LPFA - your pension our world
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History of the LPFA
The London Pensions Fund Authority is one of the UK's largest administering authorities of the Local Government Pension Scheme (LGPS) with a Fund membership of over 76,000 members and assets of over £3.2bn as at June 2009. LPFA also operates agency administration contracts covering over 120,000 scheme members. The LPFA was established in 1989 as a stand-alone public body, to take over the running of the former Greater London Council (GLC) Pension Fund following GLC abolition on 31st March 1986. LPFA is also responsible for the residual employer functions of the GLC, Inner London Education Authority (ILEA) (abolished on 31st March 1990) and the former London Residuary Body (LRB).
The LPFA was formerly accountable to the Department of the Environment, Transport and the Regions but now reports to the GLA and London’s Mayor who is responsible for appointing the LPFA Board. The Authority has a fiduciary duty to the fund membership, employers and the council taxpayers of Greater London.
In 1991 LPFA published its first Corporate Plan which set out clear objectives which aimed to deliver a high standard of service to Fund members, attract new customers and ensure consistent competitive management of the Fund assets. Developments were also initiated to change the management style to provide greater commercial awareness and customer sensitivity.
LPFA works to defined standards of service which are published in ‘A Charter for our Customers and Pensioners’ and won the Charter Mark Award in 1994 and 1997. Investors in People accreditation was gained in 1996 and has been maintained and the Authority's progress is reflected in the number of pensions industry awards won.
The LPFA is committed to seeking, listening to and acting on the views of all customers. In 1994 the first annual Fund Members Forum was held, followed by the first Employer Forum. Both events continue and strengthen communication, accountability and provide useful feedback on how we deliver our services. The Authority has formed a Fund Member Panel where more specific issues can be discussed and improvements suggested as part of our consultation process.
Continued investment in new technology and staff training has given the Authority leading edge systems and a well-trained committed workforce. Since 1990 unit costs have been closely monitored and the LPFA continues to publish performance indicators and to seek out comparative statistics. A Development Programme is operated in the search for further efficiencies and continuing improvements in service operation through developing a well trained management level.
LPFA's success in expanding the customer base shows in the take up of new contributors, the admission of new employers, and in taking on agency administration for other funds.
LPFA is also involved in the wider development of pensions administration through its representation on key bodies and discussion groups, including the Local Government Pensions Committee (LGPC), the Chartered Institute of Public Finance and Accountability (CIPFA) Pensions Panel, the National Association of Pension Funds (NAPF) Investment Council, the Pension Fund Investment Forum (PFIF) and the Society of London Treasurers (SLT).
During 2006 LPFA embarked upon a significant change programme refocusing on the core elements of any pension fund; Pensions Operations and Investment of the Fund. All support services were pulled together into a new Corporate Resources Directorate.
The appointment of a new Chief Executive in September 2006 and an Investment Director early in 2007, along with other external appointments at manager level, added new impetus to the change programme. The Chief Executive introduced a culture change programme focused on shaping-up the organisation with the key message being to lift LPFA ‘from good to excellent’.
The Authority is intent on building effective working relationships with all stakeholders, both externally and internally so as to lead LPFA forward with a versatile professional infrastructure which is equipped to deal with the flexibility required by anticipated growth over future years. The Authority will continue to work with the Board, the GLA and London boroughs for the better administration of pensions in the public sector.