The Lancashire and London Pensions Partnership has received regulatory approval from the Financial Conduct Authority (FCA) to operate under its new name, the Local Pensions Partnership (LPP).
Under the FCA accreditation, the London Pensions Fund Authority and Lancashire County Pension Fund are able to pool their assets to form the LLP, which is also looking to partner with other LGPS funds and in discussions with a number. LPP chairman, Michael O’Higgins, said: “We are delighted we can now move forward as an accredited entity and take the lead in creating the first pool with 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. 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.”
The LPP has also announced its non-executive director appointments: Sir Peter Rogers (former London Development Agency and Westminster City Council CEO) will be LPP administration chair; Robert Vandersluis (director of GlaxoSmithKline’s global pension investments and former LPFA risk committee chair) will be LPP risk committe chair; and Sally Bridgeland (Royal London non-executive director, NEST trustee and former BP Pension Fund CEO) will be LPP investments chair. In addition, the LPP named Susan Martin as chief executive, and George Graham as managing director (administration) and chief finance officer. The LPP said it is also looking for a full-time chief risk officer, with Dr Angela Smith holding the role on an interim basis at present.