Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Common investment fund definition

What does Common investment fund mean? A common investment fund in pensions practice is a structure by which two or more related occupational pension schemes, or segregated sections of a single multi-employer scheme, pool assets for collective investment management, usually through a unitised fund operated under trust. The expression is descriptive rather than defined in statute or case law. The governing trust deed (and any participation agreement) typically sets: allocation by units and valuation, admission and exit of participating schemes, cost and risk sharing, manager appointments, rebalancing, and reporting. It is used to deliver economies of scale, consistent investment strategy, improved governance and fee efficiencies, while allowing...

Common Investment Funds (CIFs) for UK pension schemes: asset pooling, legal and tax considerations, double tax treaty access, VAT, FATCA/CRS, stamp taxes, AIFMD and derivatives, and alternatives (ACS, EUUT)

Published by a LexisNexis Pensions expert

Practice notes

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Authored by Katherine Worraker, Ian Ahkong, Tom Howgate, Daniel Johnson and Harry Stead of Deloitte LLP. UK occupational pension schemes run by a single sponsoring employer, or by a group of connected employers, can combine their assets within a common investment fund (CIF) collectively together. Doing so may deliver advantages including economies of scale and entry to opportunities that smaller schemes might otherwise struggle to reach individually on their own. By diversifying holdings, a CIF enables each participating scheme to disperse investment risk more widely across assets. Trustees can determine the proportion of a scheme’s assets to place in a CIF, or elect to retain assets outside the CIF and allocate them elsewhere as they see fit. There are several legal and tax points to weigh up where a CIF is contemplated at the outset, though these should not, in themselves, prevent adoption in practice. The purpose of this Practice Note is to explore: the following

when a CIF could be deployed
the principal matters to assess
the advantages and drawbacks versus other routes

Common Investment funds: an overview

CIFs in the UK are created under a trust deed agreed between the beneficiaries/participants (i.e. UK pension schemes) and the trustee(s),...

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Web page updated on 21/05/2026

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