The London Pensions Fund Authority Board (LPFA) and the Lancashire County Pension Fund (LCPF) have commenced the process to appoint an Independent Chair and Non-Executive Directors to the Board of their innovative £10bn Asset & Liability Management (ALM) Partnership.
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
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 Non- Executive 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.