LPFA Board

Appointed by the Mayor of London, the LPFA Board has grown in profile in recent years, with members from a diverse professional background. The pension fund management, public service and corporate governance experience and expertise these appointees have brought in, provides LPFA with a trusteeship unrivalled in the UK pension community.

Please note that public meetings of the Board are being cancelled until further notice in response to the coronavirus situation. However, in keeping with LPFA’s practice of sharing reports at public meetings on the activities of sub-committees, the regular documents have been published under Board Reports 2020. 

If you have any questions, please contact corporate@lpfa.org.uk.

Upcoming Board Meeting Dates 2020

Tues 13 October 2020 10:00 - 17:00 hrs
Thurs 10 December 2020 10:00 - 17:00 hrs

 

Board Members

Board Members

John Preston (Chairman)

John Preston is a non-executive director and professional trustee. In addition to his role as Chair of the London Pension Fund Authority, he is currently Chair of the Sainsbury’s defined benefits Pension Scheme  and Chair of the Medical Research Council pension scheme. His other roles currently include Treasurer and Council member of the University of Bath as well as Council member (and past President) of the Chartered Institute of Taxation. 

John is a chartered accountant and chartered tax adviser. He was a partner in PricewaterhouseCoopers for 23 years until 30 June 2014 where he undertook a variety of client related and management roles both in the UK and globally. His primary client base was in the financial services sector including banks, insurers and sovereign wealth funds. His management roles for a large part of the firm’s business included UK chief operating officer and UK head of risk, regulation and external relations in the UK  as well as  global head of external relations and regulation.
 
Term: 1 January 2020 - 31 December 2023.
 

Dermot 'Skip' McMullan

Dermot ‘Skip’ McMullan was a managing director at Bank of America in a career spanning 28 years, prior to becoming an Independent Chair of Trustees. During his career at Bank of America, he was involved with the majority of major industries in the UK and globally, including construction, mining, real estate, shipping, and the oil and gas industries. Most recently he was responsible for all the relationships that the Bank had in Europe with other financial and non-financial institutions.

His earlier career included the creation of the first PFI company, structuring the financial package and concession for the Dartford Bridge, followed by the larger concession for the Second Severn Bridge and the smaller concession for the Skye Bridge. The latter also involved the buyout of the concession by the Scottish Executive. Currently, he chairs the trustee boards of the Bank of America UK Pension Plan and the SSVC Pension Plan. He is a director of the Bank of America Merrill Lynch UK Pension Plan and joined the LPFA board in April 2013. He is also a trustee of a number of charities.

Term: 17 April 2013 - 31 March 2017. Extended to 31st March 2021. 

Committees: Investment Panel

Declared interests of Skip McMullan

Tamlyn Nall

Tamlyn has been involved in the financial markets for over 30 years, in her last role she was Managing Director and Head of Treasury and Trading Structuring at Lloyds Bank. She has over ten years’ experience as a sponsor nominated trustee of one of the UK’s largest pension funds where she was instrumental in introducing the rigors of financial market thinking to pension fund risk. More recently, Tamlyn has been appointed a director of The Royal Horticultural Society (1974) Pension Scheme. While at Lloyds, she was a founding member of the Women’s Network, and chaired both the Divisional Charity Committee and the Values and Behaviour Committee. 

In her spare time Tamlyn enjoys completing a number of athletic endeavours. Recently she has run the London Marathon, competed in the 2015 Hyde Park Triathlon, swam The Hellespont and completed the 1000km South West Coast Path walk. She is also a keen chef. Tamlyn is married with three children.

Term: 1 January 2016 - 31 December 2019 - Extended to 31 December 2023.

Committees: Audit and Risk Committee; Investment Panel

Declared interest of Tamlyn Nall

Terence Jagger

Terence Jagger started his career in investor relations/financial communications and strategy development in industry, with Shell, American Express, Burmah Oil and Unigate; he has worked in the UK, Australia and Italy.  After a Masters degree in Finance, he joined the civil service in 1995, where he worked in the MOD for 15 years until 2011; his roles included managing the PFI programme, leading the QinetiQ privatisation, Director Financial Management, Command Secretary (Finance & HR Director, with policy & propriety responsibilities) to the RAF, and political advisor to the NATO commander in Afghanistan (2006-7). From 2011-2015, he was Chief Executive of Crown Agents, the international development company working in Africa and Asia, where he also was deputy Chairman of Crown Agents Bank and Crown Agents Investment Management.

He has previously served as a non-executive or trustee of the UK-Japan 21st Century Group, the Met Office, the Gloucestershire and the London Wildlife Trusts, and the London Library, and as Chair of EUNIDA. His other current roles include membership of public bodies ACOBA.

Term:  1 January 2016 – 31 December 2019 - Extended to 31 December 2023

Committees:  Audit and Risk Committee

Declared interest of Terence Jagger

Dr. Barbara Weber

Dr. Barbara Weber, Lic., MSc is the Founding Partner of B Capital Partners, a partner-owned investment house, founded in 2003 and based in Zurich. B Capital Partners is a signatory to UNPRI and a member of GRESB, B Capital exclusively focuses on sustainable infrastructure investments. It targets predominantly energy transition related sub-sectors across Europe. Since 2010, it has invested and advised capital in excess of EUR 2.4bn.

Until 2016, she served on the Investment Committee of IST3, an infrastructure investment platform of Swiss pension funds, which she helped to set-up.

Barbara has over 20 years of infrastructure and private equity as well as project finance experience gained during several years with Dresdner Kleinwort Benson, PolyTechnos and, since 2003, with B CAPITAL PARTNERS. She previously worked for the private sector development group of the World Bank in Washington DC. 

She is author of four books on infrastructure investments. The latest one "Infrastructure as an Asset Class. Second Edition" (2016), Wiley, which has also been translated into Chinese. Barbara is a welcome speaker at conferences.

Barbara wrote her Ph.D in Economics at Harvard University and University of St. Gallen. She holds an MSc in Business & Operations Research from Warwick University and a post-graduate degree in International Relations from Mannheim University.

Term: 30 June 2017 - 31 July 2021

Committees:  Investment Panel (Interim), Audit & Risk Committee

Declared interest of Dr. Barbara Weber

 Tony Newman

Cllr Tony Newman was appointed to the Board in October 2018.  He was elected as Leader of Croydon Council in 2014. 

With a background in housing, Councillor Newman was appointed chair of Croydon’s housing committee two years after being elected in 1994.  In 2000 he was elected as chair and spokesperson of the London Government’s Association’s housing committee, a position he held for five years. 

Whilst in office, he has guided Croydon through an exciting period of investment and regeneration with a series of major projects underway, including Box Park, the Unibail – Rodamco – Westfield development and the rejuvenation of Fairfield Halls, Croydon’s Arts hub.  He brings valuable additional expertise to the Board around local investment in regeneration and other development projects.

Term: 19 October 2018 - 31 December 2022

Declared interest of Tony Newman

 Ruth Dombey

Cllr Ruth Dombey has been a councillor at the London Borough of Sutton since 2002 and in 2012 became Leader of the Council. She is also one of the Vice Chairs of London Councils and a Deputy Chair of the Local Government Association Executive.

She plays an active role in local government in London and presently is a member of the Homes for Londoners Board and the Skills for Londoners Board. 

Before becoming a councillor, Ruth worked in the financial information sector for Dow Jones Telerate and subsequently Knight Ridder.

Term: 19 October 2018 - 31 December 2022

Declared interest of Ruth Dombey

 Christina Thompson

Christina Thompson is Acting Strategic Director Corporate Resources (S151) at London Borough of Lambeth.  She has responsibility for finance and accountancy, audit, payroll and pensions, risk, insurance, procurement and property services.

Christina is lead adviser to the Council on all financial matters, including the development and management of the Council’s revenue and capital planning and short, medium and long term financial strategies to support delivery of the Council’s aims and objectives.  She also has responsibility for the management and administration of the Council’s pension fund, and is a board member of the Council's housing development company, Homes for Lambeth.

Her range of experience is broad, having worked in all areas of finance in local government and also in an acute hospital trust.

Term: 1st January 2019 - 31 December 2022

Committees: Audit & Risk Committee (Chair)

Declared interest of Christina Thompson

 



Board Responsibilities

The Board is responsible for:

  • The governance of the London Pensions Fund in accordance with statutory regulations;

  • The submission of a Strategy Statement and a Budget Statement to the Mayor each year;

  • The issue of a levy each year under the regulations;

  • Directing and monitoring the Executive.

  • Using its position as an active shareholder of LPP Ltd to drive the effective implementation of the partnership and seek to assist where possible to facilitate the growth in LGPS collaborations.

It acts in a role similar to that of a trustee and has a fiduciary duty to:

  • The employers participating in the Fund: to invest responsibly
  • The members of the Fund: to ensure contributions are collected, that benefits are calculated correctly and paid promptly, and that any surplus monies are properly and prudently invested;
  • The council tax payers of Greater London in respect of expenditure falling: to be met from the levy.

The Board is accountable to:

  • The Mayor and the GLA for the proper management of the Authority’s affairs;
  • The Fund's employers for the proper administration of the Scheme; and
  • Agency clients for the operation of their administration contracts.


Board Structure

The LPFA Board operates under a framework of corporate governance and undertakes its responsibilities through the operation of various committees.  View the committee structure chart here



Board Member Remuneration

Board Members

Role

Remuneration

John Preston 

Chairman

£50,800 pa

Dermot “Skip” McMullan

Board Member

LPFA Shareholder-nominated Director on LPP

£12,000 pa

£30,000 pa

Tamlyn Nall

Board Member

£12,000 pa

Terence Jagger       

Board Member

£12,000 pa

Barbara Weber

Board Member

£12,000 pa

Ruth Dombey

Board Member

£12,000 pa

Tony Newman

Board Member

£12,000 pa

Christina Thompson

Board Member

£12,000 pa

 * In accordance with statutory guidance, senior officer pay is disclosed in the accounts with an analysis between employer’s pension contributions and other payments.



About the LPFA Board and our Constitution

The London Pensions Fund Authority is a statutory corporation set up by the London Government Reorganisation (Pensions etc.) Order 1989 [SI 1989 No. 1815] to discharge the functions of the London Residuary Body as an administering body under the Local Government Superannuation Regulations 1986, which have now been superceded by the Local Government Pension Regulations 1997 [SI 1997 No. 1612].