O’Higgins to chair Lancashire and London pension partnership

Michael O’Higgins, the former chairman of the Pensions Regulator, is to chair the £10 billion London and Lancashire Pensions Partnership (LLPP) between the Lancashire County Pension Fund (LCPF) and the London Pensions Fund Authority (LPFA).

The LLPP will pool assets of both funds and jointly manage the liabilities of the two administering authorities, as well as offering a pension fund management. Both the LCPF and the LPFA will retain local accountability with their respective pension committee and board making key strategic decisions.

Lancashire County leader, Jennifer Mein, said: “As we await the government’s announcement of their criteria to assess proposals for pooling LGPS assets, we are moving forward at pace. Michael’s vision and experience are welcome assets, which should give others confidence in the seriousness of our joint endeavour, as we work towards launching the new company in April 2016.” LPFA chairman, Sir Merrick Cockell, added: “Michael has a wealth of knowledge about the UK pension sector following his time as chairman of the Pensions Regulator, serving two terms as a Non-Executive of HM Treasury and writing extensively on pension reform during his academic career.”

Commenting on the appointment, Sir Merrick Cockell said he was delighted to be involved an ambitious project that could completely change the face of public sector pensions. “I believe what Lancashire and London are doing with this partnership is exactly what should happen across local government and indeed the wider pension sector to help secure better benefits for members.”