The Berkshire Pension Fund has agreed to join Local Pensions Partnership (LPP) in order to pool assets and manage its liabilities.
Under a memorandum of understanding, the partnership will also manage Berkshire’s pension administration, liability management and employer risk services.
Michael O’Higgins, chair of LPP, said: ‘This agreement is an important step in our collaboration with the Berkshire Pension Fund.
‘We look forward to working closely with Berkshire in helping to bring the same sustainable benefits to the fund and its members as to those of our existing clients.’
The Berkshire Pension Fund will continue to set its own strategic asset allocation and employer contribution rates.
Cllr John Lenton, chairman of the Berkshire Pension Fund Panel and Berkshire Pension Fund Advisory Panel, added: ‘This partnership strengthens our ability to manage our assets and liabilities together, helping us to continue improving long-term fund performance and stabilise contributions.’