Sally Bridgeland has stepped down as chair of Brunel Pension Partnership’s board following the government’s decision on local government pension scheme (LGPS) investment pool consolidation.
Earlier this year, UK ministers gave the green light to six out of eight UK local authority pension investment pools’ proposals for meeting new minimum standards set out by the government, rejecting plans put forward by Brunel Pension Partnership and ACCESS.
Key proposals included the requirement for all LGPS assets to be pooled by 31 March 2026, and for local authority pension funds to take investment strategy advice from their respective investment pools.
Following the government’s decision, Brunel has been considering its current situation and the future needs of the board, “given the new period of change”.
Because of the new changes and mandate for Brunel, it said that Bridgeland has decided to step down to allow for a different leadership with the right experience to lead the partnership through this time of “negotiation and major structural change”.
Bridgeland joined Brunel last year to lead the firm and guide it on strategic asset allocation advice, local investing and internal management of funds, given her extensive experience in pensions and investment.
Following Bridgeland’s departure, Patrick Newberry, who sat on Brunel’s board for six years, will become the new chair.
Newberry is a former PwC partner with extensive investment transaction experience. He joined Brunel in the spring of 2019, just a year after the pool received authorisation from the Financial Conduct Authority and has seen Brunel through its early and mid-stage growth, the launch of portfolios across multiple asset classes, and the transition of almost 90% of client assets.
These changes will take place as of 1 August, Brunel said, to ensure Newberry is able to step into the role immediately.
Laura Chappell, chief executive officer at Brunel, said: “I would like to thank Sally for her wide-ranging contribution to Brunel and we wish her all the very best. The focus of the role has now significantly changed, and I am pleased that Patrick has agreed to take it on at a critical moment in our partnership’s journey. His experience of guiding organisations through similar processes will be invaluable. I look forward to working even more closely with Patrick through the next phase.”
Newberry added: “We now face a critical period for the partnership and I will ensure that we work collectively as a board in the long-term interests of our broader partnership, our clients and their members.”
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