The members of our Board come from many different professional backgrounds, including investment, communications, consulting, the public sector and corporate governance. Their experience and expertise ensures that we're a well-run fund operating in the interests of our members, employers and wider stakeholders.

Principal officer -

John Preston (Chairman)

John Preston is a non-executive director and professional trustee. In addition to his role as Chair of the London Pensions Fund Authority, he is currently Chair of the Sainsbury’s Pension Scheme and Chair of the Medical Research Council Pension Scheme. He is also past Treasurer and a Council member of the University of Bath and a 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.

Declared interests of John Preston

Principal officer -

Rita Bajaj

Rita Bajaj has over 30 years’ experience working in global investment markets experience, leading investment teams at Royal London & Invesco Perpetual. She has also managed global and US equity vehicles for several US investment institutions and EMEA Chief Administrative Officer at custodian, State Street. She is also a former FCA regulator. 

Rita is ARC Chair and Senior Independent Director at Fidelity Life Insurance Ltd, an independent non-executive director for Benefact Group Plc & its subsidiary Edentree, Wesleyan Assurance and Columbia Threadneedle’s OEIC Boards. She is also an Independent Governance Committee member for Hargreaves Lansdown’s workplace SIPP. Rita is passionate about improving member investment outcomes which are both sustainable and incorporate ESG considerations.

Term: 18 May 2021 - 30 April 2025

Committees: Investment Committee

Declared interests of Rita Bajaj

Principal officer -

Cllr 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 London Transition Board (chaired by the Rt Hon Robert Jenrick MP), the London Recovery Board and the London Health Board (both chaired by the Mayor of London).

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 interests of Ruth Dombey

Principal officer -

Belinda Howell

Belinda brings expertise in sustainability and climate change strategy, environmental social governance, responsible investing and assurance to FTSE 100 corporate boards. She has extensive experience across a wide range of sectors from natural resources, agri-commodities, fisheries and energy through the supply chain to consumer goods, retail and utilities.

Belinda founded strategy consultancy Decarbonize Ltd and is currently a non-executive director of the National Centre for Atmospheric Science, Marine Management Organisation and a Trustee of the National Biodiversity Network. She has previous experience as a director of business in the community, engineering and infrastructure firm URS Corporation, chief executive of a start-up carbon and supply chain information technology provider and a nominee board member of the Roundtable for Sustainable Palm Oil and Roundtable for Responsible Soy Associations.

She holds an M.Phil in Biochemistry, first class MBA and Diploma in Company Direction (Institute of Directors).

Term: 18 May 2021 - 30 April 2025

Committees: Investment Committee

Declared interests of Belinda Howell

Principal officer -

Terence Jagger

Terence Jagger started his career in industry, working 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 leading the QinetiQ privatisation, Director Financial Management, Command Secretary (Finance & HR Director, with policy & propriety responsibilities) to the RAF, and political adviser to the NATO commander in Afghanistan (2006-2007).

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. As well as the Chair of Board at Bath Spa University and of EUNIDA, most recently he was a member of ACOBA, and a director of the Single Source Regulations Office. He is currently Chair of NMITE engineering institute in Hereford, a trustee of Tree Aid, and a director of the Marine Management organisation.

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

Shareholder Non-Executive Director on the Local Pensions Partnership (LPP) Group Board

Declared interests of Terence Jagger

Principal officer -

Sophia Morrell

Sophia Morrell is the Director of UK Public Affairs for UK Finance, where she leads domestic government relations and advocates for the UK’s financial services sector. Prior to this, Sophia spent five years as a Political Adviser to Jonathan Reynolds MP in his roles as Shadow Secretary of State for Work and Pensions and Shadow City Minister.  

Sophia specialises in financial services policy and communications. She has worked both as an independent consultant and at a number of political and communications agencies including Lansons, Greentarget PR and Headland, after beginning her career as a journalist in 2007 covering capital markets during the financial crisis. 

Sophia was Chair of Labour in the City for three years and sat on the National Executive of the Young Fabians in 2015. She is an advocate for women in finance and in 2016, launched a report on the representation of women in the industry in association with the Institute for Chartered Accountants for England and Wales.

Term: 1 April 2022 - 31 March 2026

Declared interests of Sophia Morrell

Principal officer -

Tamlyn Nall

Tamlyn has been involved in the financial markets for nearly 40 years. She was previously a Managing Director at Lloyds Bank where she ran the derivative structuring team. Before Tamlyn joined the LPFA Board, she had 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.

Tamlyn is currently also a director of The Royal Horticultural Society (1974) Pension Scheme and is a member of The National Trust’s Investment Committee, where she sits on their Stewardship and Engagement Working Group.

In her spare time Tamlyn is a keen triathlete – she is a member of the GB Age Group team for both the Worlds and European Championships.

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

Committees: Audit & Risk Committee; Investment Committee (Chair)

Declared interests of Tamlyn Nall

Principal officer -

Cllr Richard Olszewski

Richard Olszewski has been a councillor at London Borough of Camden for more than 15 years. He is the cabinet member for finance and cost of living and also chairs Camden’s Pension Board.

Richard is also a member of the North London Waste Authority, the Greater London Employment Forum and the Greater London Provincial Council. He is a Local Government Association Member Peer, giving peer support to local authorities and mentoring to individual councillors in other authorities.

Since 2021, he has been a trustee of Electrical Safety First, the charity campaigning name of the Electrical Safety Council.

Richard was a special adviser to Cabinet minister, John Reid, in six cabinet roles, including Health, Transport and Northern Ireland.

By profession, Richard is a government relations and communications adviser. He has advised a range of private sector and non-profit organisations on a wide range of strategic business-critical and campaign issues, including financial services, regeneration and business ethical behaviours.

Term: 1 January 2023 - 31 December 2026

Declared interests of Richard Olszewski

Principal officer -

Deborah Rees

Deborah Rees had a long City career researching and providing investment advice, primarily on international equities, to professional investors. She worked for Kleinwort Benson, Bank of America, Barclays and Exotix Capital.

In parallel with her city career, Deborah has always had a passion for international development and served on the Board and Investment Committee of the Leprosy Mission International for whom she is now a pension fund trustee. She is also a member of the Board and Audit & Risk Committees at The Methodist Insurance Company (where she chairs the Investment Committee), CBF Funds Trustees Ltd, and The Land Trust.

Term: 18 May 2021 - 30 April 2025

Committees: Audit & Risk Committee

Declared interests for Deborah Rees

Principal officer -

Clare Scott

Clare has worked in the pensions industry for 30 years and is currently a non-executive and independent adviser to a number of public sector pension funds. She specialises in governance and investment oversight and is a qualified actuary.

A large part of her career was spent at Lothian Pension Fund, the local government pension fund in Edinburgh, and includes five years as its Chief Executive. Her experience there includes expanding the internal investment team, in-sourcing investment management, managing actuarial valuations, and establishing the Pension Board. Prior to that Clare worked as an investment consultant.

She lives in East Lothian and enjoys gardening.

Term: 18 May 2021 - 30 April 2025

Committees: Investment Committee, Audit & Risk Committee

Declared interests of Clare Scott

Principal officer -

Christina Thompson

Christina Thompson is Director of Finance and Property (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.

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

Term: 1 January 2019 - 31 December 2022

Committees: Audit & Risk Committee (Chair)

Declared interests of Christina Thompson

Our Board has overall responsibility for ensuring that there is an effective corporate governance framework that includes providing robust oversight and compliance with all relevant legal and regulatory matters. This is achieved by having a governance structure that has clear lines of accountability and authority with a defined scheme of delegation in place where our Board, its committees and individuals are aware of their roles and responsibilities. 

The Board is responsible for ensuring that LPFA does not exceed its powers or functions, whether defined in statute or otherwise. 

The Board’s role is similar to that of a trustee and it has a fiduciary duty to: 

  • The employers participating in the Fund: to maintain as stable as possible contributions, to invest responsibly and ensure the future financial sustainability of the Fund 
  • The members of the Fund: to ensure contributions are collected, that benefits are administered, calculated and paid and paid correctly 
  • The council taxpayers of Greater London in respect of expenditure falling due, which has to be met from the levy. 

The Board is accountable to: 

  • The Mayor of London and the Greater London Authority for the proper management of the LPFA’s affairs 
  • The Fund’s employers for the proper administration of the pension fund 
  • Agency clients for the operation of their administration contracts.

Our Board operates under a corporate governance framework which includes the operation of committees that assist the Board in carrying out its functions effectively. Currently, the only standing committee with delegated powers from the Board is the Audit & Risk Committee (ARC), responsible for the oversight and scrutiny of financial reporting, governance and compliance arrangements, internal controls, internal and external audit and risk management.

An Investment Committee (IC) was established in January 2022 to monitor the operation of the investment and funding arrangements of the LPFA.

Additionally, since 2015 there has been a statutory requirement to have a Local Pension Board (LBP) which is formed of member representatives, employer representatives and an independent Chair. The role of the LPB is to assist LPFA, as the Administering Authority, in securing compliance with the LGPS and other regulations and the effective and efficient governance and administration of the pension fund.

Name Role Remuneration
John Preston Chair £50,800 p.a.
Rita Bajaj Board Member £17,000 p.a.
Ruth Dombey Board Member
£17,000 p.a.
Belinda Howell Board Member
£17,000 p.a.
Terence Jagger Board Member
£17,000 p.a.
Terence Jagger LPFA Shareholder-nominated Director of LPP £23,000 p.a.
Sophia Morrell Board Member
£17,000 p.a.
Tamlyn Nall Board Member
£17,000 p.a.
Richard Olszewski Board Member
£17,000 p.a.
Deborah Rees Board Member
£17,000 p.a.
Clare Scott Board Member
£17,000 p.a.

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

The Constitution sets out the corporate governance arrangements of how the LPFA operates, how decisions are made and the procedures followed to ensure that decision-making is transparent and accountable. You can find out more here.

Board meeting dates are below. The timing of the public board session and how members of the public can attend will be confirmed closer to the meeting date. For recent agendas and minutes click here.

Members of the public are invited to request to attend the public session of the LPFA Board by emailing the contact below. Papers for the session will be published on the Board Reports 2022 page for each meeting.

If you have any questions, please email us at corporate@lpfa.org.uk.

Upcoming Board Meeting Dates 2023

Thursday 30 March 2023 10am - 4pm
Thursday 13 July 2023 10am - 4pm
Tuesday 24 October 2023 10am - 4pm
Tuesday 12 December 2023 10am - 4pm

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