The London Pensions Fund Authority (LPFA) is the largest Local Government Pension Scheme (LGPS) fund in London. We are proud to help key London workers for 135 employers (including not-for-profit, charity, education, leisure, housing and local government organisations) achieve their retirement goals. Our Fund is valued at over £6 billion (as at 31 December 2020) and we work to provide financial security in retirement for over 90,000 of our members.
Our outsourced service partners, the Local Pensions Partnership Administration Ltd (LPPA) and Local Pensions Partnership Investments Ltd (LPPI), work with us to provide pensions administration services and invest our pension fund assets. We collaborate closely with a wide variety of other stakeholders, including our partner in the LPP Pool, Lancashire County Council, and the Greater London Authority (GLA). Additionally, we have a small number of non-LGPS residual roles related to the legacy of the Greater London Council (GLC).
When the LPFA was established in 1989, we not only took on responsibility for administering the former pension schemes of the GLC and Inner London Education Authority (both disbanded by then), but also for the payment of benefits to former GLC/ILEA employees who had been diagnosed with an asbestos-related disease. We also provide a compensation payment service on behalf of London boroughs and related organisations.
To provide a high-quality cost-effective pensions service that meets the needs of our different employers and members whilst playing a collaborative role in the wider pensions world.
As a pension fund, we are stewards of the future. Primarily stewards of our members’ financial future, ensuring robust pension provision. Furthermore, how our members’ funds are invested also impacts the future of our economy, our environment, our society and therefore our members’ future.We take this broader responsibility seriously, as a commitment to future and to the shape of today’s world. Consequently, we regularly look at the major environmental and social issues facing the world and work to ensure we are positively influencing them. Our ongoing major focus is on the climate emergency and how we can invest member funds to mitigate the financial risk from climate change, influencing the broader economy via our engagement opportunities and clearly communicating both our approach and our progress.
As part of our governance, we are required by law to prepare and regularly update our Strategic Policy Statement (SPS) which sets out our strategic aims for a rolling three-year period.
For the period 2021-2024, we continue to aim to provide a high-quality and affordable LGPS pensions service that sustainably meets the needs of our employers and members. We also commit to continuing to play a collaborative role in the wider pensions world.
Our strategy is underpinned by the following three main pillars:
Evolving our investment and liability management
Working in partnership and improving collaboration
Building stronger operational efficiency and robust shareholder activity
The latest version of our Strategic Policy Statement is available in the Library.
The LPFA is committed to operating an accountable and professional working culture which puts the interests of our members and employers at its heart. Our people believe and actively live the behaviours below in all that they do.
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