Michael O’Higgins will be stepping down from his role as chair of the Local Pensions Partnership (LPP) in the summer, LPP announced today.
A former pensions regulator chair, O’Higgins has been chair of the local government pension scheme asset pool since its formation in 2015. Assets under management have doubled since then, standing at £19.7bn at the end of November 2020.
O’Higgins’ decision to leave LPP comes as the pension provider has completed a transition into a new five-year plan, including a restructuring of LPP Group. O’Higgins said that with dedicated subsidiaries now fully operational, “I feel it is time for me to move on”.
“The journey with LPP has been hugely rewarding and fulfilling,” he said. ”We set out to implement a new way of operating under the LGPS – the holistic management of pension fund assets, liabilities and pension administration. We delivered the goals of our original business plan three years into our initial five-year plan and have continued to raise the bar since.”
LPP was formed from the partnership between Lancashire County Council and the London Pensions Fund Authority. It now has two operating subsidiaries, LPP Investments (LPPI) and LPP Administration (LPPA), led by separate boards of directors. LPPI will continue to be chaired by Sally Bridgeland and LPPA will continue to be chaired by Sir Peter Rogers.
LPP said that in the coming months O’Higgins is to would work in partnership with LPP’s shareholders to define the scope and nature of the role into which a successor will step.
Chris Rule, CEO of LPP, said: “I would like to thank Michael for his contribution to LPP. He has been a driving force for the business since his appointment and the rapid pace of asset pooling and delivery of efficiencies is testament to his qualities as a leader. We are now well progressed in our new five-year strategy which began at the beginning of last year.
”There will be time to say thank you later this year, in the meantime I am grateful for the opportunity to continue to work with Michael to ensure we are well positioned to maintain momentum delivering our business strategy.”