangements and so achieve greater investment efficiencies and cost savings.
The work involved a large number of experts across the firm’s pension, investment and public procurement disciplines who advised the 10 authorities on a range of complex matters that required delivery against very demanding government timescales.
The team was led by pensions partner Mark Womersley, who was supported by corporate partner Mark Wesker, investments partner Helen Parsonage, public procurement partner Catherine Wolfenden and employment partner Julian Hemming, along with several specialist solicitors from their teams. 
Mark Womersley, pictured, said: “Osborne Clarke is delighted to act as legal adviser to the new Brunel Pension Partnership. Creating from scratch a new investment pool of this size and substance for the 10 funds has been a ground-breaking initiative. I’m incredibly proud of the work that has been done by our highly skilled specialist lawyers.”
BPP independent chair Denise Le Gal added: “This is a key milestone in the long-term development of the Brunel Pension Partnership. The formation of the new investment company and the recruitment of the new executive team marks a very important stage in our journey to pooling the assets of the ten participating funds.”
Funds involved in BPP are Avon, Buckinghamshire, Cornwall, Devon, Dorset, Gloucestershire, Oxfordshire, Somerset and Wiltshire along with the Environment Agency.
BPP, which is based in Tower Wharf, Cheese Lane, is looking to deliver savings based on the collective buying power the collaboration initiative will produce. However, each individual fund will remain responsible for strategic decisions including asset allocation.
BPP has appointed Dawn Turner as its first chief executive officer. She will also continue in her role as chief pensions officer at the £2.7bn Bristol-based Environment Agency Pension Fund, which is now included in the BPP pool.
