Earlier this month it was announced that the partnership, to be called the Lancashire
and London Pensions Partnership (LLPP), would cover all aspects of pension fund
management and be a fully-fledged pension service organisation, providing both
jointly managed administration and pooled ALM activities through newly created
corporate structures.
The LLPP is now using executive search firm Korn Ferry to seek a highly experienced
individual to chair, lead and manage its Board alongside three Independent NonExecutive
Directors (NEDs). The Chair and NEDs will oversee the implementation of
strategy, shape the direction of the organisation and ensure it operates efficiently. The
LCPF and LPFA will nominate two shareholder representatives to the Board, one from
each Pensions Authority, alongside three additional NEDs.
The LLPP is the first collaboration of its kind within the Local Government Pension
Scheme (LGPS), creating an end to end Pension Service organisation initially managing
an asset pool of over £10bn. The aspiration is that this will provide a platform to
encourage participation from other LGPS funds providing access to an even wider set
of investment and liability management opportunities.
Both Funds will continue to maintain their local accountability with LCPF Pension
Committee and LPFA Board maintaining control of key strategic decisions.
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