LPFA Board

Appointed by the Mayor of London, the LPFA Board has grown in profile in recent years, with members from a diverse professional background. The pension fund management, public service and corporate governance experience and expertise these appointees have brought in, provides LPFA with a trusteeship unrivalled in the UK pension community.

Board meetings are held in public and you will find all historic Board papers under the Board Reports tab. 

Board meetings take place at our office at 169 Union Street, SE1 0LL and you are welcome to attend. Please contact corporate@lpfa.org.uk or 020 7369 6000 in advance to confirm your interest.

The next board meeting is on Tuesday, 11 December 2018. The public session starts at 12:30pm at 169 Union Street, SE1 0LL.


Board Members

Sir Merrick Cockell (Chairman)

Sir Merrick was appointed Chairman in September 2015 after previously being Deputy Chairman since April 2013. He was appointed to the Board in 2010.

In January 2015, Sir Merrick was appointed Chairman of the UK Municipal Bonds Agency, the first of its kind in Great Britain. This was soon followed by his appointment as Chair of the Crossrail2 Growth Commission until 2016.

Sir Merrick Cockell was Chairman of the Local Government Association from 2011-2014. He successfully led the LGA through arguably the most difficult time for UK local government in a generation. From 2006-10, Sir Merrick chaired London Councils, the cross-party lobbying organisation which represents London’s 32 boroughs and the City of London.

A councillor for over 29 years, Sir Merrick also served as Leader of the Royal Borough of Kensington and Chelsea from 2000 until 2013. Sir Merrick is Chairman of Localis, an independent think-tank dedicated to issues related to local government and localism. He is also the Executive Chairman of Cratus Communications and a Senior Adviser to PA Consulting Group.

Term: 1 October 2010 - 30 September 2013. Extended to 31 December 2019 by GLA Assembly agreement.

Declared interests of Sir Merrick Cockell

Dermot 'Skip' McMullan

Dermot ‘Skip’ McMullan was a managing director at Bank of America in a career spanning 28 years, prior to becoming an Independent Chair of Trustees. During his career at Bank of America, he was involved with the majority of major industries in the UK and globally, including construction, mining, real estate, shipping, and the oil and gas industries. Most recently he was responsible for all the relationships that the Bank had in Europe with other financial and non-financial institutions.

His earlier career included the creation of the first PFI company, structuring the financial package and concession for the Dartford Bridge, followed by the larger concession for the Second Severn Bridge and the smaller concession for the Skye Bridge. The latter also involved the buyout of the concession by the Scottish Executive. Currently, he chairs the trustee boards of the Bank of America UK Pension Plan and the SSVC Pension Plan. He is a director of the Bank of America Merrill Lynch UK Pension Plan and joined the LPFA board in April 2013. He is also a trustee of a number of charities.

Term: 17 April 2013 - 31 March 2017. Extended to 31st March 2021. 

Committees: Investment Panel

Declared interests of Skip McMullan

 Anthony Dalwood

Tony Dalwood was recently appointed as an independent non-executive of J.P. Morgan Private Equity Limited and was also named as CEO of Gresham House plc. Tony is a former Chairman of SVG Investment Managers (SVGIM) and was formerly CEO of SVG Advisers, the global private equity funds business and manager of $5bn AUM. He previously established the public equities business for Schroder Ventures (London) Limited which included fund management and investment strategy alongside operational responsibilities. Prior to this, he was a Director at UBS Global Asset Management (formerly Phillips & Drew Fund Management). Whilst at UBS, Tony was a member of the UK Equity Investment Committee and responsible for managing over £1.5 billion of UK equities. He has an honours degree in Economics & Accounting from Bristol University and a degree in Management Studies from Cambridge University (Judge Institute) and is a member of the CFA Institute. He is involved in various charities, is a governor of St Albans School and president of a cricket club.

Term: 1 October 2010 - 30 September 2014. Extended to 31 December 2018.

Committees: Investment Panel Chair

Declared interests of Anthony Dalwood  

Mike O'Donnell

Mike was appointed to the Board in October 2010. He has been Director of Finance at the London Borough of Camden since October 2005, having previously been the Director of Finance for Swindon Borough Council and previously having held a number of other senior finance posts in London local government. He is a qualified accountant and CIPFA member. Mike chaired the London Financial Advisory Committee from 2008 until April 2014 and was President of the Society of London Treasurers. He also chairs a number of other cross London working groups and is an advisor to the Local Government Association.

Mike was educated at the University of Sussex and then achieved an MSc at the London School of Economics. In 2008, he also completed the Investment Management programme at the London Business School.

Term: 1 October 2010 - 30 September 2014. Extended to 31 December 2018.

Committees: Audit and Risk Committee Chair

Declared interests of Mike O'Donnell 


Tamlyn Nall

Tamlyn has been involved in the financial markets for over 30 years, in her last role she was Managing Director and Head of Treasury and Trading Structuring at Lloyds Bank. She has over ten years’ experience as a sponsor nominated trustee of one of the UK’s largest pension funds where she was instrumental in introducing the rigors of financial market thinking to pension fund risk. More recently, Tamlyn has been appointed a director of The Royal Horticultural Society (1974) Pension Scheme. While at Lloyds, she was a founding member of the Women’s Network, and chaired both the Divisional Charity Committee and the Values and Behaviour Committee. 

In her spare time Tamlyn enjoys completing a number of athletic endeavours. Recently she has run the London Marathon, competed in the 2015 Hyde Park Triathlon, swam The Hellespont and completed the 1000km South West Coast Path walk. She is also a keen chef. Tamlyn is married with three children.

Term: 1 January 2016 - 31 December 2019.

Committees: Audit and Risk Committee; Investment Panel

Declared interest of Tamlyn Nall

Terence Jagger

Terence Jagger started his career in investor relations/financial communications and strategy development in industry, with Shell, American Express, Burmah Oil and Unigate; he has worked in the UK, Australia and Italy.  After a Masters degree in Finance, he joined the civil service in 1995, where he worked in the MOD for 15 years until 2011; his roles included managing the PFI programme, leading the QinetiQ privatisation, Director Financial Management, Command Secretary (Finance & HR Director, with policy & propriety responsibilities) to the RAF, and political advisor to the NATO commander in Afghanistan (2006-7). From 2011-2015, he was Chief Executive of Crown Agents, the international development company working in Africa and Asia, where he also was deputy Chairman of Crown Agents Bank and Crown Agents Investment Management.

He has previously served as a non-executive or trustee of the UK-Japan 21st Century Group, the Met Office, the Gloucestershire and the London Wildlife Trusts, and the London Library, and as Chair of EUNIDA. His other current roles include membership of public bodies ACOBA, and the referrals committee of the SSRO.

Term:  1 January 2016 – 31 December 2019

Committees:  Audit and Risk Committee

Declared interest of Terence Jagger

Dr. Barbara Weber

Dr. Barbara Weber is the founding partner of B Capital Partners, an investment advisor for institutional investors focused solely on infrastructure. In addition to classical M&A advice for direct investments, B Capital’s services include investment advice for funds, sourcing and assessment of investment opportunities, full transaction services (investment and divestment of directs/funds) as well as asset management services.

Barbara was instrumental in helping a group of Swiss pension funds to set up their own infrastructure investment platform. Upon successful set-up of the platform, the first investment (March 2015) was a share in the Swiss high voltage network, Swissgrid, sourced and advised by B Capital. Barbara served on its Investment Committee until 2016.

Barbara has over 17 years of infrastructure and private equity as well as project finance experience gained during several years with Dresdner Kleinwort Benson, PolyTechnos and, since 2003, with B Capital Partners. She previously worked for the private sector development group of the World Bank in Washington DC.

Barbara wrote her Ph.D in Economics at Harvard University and University of St. Gallen. She holds an MSc in Business & Operations Research from Warwick University and a post-graduate degree in International Relations from Mannheim University.

Term: 30 June 2017 - 31 July 2021 

Declared interest of Dr. Barbara Weber

 Nigel Topping

Nigel serves as the CEO of We Mean Business - a coalition of organisations working on climate change with thousands of the world’s most influential businesses and investors.  He serves on the Energy Transitions Commission and on the board of the Grantham Institute.  

Previously, Nigel was Executive Director of CDP (formerly the Carbon Disclosure Project). 

Nigel has 18 years’ experience in the private sector, consulting for and running manufacturing businesses, most recently as a member of the MBO team who turned TMD Friction into  the global leader in friction material for the automotive industry. He holds a BA in Mathematics from Cambridge University and an MSc in Holistic Science from Schumacher College.

Term: 30 June 2017 - 31 July 2021

Declared interest of Nigel Topping

 Tony Newman

Cllr Tony Newman was appointed to the Board in October 2018.  He was elected as Leader of Croydon Council in 2014. 

With a background in housing, Councillor Newman was appointed chair of Croydon’s housing committee two years after being elected in 1994.  In 2000 he was elected as chair and spokesperson of the London Government’s Association’s housing committee, a position he held for five years. 

Whilst in office, he has guided Croydon through an exciting period of investment and regeneration with a series of major projects underway, including Box Park, the Unibail – Rodamco – Westfield development and the rejuvenation of Fairfield Halls, Croydon’s Arts hub.  He brings valuable additional expertise to the Board around local investment in regeneration and other development projects.

Term: 19 October 2018 - 31 December 2022

 Ruth Dombey

Cllr Ruth Dombey has been a councillor at the London Borough of Sutton since 2002 and in 2012 became Leader of the Council. She is also one of the Vice Chairs of London Councils and a Deputy Chair of the Local Government Association Executive.

She plays an active role in local government in London and presently is a member of the Homes for Londoners Board and the Skills for Londoners Board. 

Before becoming a councillor, Ruth worked in the financial information sector for Dow Jones Telerate and subsequently Knight Ridder.

Term: 19 October 2018 - 31 December 2022


Board responsibilities

The Board is responsible for:

  • The governance of the London Pensions Fund in accordance with statutory regulations;

  • The submission of a Strategy Statement and a Budget Statement to the Mayor each year;

  • The issue of a levy each year under the regulations;

  • Directing and monitoring the Executive.

  • Using its position as an active shareholder of LPP Ltd to drive the effective implementation of the partnership and seek to assist where possible to facilitate the growth in LGPS collaborations.

It acts in a role similar to that of a trustee and has a fiduciary duty to:

  • The employers participating in the Fund: to invest responsibly
  • The members of the Fund: to ensure contributions are collected, that benefits are calculated correctly and paid promptly, and that any surplus monies are properly and prudently invested;
  • The council tax payers of Greater London in respect of expenditure falling: to be met from the levy.

The Board is accountable to:

  • The Mayor and the GLA for the proper management of the Authority’s affairs;
  • The Fund's employers for the proper administration of the Scheme; and
  • Agency clients for the operation of their administration contracts.

Board Structure

The LPFA Board operates under a framework of corporate governance and undertakes its responsibilities through the operation of the following committees:

Audit and Risk Committee

Mike O'Donnell (Chair)
Stephen Alambritis
Terence Jagger
Tamlyn Nall

Local Pension Board

William Bourne (Chair)
Adrian Bloomfield
Frank Smith
Sean Brosnan
Amy Selmon
Peter Scales
Simon Steptoe
Omolayo Sokoya
Jamie Ratcliff

Principal Officers

LPFA Managing Director (MD) - Robert Branagh 

Monitoring Officer (MO) - Emma Strain

S151 Officer Abigail Leech

Board Member Remuneration

Board Members



Sir Merrick Cockell   


£50,800 pa

Anthony Dalwood

Investment Panel (Chair)

£12,000 pa

Mike O’Donnell

Audit and Risk Committee (Chair)

£16,000 pa

Stephen Alambritis

Board Member

£12,000 pa

Dermot “Skip” McMullan

Board Member

LPFA Shareholder-nominated Director on LPP

LPP Remuneration and Nominations Committee (Chair)

£12,000 pa

£30,000 pa

£5,000 pa

Tamlyn Nall

Board Member

£12,000 pa

Terence Jagger       

Board Member

£12,000 pa

Barbara Weber

Board Member

£12,000 pa

Nigel Topping

Board Member

£12,000 pa

 * In accordance with statutory guidance, senior officer pay is disclosed in the accounts with an analysis between employer’s pension contributions and other payments.

About the LPFA Board and our Constitution

The London Pensions Fund Authority is a statutory corporation set up by the London Government Reorganisation (Pensions etc.) Order 1989 [SI 1989 No. 1815] to discharge the functions of the London Residuary Body as an administering body under the Local Government Superannuation Regulations 1986, which have now been superceded by the Local Government Pension Regulations 1997 [SI 1997 No. 1612].