The London Pensions Fund Authority (LPFA), the largest local government pension scheme provider in London, has hired Susan Martin as its new chief executive officer.
Martin, who previously served as deputy chief executive, has been interim CEO since August when Mike Taylor, LPFA’s previous chief executive, announced his retirement.
In a statement, LPFA said Martin had more than 20 years’ experience in senior management roles dealing with organisational change, pensions, and mergers and acquisitions across private and public sectors. She has been with the LPFA since 2007.
Under Martin’s stewardship, the organisation will continue to focus on delivering efficiencies, it added.
“Over the coming months we will pursue a strategy that puts collaboration and the sharing of skills and expertise at the heart of what we do, using our resources to help deliver improvements across the LGPS [London Government Pension Scheme]. It is only through this kind of cooperation that we can hope to solve the public sector pensions deficit crisis in the UK,” Martin said in the statement.
Martin’s appointment comes as the LPFA prepares for what will be “a pivotal year” for public sector pensions in the UK, Edi Truell, chairman of the LPFA, said in the statement.
In June last year, the UK government announced it would review the London Government Pension Scheme, with the aim of reducing the costs of the scheme. It believes management and administration overheads – which range from £28 to over £300 per scheme member across 89 funds, at a total cost to the taxpayer of £471 million – should be reduced, it said in a statement at the time. The UK government also wants to increase co-operation within these pension fund schemes – which could include mergers.
“Local Government minister Brandon Lewis’s Call for Evidence into the future of the LGPS is a once-in-a-generation opportunity to solve real issues and reduce deficits,” Truell said, adding that Martin will aim to deliver “positive change” within the LPFA and “help the wider LGPS”.
In December 2012, Truell was hired by London mayor Boris Johnson as chair of the LPFA. “The LPFA is already a cost-effective pension administrator for many public sector employers and aims to be the consolidator for many more,” he said at the time.
Martin’s appointment comes after the LPFA fund assets grew by £427 million during 2012-2013, to £4.6 billion. In October, the LPFA teamed up with Adveq to invest in Secured Mail, a bulk mail and e-commerce packet delivery business, with Next Wave Partners, a UK-based growth capital investor.