London Pensions Fund Authority records net assets increase
Author: Tom Parker | Published: November 18, 2025
The London Pensions Fund Authority (LPFA) reported an increase in net assets from £8.03bn to £8.08bn in its 2024/25 annual report.
It came during a significant year for the organisation, which appointed Jo Donnelly as chief executive following the retirement of Robert Branagh after more than six years leading the fund.
Membership also surpassed the 100,000 mark, rising to 100,652 from 99,585 in 2023/24.
However, the London Pensions Fund Authority’s investments fell short of its objectives, delivering a 3.1% return for the year – below its 6% target and the 5.2% policy portfolio benchmark. Despite this, its five-year performance of 8.5% per annum met its long-term goal.
The cost per member increased by £8, from £66 to £74, comprising £31 for administration and £43 for oversight and governance.
Complaints fell by more than a third during the reporting period, while the pooling model delivered £19m in fee savings in 2024/25, bringing cumulative savings since pooling began to over £121m.
