LPP chair, Michael O’Higgins, to step down

The Local Pensions Partnership (LPP) has announced that its chair, Michael O’Higgins, will step down from his role in the summer.

O’Higgins has been chair of the £20bn Local Government Pension Scheme (LGPS) pool since its inception in 2015.

Formed from a partnership between Lancashire County Council and the London Pensions Fund Authority, LPP has transitioned into a new five-year strategic plan.

This includes a restructuring of the group, with its operating subsidiaries, LPP Investments and LPP Administration, now being led by separate boards of directors.

Following the restructuring, O’Higgins has decided to pursue other opportunities and will leave LPP.

In the months leading to his departure, O’Higgins will work with LPP’s shareholders to defined the “scope and nature” of his successor’s role.

Under his chairship over the past six years, LPP’s assets under management have doubled and further funds have joined LPP.

“The journey with LPP has been hugely rewarding and fulfilling,” said O’Higgins. "We set out to implement a new way of operating under the LGPS – the holistic management of pension fund assets, liabilities and pension administration.

“We delivered the goals of our original business plan three years into our initial five-year plan and have continued to raise the bar since. With dedicated subsidiaries now fully operational I feel it is time for me to move on.”

LPP CEO, Chris Rule, added: “I would like to thank Michael for his contribution to LPP. He has been a driving force for the business since his appointment and the rapid pace of asset pooling and delivery of efficiencies is testament to his qualities as a leader.

“We are now well progressed in our new five-year strategy which began at the beginning of last year. This strategy provides greater focus on the evolution and specialisation of LPP Investments and LPP Administration.

“Therefore, having achieved his main objectives and with LPP Investments and LPP Administration each having their own board and independent chair it is regrettable, but understandable, that Michael has reflected on the revised role of LPP chair and decided to move on.

“There will be time to say thank you later this year, in the meantime I am grateful for the opportunity to continue to work with Michael to ensure we are well positioned to maintain momentum delivering our business strategy.”

    Share Story:

Recent Stories

Are current roads into retirement delivering member value?
Laura Blows explores HSBC Master Trust’s recent report, Converting pension pots into incomes, with HSBC Retirement Services CEO, Alison Hatcher.

Savings and finance at retirement
Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video

Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

Pension portfolios – the role of asset-backed securities
Laura Blows is joined by Royal London Asset Management (RLAM) head of sterling credit research, Martin Foden, and its Senior Fund Manager, Shalin Shah to discuss the role of asset-backed securities (ABS) within pension fund portfolios
Incorporating ESG into fixed income
Laura Blows is joined by TCW head of fixed income ESG, Jamie Franco, to discuss incorporating environmental, social and governance (ESG) strategies into fixed income portfolios