London’s collective pension fund, set up to manage around £25bn of investments for the capital’s 32 councils, has been left in an “invidious position” due to avoidable factors, according to a review of its operations by consultancy Willis Towers Watson.

The London Collective Investment Vehicle was set up in 2015. It is one of eight new public pension "pools" taking shape across the country, following government reforms aimed at generating cost savings by merging the schemes' investments.