The LPFA is the largest Local Government Pension provider in London
The pension fund has around £4.6 billion of assets under management and is responsible for the pension provision for around 18,000 employees, who are working for not-for-profit, charity, private sector and local government employers, and around 34,000 pensioners, many of whom worked for the Greater London Council and the Inner London Education Authority.
In April 2016 , the LPFA together with the Lancashire County Pension Fund (LCPF) crystallised their two-year collaboration to launch the Local Pensions Partnership Ltd (LPP), a Financial Conduct Authority (FCA) authorised entity, enabling LPFA and LCPF to pool their assets and benefit from the cost and other economies of scale that joint management both of investments and pension administration offer. LPFA is a shareholder partner of LPP. The launch of LPP led to a number of organisational and governance changes within LPFA:
- Mike Allen was appointed to the role of LPFA Managing Director to support the LPFA Board and the Local Pension Board and to manage the relationship with LPP.
- All other LPFA executives and staff members TUPE transferred to LPP, which now carries out pension administration and investment management services on behalf of LPFA.
- There are contractual agreements in place which govern the investment management and pension administration services that LPP carries out for LPFA.
- LPFA’s Board and Local Pension Board remain unchanged and continue to focus exclusively on LPFA matters.
LPP provides pension administration services to over 20 customers, including LPFA, LCPF and other Local Government, Firefighters' and Police pension schemes. As a local-government-owned, pension services company, LPP’s drive is to achieve economies of scale and efficiencies for the benefit of all fund stakeholders, without compromising on service quality. For more information on LPP and the services provided, visit LPP’s website.