The London Pensions Fund Authority (LPFA), one of the largest Local Government Pension Scheme (LGPS) funds in the UK, has named Susan Martin as its new CEO.
Martin has been interim CEO since August and was previously deputy CEO. She has been with the LPFA since 2007.
Martin said, “This is a hugely exciting time to be leading the LPFA. Over the coming months we will pursue a strategy that puts collaboration and the sharing of skills and expertise at the heart of what we do, using our resources to help deliver improvements across the LGPS. It is only through this kind of cooperation that we can hope to solve the public sector pensions deficit crisis in the UK.”
The government has made it clear it is not wedded to the existing number of fund schemes. Ministers want to see more co-operation within the 89 pension fund schemes and are open to the possibility of structural changes such as mergers.
The LPFA previously estimated that pooling fund assets and resources could have benefits of as much as £750m a year.
Asset managers earned £353m from local government pension funds in England in 2011 to 2012. This was a twelve per cent increase on the previous year. In the same period the market value of investments held by pension schemes only increased by four per cent to £148bn.
She will focus on delivering change at the LPFA and, should UK Local Government Minster Brandon Lewis so decide, within the wider LGPS, some of whose 89 funds are facing challenging times in meeting large deficits.
Edi Truell, chairman of the LPFA, added, “I am delighted to announce Susan’s appointment as CEO of the LPFA, which comes as we prepare for what will be a pivotal year for public sector pensions in the UK. Minster Lewis’s Call for Evidence into the future of the LGPS is a once in a generation opportunity to solve real issues and reduce deficits. Susan’s abilities as a leader, motivator and collaborator make her the ideal person to deliver positive change within the LPFA and to offer our services to help the wider LGPS.”
Martin’s appointment follows the recent release of the LPFA’s Annual Report 2013, which showed that the fund grew by £427m during 2012-13, to £4.6bn.
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