The Lancashire and London Pensions Partnership has received regulatory approval from the Financial Conduct Authority (FCA) to commence operations under its new name, the Local Pensions Partnership (LPP).
The FCA accreditation will allow the Lancashire County Pension Fund and London Pensions Fund Authority to pool their assets in order to officially form the LPP. The new name reflects the LPP’s readiness to partner with other LGPS funds, with a number of whom discussions are ongoing.
Michael O’Higgins, LPP Chairman, said:
“We are delighted we can now move forward as an accredited entity and take the lead in creating the first pool within an Asset and Liability Management Partnership. FCA approval is the cornerstone of our drive for good governance in LGPS reform and an essential part of our formation. And our new name underlines the fact that we are open for business, and ready and able to work with other LGPS funds in developing this exciting proposition.”
Coinciding with its new identity and the confirmation of FCA approval, the LPP has appointed its NonExecutive Directors. In addition to representatives already announced from Lancashire County Pension Fund and the LPFA, the LPP has appointed Sir Peter Rogers (former London Development and Westminster City Council CEO), Robert Vandersluis (Director of GlaxoSmithKline’s Global Pension Investments and former-LPFA Risk Committee Chair) and Sally Bridgeland (Royal London NED, Trustee at NEST and Lloyds Bank Pension schemes and former CEO of BP Pension Fund). LPP has also announced two of its Executive Director appointments, namely Susan Martin, Chief Executive and George Graham, Managing Director (Administration) & Chief Finance Officer. LPP is currently recruiting for a full-time Chief Risk Officer, with the position being held on an interim basis by Dr Angela Smith.
Michael O’Higgins said:
“To secure such an impressive and well qualified Board is a testament to our partnership and what we are trying to achieve, and we are confident we have a strong team in place as we move forward.”
The LPP appointees will each be responsible for different areas of the partnership:
County Councillor David Borrow – Lancashire County Council representative.
Dermot ‘Skip’ McMullan – Remuneration Committee Chair and LPFA representative.
Sir Peter Rogers – Chair, LPP Administration.
Robert Vandersluis – Chair, LPP Risk Committee.
Sally Bridgeland – Chair, LPP Investments.
The LPP launched on April 1.