LPFA Board

The London Pensions Fund Authority is a statutory corporation set up by the London Government Reorganisation (Pensions etc.) Order 1989 [SI 1989 No. 1815] to discharge the functions of the London Residuary Body as an administering body under the Local Government Superannuation Regulations 1986, which have now been superceded by the Local Government Pension Regulations 1997 [SI 1997 No. 1612].  

The Authority has a corporate governance framework modelled on guidance issued by the Chartered Institute of Public Financial and Accountancy (CIPFA) for Non Departmental Public Bodies as this is the closest constitutional basis for the Authority, but adjusted to reflect best local government practice where applicable and the requirements placed on pension funds to demonstrate effective scheme governance.  The Authority’s key governing documents and codes have been brought together in the constitutional document 

Board meetings are held in public and you will find all historic Board papers under the Board Reports tab. 

The next public Board meeting will take place on 2nd July 2012 at 10.30am, at our offices in Dexter House, Royal Mint Court. Feel free to attend but please let Greg Smith know in advance greg.smith@lpfa.org.uk 0207 369 6058

 

 THE NEXT PUBLIC BOARD MEETING WILL TAKE PLACE ON 2ND JULY 2012 AT 10.30AM, DEXTER HOUSE

Board responsibilities

The Board is responsible for:

  • The governance of the London Pensions Fund in accordance with statutory regulations;

  • The submission of a Strategy Statement and a Budget Statement to the mayor each year;

  • The issue of a levy each year under the regulations;

  • Directing and monitoring the Executive.

It acts in a role similar to that of a trustee and as a fiduciary duty to:

  1. The employers participating in the Fund to invest responsibly

  2. The members of the Fund to ensure contributions are collected, that benefits are calculated correctly and paid promptly, and that any surplus monies are properly and prudently invested;

  3. The council tax payers of Greater London in respect of expenditure falling to be met from the levy.

 The Board is accountable to:

  • The Mayor and the GLA for the proper management of the Authority’s affairs;

  • The employing authorities in the Fund for the proper administration of the Scheme; and

  • Agency clients for the operation of their administration contracts.

 



Board Structure and Dates for 2012

The LPFA Board operates under a framework of corporate governance and undertakes its responsibilities through the operation of the following committees:

  • Investment Strategy
  • Audit
  • Performance
  • Remuneration

 

Board and Committee Dates for 2012

Feb 2nd Board Meeting

Feb 10th Performance & Administration Committee followed by Audit Committee

March 5th Investment Committee

March 28th Board Meeting and Remuneration Committee

May 9th Performance & Administration Committee

June 14th Investment Committee

June 20st Audit Committee

July 2nd Board Meeting

Sept 11th Performance & Administration Committee followed by Audit Committee

Sept 12th Investment Committee

Oct 4th Board Meeting and Remuneration Committee

Nov 6th Performance & Administration Committee

Nov 30th Investment Committee

Dec 13th Board Meeting



Board Members

Anthony Mayer

Anthony Mayer was appointed as LPFA’s new Chairman on 1st January 2009.

Anthony is an Oxford graduate who began a Civil Service career in 1967 based in the Department of the Environment. He was a member of the Central Policy Review Staff and principal private secretary to the Secretary of State for Transport between 1980 and 1982. He left the Civil Service in 1985 to join the merchant bankers N.M. Rothschild & Sons where he remained until 1991 when he became Chief Executive of the Housing Corporation. He was appointed interim chief executive of TfL when it came into existence and became the Chief Executive of the GLA in October 2000. 

He is also Chairman of One Housing Group, a London-based Housing Association.

Declared Interests for Anthony Mayer

Michael Deakin

 Michael was appointed as Deputy Chairman by London’s Mayor with effect from 1st January 2009. He has been a Board Member since 1st January 2006 and is currently a Non Executive Director of the Pension Protection Fund.  He is a Director and founder of Michael Deakin Consultancy Ltd since October 2003 and is also Chairman of Manifest Information Services Ltd.  

Prior to this, Michael was Chief Investment Officer and an Executive Director of Insight Investment, the asset management business of Halifax Bank of Scotland, where he controlled over £65 billion of assets and managed and built a team of 150 investment professionals covering equity, fixed income and property fund management.  He is also a trustee of the HBOS Final Salary Pension Scheme.  Michael was educated at Bristol University and is an actuary.

Declared interests of Michael Deakin

 Stephen Alambritis

Stephen Alambritis was formerly Research Secretary to the Association of Independent Businesses (AIB). Stephen is currently Head of Public Affairs at the 215,000 member strong Federation of Small Businesses (FSB) and is the chief spokesman for the FSB.

He is a Fellow of the Chartered Institute of Public Relations (FCIPR). Stephen has a BA(Govt) and an MSc (Econ) and an MA (Business Law) and is a Commissioner at the Equality and Human Rights Commission (EHRC)

Stephen is also a Labour Councillor and Leader of the Council at the London Borough of Merton and was formerly a member of the Better Regulation Task Force and a Commissioner with the Disability Rights Commission. He is also on the Board of Enterprise UK. Stephen is a Football Association referee and enjoys real ale and is a member of CAMRA.

Declared interests of Stephen Alambritis

Michael Cassidy

Michael Cassidy has practised law in the City for 37 years principally representing the UK’s largest pension fund organisation on their investments.  In parallel, he has pursued a local government career at the Corporation of London, first as Planning Chairman, then Leader of the Council.  He has Chaired the Barbican Arts Centre and, more recently, the Museum of London.  He was recently President of the London Chamber of Commerce and was awarded the CBE for services to the City in 2004.  In recent years, opportunities have arisen in the area of overseas companies listed on AIM, the most prominent one being Trikona Trinity Capital which invests in Indian property and infrastructure projects.  He has served for 10 years on the board of British Land and currently at UBS Ltd.  More recently he has moved into the healthcare sector as Chairman of Homerton Hospital.

Declared interests of Michael Cassidy

Sir Merrick Cockell

 Councillor Sir Merrick Cockell has been Leader of the Royal Borough of Kensington and Chelsea since April 2000 and a councillor since 1986. The Council has been a top performer under various inspection regimes and receives excellent feedback in national resident satisfaction surveys. Its performance as an education authority has been praised by Ofsted as “outstanding”.

In 2010 Sir Merrick was appointed an Audit Commissioner, sitting on the Board of the Audit Commission. He is Chairman of the think tank Localis. Sir Merrick was Chairman of London Councils from 2006 until 2010 leading London’s local government, campaigning for fair funding for public services in London and making the case for more devolution from central to local government. In 2011 Sir Merrick was appointed Chair of the Local Government Association.

Other appointments include Chairman of the Kensington and Chelsea Partnership, board member of the Central London Partnership, fellow of the British American Project and president of the Chelsea Theatre.

Sir Merrick is married with two daughters. He ran an international trading company for 23 years and now devotes his full time to public service. He was knighted in 2010 for services to local government.

Declared interests of Sir Merrick Cockell

Anthony Dalwood

Tony Dalwood is a former Chairman of SVG Investment Managers (SVGIM). Tony was formerly CEO of SVG Advisers, the global private equity funds business and manager of $5bn AUM. He previously established the public equities business for Schroder Ventures (London) Limited which included fund management and investment strategy alongside operational responsibilities. Prior to this he was a Director at UBS Global Asset Management (formerly Phillips & Drew Fund Management). Whilst at UBS, Tony was a member of the UK Equity Investment Committee and responsible for managing over £1.5 billion of UK equities. He has an honours degree in Economics & Accounting from Bristol University and a degree in Management Studies from Cambridge University (Judge Institute) and is a member of the CFA Institute.

He is involved in various charities, is a governor of St Albans School and President of a cricket club.

Declared interests of Anthony Dalwood

Icki Iqbal

Icki Iqbal, recently retired as a Director after 8 years at Deloitte & Touche, formerly Bacon & Woodrow actuaries.  Prior to this he was Assistant MD of Royal Life Holdings and Group Marketing Actuary of Sun Life.  He is an actuary with extensive experience in all aspects of retail financial services businesses and an author of several published reports on actuarial and marketing themes.

Declared interests of Icki Iqbal

 

 

Mike O'Donnell

Mike was appointed to the Board in October 2010. He has been Director of Finance at the London Borough of Camden since October 2005, having previously been the Director of Finance for Swindon Borough Council and previously having held a number of other senior finance posts in London local government. He is a qualified accountant and CIPFA member. Mike also chairs the London Financial Advisory Committee (the executive committee of the Society of London Treasurers). He also chairs a number of other cross London working groups and is an advisor to the Local Government Association.

Mike was educated at the University of Sussex and then achieved an MSc at the London School of Economics. In 2008, he also completed the Investment Management programme at the London Business School.

Declared interests of Mike O'Donnell

Angela Pober

Angela Pober was appointed to the board with effect from 1st January 2009. She has 20 years experience in running projects and directing programmes.

In 2006 Angela was runner-up in both the prestigious Interim Manager of the Year and Project Manager of the Year awards.  Her most recent clients have been Footsie 50 Financial Services and Retail organizations including JP Morgan, Banque PariBas, Barclays Pension Trustees Ltd, Tesco, Zurich Financial Services, RBS and Barclaycard.  She is currently a Management Consultant with Kinzere having done consultancy work at Deloitte & Touche and Accenture. She was educated at Loughborough University, and achieved a MBA at Ashridge Business School, is a member of the Chartered Institute of Marketing and has joined the Audit and Compliance Committee of King’s College, London.

Declared interests of Angela Pober

Bill Roots

Bill Roots was Chief Executive and Director of Finance of Westminster City Council 1994-2000.  He was previously Director of Finance and Deputy Managing Director from 1990 to 1994.  Prior to that he was Director of Finance of the LB of Bexley for eight years and prior to that he worked for Southwark and the GLC.  Bill is a CIPFA member, a former examiner and has sat on numerous national working parties representing the local authority associations.  He was Chairman of the London Financial Advisory Committee for ten years until 2000, a former President of the Society of London Treasurers and was President of the Association of Local Authority Treasurers Societies in 1999-2000.  He is now an independent consultant operating in central government, local government and the wider public sector.  He was a member of the Gershon Efficiency Review team and has undertaken a number of roles for the Department for Communities and Local Government and the Audit Commission in recent times.  He is also the Chairman of a local heritage trust.

Declared interests of Bill Roots

Sarah Smart

Sarah was appointed to the board with effect from 1st January 2009. She is a Director and founder of SmartCats Consulting and Chair of The Pensions Trust.

Having studied Classics at Oxford University, Sarah moved to Edinburgh and qualified as a Chartered Accountant in 1998. In 1999 Sarah moved to Standard Life Investments, where she remained until 2008 working in a number of different roles covering a wide variety of asset classes, including real estate, hedge funds and derivative strategies. Latterly she was responsible for building the infrastructure to support a multi-billion pound liability-driven investment business.

Sarah’s work as a pension trustee began in 2004, when she became a member nominated trustee of the Standard Life Staff Pension Scheme. Since then Sarah has acted as a trustee for six other pension schemes, including three appointments as Chair to the trustees and two appointments as sole trustee. She is currently a member of the Pensions Working Party for the Institute of Chartered Accountants of Scotland.

Declared interests of Sarah Smart