The London Pensions Fund Authority (LPFA) has completed the process of assembling its new Local Pension Board with the appointment of eight members.
The Local Pension Board (LPB) has been set up to help the LPFA in complying with LGPS and other regulations and ensuring effective governance and scheme administration.
The appointments consist of employer representatives including Charles Angus, Frank Smith and Sean Brosnan and member representatives, Omolayo Sokoya, Peter Scales and Simon Steptoe. William Bourne was confirmed as chairman in March.
The creation of the board comes as part of the formation of a partnership between the LPFA and Lancashire County Pension Fund. It is hoped the arrangement will improve governance across the two schemes, while the pooling of their £10bn of assets would enable them to compete with “enormous” international sovereign wealth funds for illiquid investments.
Both funds will have separate LPBs, but Bourne will act as chairman for both.
The LPFA said due to a strong response and the high quality of applicants, it had also appointed Bernadette Jansen as a substitute for the employer representative and Jamie Ratcliff as a substitute for the member representative. The substitute role will include all the duties of a Local Board Member, except for voting rights, the Authority added, but did not rule out extending the number of full board members to include the two substitutes at a later date.
The first meeting of the LPFA LPB will take place on 6 July.
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