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Lancashire County Pension Fund and LPFA appoint Bourne as Joint Independent LPB Chair

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The Lancashire County Pension Fund (LCPF) and London Pensions Fund Authority (LPFA)have appointed William Bourne as Joint Independent Local Pension Board Chair. 

Both Funds are establishing separate LocalPension Boards (LPB), which will be separately chaired by William Bourne. 

The LPBs differ from the Funds’ main Boards in that they will be responsible for assisting both LCPF, Lancashire County Council and the LPFA, as Scheme Managers, in securing compliance with LGPS Regulations, other legislation relating to governance of the Scheme, any requirements of The Pensions Regulator, and in ensuring effective governance and scheme administration. 

William’s appointment further enhances best-in-class governance processes upheld byLCPF and LPFA. It is also the next step in greater collaboration between the two Funds who announced last year the creation of a GBP10 billion Asset & Liability Management (ALM)Partnership. 
With LCPF and the LPFA at the early stages of developing a partnership arrangement, the recruitment of an Independent Chair to chair both Local Pension Boards is seen as the right route forward. 

William has more than 30 years’ experience across pensions and finance. Since 2005 
he has advised pension funds in the UK and Europe, including a major Scandinavian local government pension scheme. 

He also acts as an independent advisor to the Royal County of Berkshire Pension Fund and East Sussex Pension Fund, and has been heavily involved in the recent consultations and debates over efficiencies and governance in the LGPS sector. He is also a Director of City Noble Limited. 

Susan Martin, CEO of LPFA, says: “We are delighted to welcome William as our Independent Local Pension Board Chair. This appointment emphasises our commitment to strong governance and working directly with our members and employers. William’s considerable experience in LGPSmatters will prove invaluable as we establish our Local Pension Board. Collaborating with Lancashire on this is another indication of our increasing joint working and the establishment of our ALM partnership.” 

George Graham, Director of LCPF, says: “The appointment of William is excellent news. Working jointly with LPFA it has generated savings in the appointment process and also means we will be able to apply shared best practice in the implementation of our Local Pension Board. The Local Pension Board will provide a great platform to encourage member and employer representation across the LGPS, as well as acting as a spur to continuous improvement.” 

William Bourne says: “I am very pleased to be appointed to these important roles, and look forward to playing my part in the implementation of Local Pension Boards for the benefit of members and employers in both these leading and innovative authorities within the public sector pension community.” 

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