The Lancashire Council Pension Fund (LCPF) and the London Pensions Fund Authority (LPFA) have appointed William Bourne as joint independent local pensions board (LPB) chairman.
Bourne will act as a sole chairman across the two funds’ newly-established LPBs, but each board will be run separately.
LPFA and LCPF are in the process of forming a partnership arrangement to improve governance involving the pooling of their £10bn of assets in what they said last year was a bid to compete with “enormous” international sovereign wealth funds for illiquid investments.
The two schemes said the LPBs will be responsible for assisting them as scheme managers. This will involve securing compliance with LGPS regulations, legislation relating to scheme governance, requirements of The Pensions Regulator and ensuring effective governance and scheme administration.
Bourne has more than 30 years’ experience in pensions and finance. Since 2005 he has advised pension funds in the UK and Europe and currently acts as an independent adviser to the Royal County of Berkshire Pension Fund and East Sussex Pension Fund. Elsewhere, he is a director at independent investment adviser, City Noble.
LPFA chief executive Susan Martin, said: “We are delighted to welcome William as our independent local pension board chair. This appointment emphasises our commitment to strong governance and working directly with our members and employers. William’s considerable experience in LGPS matters will prove invaluable as we establish our local pension board. Collaborating with Lancashire on this is another indication of our increasing joint working and the establishment of our ALM partnership.”
LCPF director George Graham, said: “The appointment of William is excellent news. Working jointly with LPFA it has generated savings in the appointment process and also means we will be able to apply shared best practice in the implementation of our local pension board. The local pension board will provide a great platform to encourage member and employer representation across the LGPS, as well as acting as a spur to continuous improvement.”
Comments