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.”

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