The Mayor of London, Boris Johnson, has today appointed Edmund Truell, as the Chairman of the London Pensions Fund Authority (LPFA).
The LPFA is the largest local government pensions scheme provider in London and one of the largest in the UK. The LPFA is home to some 200 "not for profit" employers, with more than 80,000 members and fund assets of £4.2 billion.
Mr Truell has 28 years of experience in pensions, private equity and debt markets. He was the founder of Pension Insurance Corporation; a leading provider of risk management solutions to UK defined benefits pensions funds.The Mayor of London, Boris Johnson, said: ‘I am delighted to appoint Edmund Truell to this vital role. Edmund brings a wealth of experience in pensions management to build on the solid foundations laid by outgoing chairman, Anthony Mayer.
‘This appointment will give further impetus to the London Pensions Fund Authority to deliver value for money for Londoners, provide long-term sustainable provision for its members and to explore new ways to invest funds including in London’s infrastructure.’
Edmund Truell said: “I look forward to working with the Board and executive to deliver safe and secure pensions to our members. The LPFA is already a cost effective pensions administrator for many public sector employers. We look forward to being the consolidator for many more, thereby delivering even better value for money to tax payers; and best in class service levels to members. By growing our assets under management, the LPFA will be better able to invest into long term infrastructure and housing assets, thereby delivering solid long term returns as well as societal benefits.”
Notes to editors
1. The Mayor appoints the Chairman of the LPFA and its Board members. There are up to 11 Board Members. The Mayor has to consult London Councils on half of these appointments.
2. Mr Truell stepped down from the Pension Insurance Corporation in September, 2012. He is Chairman of Tungsten Corporation PLC – a newly formed company established to acquire insurance assets. He is also Founder Chairman of Disruptive Capital Finance which incorporates a £30m Government backed Sustainable Technology Fund. He was Executive Chairman and Group Chief Executive of Duke Street Capital. He previously worked at Hambros and Bankers Trust. He is also Chairman of the Truell Charitable Foundation and a trustee of the Charles Darwin Foundation in the Galapagos.
3. The LPFA was established as a stand alone, independent public body on 31 October 1989 when all the functions, property, rights and liabilities of the London Residuary Body in relation to the Greater London Council’s (GLC’s) Superannuation fund were transferred to the LPFA. The LPFA is also responsible for the residual employer functions of the GLC, the Inner London Education Authority and the London Residuary Body which mainly involves the payment of non-funded pensions and compensation for which an annual levy of some £23m is raised on London borough councils.