BALCOR PENSION INVESTORS
15-12G, 1997-09-30
REAL ESTATE
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                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549
                                    FORM 15

Certification and Notice of Termination of Registration under Section 12(g) of
the Securities and Exchange Act of 1934 or Suspension of Duty to File Reports
Under Sections 13 and 15(d) of the Securities Exchange Act of 1934.

     Commission File Number             `33 Act No. 2-60478
                                        `34 Act No. 0-9198

     BALCOR PENSION INVESTORS
- -------------------------------------------------------------------------------
     (Exact name of registrant as specified in its charter)

     2355 Waukegan Road, Suite A-200, Bannockburn, Illinois  60015
     (847) 267-1600
- -------------------------------------------------------------------------------
     (Address, including zip code, and telephone number, including 
     area code, of registrant's principal executive offices) 

     Limited Partnership Interests
- ------------------------------------------------------------------------------
     (Title of each class of securities covered by this Form)

     None
- -------------------------------------------------------------------------------
     (Titles of all other classes of securities for which a duty to file 
     reports under Section 13(a) or 15(d) remains)

     Please place an X in the box(es) to designate the appropriate rule
     provision(s) relied upon to terminate or suspend the duty to file reports:

     Rule 12g-4(a)(1)(i)      [X]       Rule 12h-3(b)(1)(i)      [ ]
     Rule 12g-4(a)(1)(ii)     [ ]       Rule 12h-3(b)(1)(ii)     [ ]
     Rule 12g-4(a)(2)(i)      [ ]       Rule 12h-3(b)(2)(i)      [ ]
     Rule 12g-4(a)(2)(ii)     [ ]       Rule 12h-3(b)(2)(ii)     [ ]
                                        Rule 15d-6               [ ]

     Approximate number of holders of record as of the certificate or notice
     date: 

     None
- ---------------
<PAGE>
     Pursuant to the requirements of the Securities Exchange Act of 1934,
Balcor Pension Investors has caused this certification/notice to be signed on
its behalf by the undersigned duly authorized person.

Date:  September 30, 1997


                    Balcor Pension Investors, an Illinois limited
                    partnership

                    By:  Balcor Mortgage Advisors, an Illinois general
                         partnership, its general partner 
                  
                    By:  RGF-Balcor Associates, an Illinois general
                         partnership, a partner

                    By:  The Balcor Company, a Delaware corporation,
                         a partner
                    
                    By:   /s/ Jerry M. Ogle
                         ----------------------------------
                          Jerry M. Ogle
                    Its:  Managing Director and General Counsel




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