The £4.5bn London Pensions Fund Authority (LPFA), one of the UK’s largest local government pension schemes covering 200 employers, has appointed a new deputy chairman and new additions to its board.

Sir Merrick Cockell, the chairman of the Local Government Association who stepped down as Conservative leader of the Royal Borough of Kensington and Chelsea this week, has been appointed deputy chairman. Three new appointments join the board: Bank of America UK Pension Plan trustee Dermot McMullan; CEO of asset manager Insight Investment, Abdallah Nauphal; and Kerry Adby, managing director of infrastructure advisory firm Copernican Securities.

LPFA chairman Edmund Truell said: “We are delighted to welcome Dermot, Abdallah and Kerry to the Board and also to announce Sir Merrick’s appointment as Deputy Chairman. These additions further enhance LPFA’s reputation as a centre of excellence in public pensions management, and we look forward to building on our promise to deliver millions of pounds in cost savings and investment benefits through the One Fund for London.”

Truell, the private entrepreneur and founder of buyout specialist the Pension Insurance Corporation, was appointed chairman by London Mayor Boris Johnson last December. In February he announced plans to merge London’s local authority pension funds into a single scheme and invest more into the city’s infrastructure projects.

The LPFA is estimated to have a £1bn deficit.

Sir Merrick Cockell said: “During my tenure as Leader of the Royal Borough of Kensington and Chelsea, I made a commitment to promote efficiency and to deliver the taxpayer the high-quality, value-for-money service they deserve. The obligation to achieve strong performance without incurring unnecessary costs is no different in the pensions sphere, and I look forward to helping LPFA to unite London’s LGPS funds to bring the considerable benefits that One Fund for London promises.”

Share Story: