Annual Report shows Brunel meeting initial cost savings target early, as we look to a new phase

​Brunel’s Annual Report & Financial Statements (AR&FS) for financial 2023-24 records cost savings for our LGPS partner funds of £46 million annually versus pre-pooling.​

​The total is significantly ahead of what the business had first anticipated for financial 2023-24.​

​As a result, I am delighted to report that we are saving around four-and-a-half times the costs we incur via the reductions we negotiate in management fees.

At the outset of pooling, the government’s first objective was to achieve economies of scale through cost savings. We have not just delivered on that aim for the partnership but achieved it ahead of schedule. Our focus has already shifted from cost savings to a broader Value for Money approach, captured in our Value for Money Scorecard.​

Future-focused

​It is tempting to simply look back at our rapid progress, but this landmark is significant primarily for the future, as a building block and as proof of what is possible in partnership. We face a period of significant change for the LGPS and for pooling, and our progress through phase one gives us confidence in our capacity to grow and prosper into the next stage.​

We will continue to prioritise our three strategic objectives: not just Value for Money; but also the resilient delivery of core services; and the delivery of the returns required through cost-effective, industry-leading Responsible Investment solutions.​

As our AR&FS shows, our progress continues to be wide-ranging across multiple areas – including internally, across governance, our carbon footprint, and the gender pay ratio.​

It has been a very good year, but what matters more is our long-term trajectory. Almost a decade after pooling first passed into law, I believe we have proved ourselves more than ready for the next stage.​

To access the report, see: Annual Report & Financial Statements 2025