Outgoing Pensions and Lifetime Savings Association (PLSA) chief executive Joanne Segars has been appointed non-executive chairwoman of the Central local government pension scheme (LGPS) pool.
Segars, who will leave the PLSA after 12 years next month, will oversee the nine-fund pool, which has around £40bn of assets spread across 870,000 members and 1,900 employers.
LGPS Central is one of eight local government pools being set up ahead of a government deadline in April 2018. All 89 English and Welsh LGPSs must pool their investments in a bid to drive down costs and improve efficiencies. Part of this process involves appointing an independent chair.
The LGPS Central Pool will bring together funds from Cheshire, Leicestershire, Shropshire, Staffordshire, the West Midlands, Derbyshire, Nottinghamshire, Worcestershire, and the West Midlands Integrated Transport Authority.
The pool predicts aggregating assets and investments will see it make around £200m of savings by 2034, net of transition, set-up, and operating costs.
Segars said pooling presented these schemes with huge opportunities to improve member outcomes.
"I am delighted and honoured to have been appointed chair of LGPS Central," she said. "Pooling presents a real opportunity to deliver effective and innovative investment approaches that will benefit scheme members, participating employers and administering authorities.
"I am looking forward to working with elected members and officers to make pooling a reality and to realise the ambitions LGPS Central has set itself."
Segars will now help the fund appoint further executive and non-executive roles, and seek authorisation from the Financial Conduct Authority.
Nottinghamshire Pension Fund Committee chairman Reg Adair added: "Joanne's appointment is a major step for the company and securing a chair of her qualities is both an endorsement of the work that has already been done by the funds and a clear signal that the pension and investment community is supportive and engaged in what LGPS pooling is looking to achieve."
Segars joined the PLSA as director of policy in 2005, before becoming chief executive in 2006. Her leadership of the association saw it rebranded from the National Association of Pension Funds in 2015. She was also previously chair of the LGPS Shadow Scheme advisory board.
Her appointment comes a month after the Brunel Pension Partnership became the first pool to announce its independent chairperson. Denise Le Gal will take the helm at the south-west England pool, which brings together 10 pension funds in the region.
Six members of Ross Trustees’ pension trustee and support teams have been promoted into new roles.
Richard Butcher is set to spend another year as Pensions and Lifetime Savings Association (PLSA) chair as the trade body proposes his term is extended to autumn 2021.
PP looks at the pensions great and good who oversee contract-based schemes
EY has appointed Gareth Mee as UK actuarial leader to head up an expanded interdisciplinary team at the firm.