Appointments: Former Brunel chair adds two board positions

The £10.2bn Lothian Pension Fund has appointed Denise Le Gal as a non-executive director to the boards of its two subsidiaries, LPFE and LPFI.

Le Gal has been involved in the Local Government Pension Scheme (LGPS) since 2009 when she was appointed chair of the Surrey Pension Fund. She later chaired the Brunel Pension Partnership until stepping down last year.

Her previous roles also include board membership at the local government pension committee at the Local Government Association, the LGPS Scheme Advisory Board, and the Local Authority Pension Fund Forum.

She currently chairs Brightwell Pensions, which runs the BT Pension Scheme, and the JPMorgan Chase UK Retirement Plan.

LPFE is Lothian’s corporate body, which employs staff responsible for the running of the pension fund, while LPFI is the pension scheme’s FCA-authorised investment company.

David Vallery, Lothian’s chief executive officer, said: “I’m delighted to welcome Denise Le Gal as our new non-executive director. She brings a wealth of experience across pensions and local government and from her previous board positions.

“Her valuable insight and knowledge will be a great asset to Lothian Pension Fund as we continue to grow and deliver outstanding pension and investment services to our members, employers and partner funds.”

Le Gal added: “I’m very much looking forward to working with Lothian Pension Fund and being part of the LPFE and LPFI boards. Lothian is in a unique position in Scotland, operating an FCA-regulated investment arm and with its strong commitment to responsible investment, this presents many opportunities for growth and collaboration.”

Future Growth Capital adds pension experts to board

Denise Le Gal has had a busy week, as she has also joined the board of asset management business Future Growth Capital.

Along with former Railpen chief executive John Chilman, she has taken up the role helping to advise and oversee the company, which was jointly set up by Phoenix Group and Schroders last year.

Chilman is currently chair of the Pensions and Lifetime Savings Association’s policy board, as well as being a governor and trustee of the Pensions Policy Institute, and an independent trustee director of the Nestlé UK Pension Fund. As well as leading Railpen, he has previously worked as group head of pensions for National Grid.

Paul Forshaw, chief executive at Future Growth Capital, said the appointments would “help us strengthen all areas of our business and provide independent governance assurance”.

Chilman said: “For too long, UK investors have not had the opportunity to invest in private markets. I am looking forward to working with Future Growth Capital to facilitate this access and to ultimately empower pension funds to harness the higher return potential available from private markets to benefit their members.

“This will both boost the value of pension savings and channel long-term capital into the real economy, building a more prosperous Britain for savers to retire into.” 

Earlier this month, Future Growth Capital announced the hires of Joanne Bugg from the Wellcome Trust and Nick Oliver from Schroders, joining the investment teams.

TPT appoints Stacey to investment manager role

TPT Investment Management, the fiduciary management subsidiary of TPT Retirement Solutions, has hired Nick Stacey as a senior investment manager.

In his new role, Stacey will be responsible for enhancing the company’s research activities, particularly in private markets. He will also support the wider team on strategy and portfolio construction initiatives, TPT said in a press release.

He was previously head of asset management and allocation for a European family office. Before this, he spent eight years at the in-house investment team at the Barclays UK Retirement Fund, and has also worked at Man Group.

Stacey said: “It is an exciting time for pensions in the UK with the introduction of the new Pension Schemes Bill to Parliament. I’m thrilled to begin working with the team at TPT Investment Management to support building our offerings for our clients, particularly in helping to develop our private market investment strategy.”

Barnett Waddingham adds to bulk annuities team

Oliver Ward has joined Barnett Waddingham’s bulk annuities team as principal and risk transfer actuary. He was previously at PwC for nearly 12 years, most recently as head of the Leeds pension team.

In his new role, Barnett Waddingham said Ward would work closely with trustees and sponsors on tailored risk transfer solutions, with a focus on overseas companies with UK subsidiaries.

Nikhil Patel, recently appointed to partner at Barnett Waddingham, said Ward was joining at an important time.

“Having already completed a record number of deals in the first half of this year, and many more in the pipeline, Oliver’s experience providing strategic and transaction advice will support us through the next stage of delivering the solutions our clients require,” he said.

Aon promotes Roe to lead retirement proposition 

Aon has announced Ben Roe as its new head of UK retirement within its Wealth Solutions business.

He is currently a senior partner and head of defined contribution (DC) consulting in the UK, as well as being Aon’s global DC wealth strategy leader. He has worked at the company for 21 years across DC and defined benefit roles.

Michael Clare, head of Wealth Solutions for Europe, the Middle East and Africa, said: “Ben Roe has led teams for 10 years within the UK retirement practice and has consistently demonstrated his ability to provide strategic direction and to grow the business.”