The Mayor of London, Boris Johnson today announced that Sir Merrick Cockell has been appointed Chairman of the London Pensions Fund Authority (LPFA), following unanimous support from the London Assembly.
Sir Merrick is a former Leader of the Royal Borough of Kensington and Chelsea Council and former Chairman of the Local Government Association. He was previously Deputy Chairman of the LPFA, has been Acting Chairman since the departure of Edi Truell and will assume the role immediately.
The Mayor of London, Boris Johnson said: “I am delighted to appoint Sir Merrick Cockell to this crucial role. With his vast experience of both local Government and pensions he is perfectly placed to drive forward the organisation over the coming years. I firmly believe that pooling the resources of some of the country’s numerous public sector pension funds would save hundreds of millions of pounds and potentially deliver improved returns worth billions. I have asked Sir Merrick to progress with our partners, Lancashire County Pension Fund (LCPF), the objective of quadrupling assets under management and delivering best value for money via a slick and efficient structure for the whole partnership”.
Speaking about his ambitions for the role and UK sector pensions, Sir Merrick said that it’s time to challenge the status quo in the LGPS and show sector leadership:
He said: “It is a very interesting and challenging time for the LPFA and the Local Government Pension Scheme (LGPS). The Chancellor’s Emergency Budget made it clear that funds need to change or have it forced upon them. Only through collaboration can we meet the desired outcomes and results needed to take the LGPS out of deficit and keep our future in our hands.”
With his background in local government, Sir Merrick brings a deep understanding of the public sector and the challenges faced by councillors and the schemes they operate.
He added: "With so many councils proving they can co-operate by bidding together to Treasury for more devolved powers, we must urgently develop models that secure the appropriate level of local accountability whilst partnering on investments, liabilities and administration. The Lancashire and London Pensions Partnership model shows what can be done and can be developed much further.
“The LGPS is a sleeping giant and instead of looking enviously at Canada or Australia we should get on with creating our own LGPS equivalents.”
Edi Truell left his role at the LPFA to take up a new position as the Mayor’s Advisor on Pensions and Investments, tasked with driving forward collaboration between public sector pension funds and investing the proceeds in infrastructure and housing in London and across the country. He was also asked to establish an advisory board for the newly-created Lancashire and London Pensions Partnership (LLPP), the £10bn partnership between the London Pensions Fund Authority (LPFA) and the Lancashire County Pension Fund (LCPF).