Former chairman of the pensions regulator, Michael O’Higgins, will chair the £10 billion (€13.5 billion) partnership between the Lancashire County Pension Fund (LCPF) and the London Pensions Fund Authority (LPFA).
The London and Lancashire Pensions Partnership (LLPP) will pool LCPF and LPFA assets, jointly manage the liabilities of the two administering authorities and offer pension fund management as a fully-fledged pension service organisation.
However, it will allow both funds to maintain their local accountability with LCPF Pension Committee and LPFA Board maintaining control of key strategic decisions.
LPFA chairman, Sir Merrick Cockell says that O’Higgins experience is invaluable for the development of this partnership.
He adds: “He [O’Higgins] 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.”
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