LGPS Central Ltd (LGPSC) is the FCA-regulated asset manager for eight local authority pension funds across the Midlands. Its Partner Funds are: the Cheshire, Derbyshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, West Midlands and Worcestershire Pension Funds. LGPSC is jointly owned on an equal shares’ basis by those Partner Funds. It is one of eight Local Government Pension Scheme (LGPS) asset pools in the UK. Together its Partner Funds own c£55bn of assets invested on behalf of 1m scheme members across 2,000 participating employers. Key objectives of LGPS Central Ltd are to improve the risk-adjusted returns after costs; enable access to a wider range of asset classes for participating Partner Funds; and to ensure good governance.

Since its launch in April 2018, LGPSC has become responsible for around c£28bn of these assets. Circa £17bn is held in funds structured in an Authorised Contractual Scheme (ACS, itself authorised by the FCA) and this is projected to have grown to £29bn in the coming months. Around £9bn is in a range of advisory and discretionary mandates. LGPSC Infrastructure Fund was launched in April 2021 and their Private Debt Fund was launched in June 2021. The volume of assets is expected to continue to grow, and, over the next few years, LGPSC will continue to have an increasing focus on private markets.

The Company is overseen by a small, dedicated and diverse Unitary Board of four Non-Executive Directors (NEDs) and two Executive Directors. The Board has three principal committees (comprising only NEDs): Audit, Risk and Compliance Committee (ARCC); Remuneration Committee; and Nominations Committee. Just over four years old, LGPSC is moving out of start-up phase towards business as usual – it has achieved much since launch, but still have much further to go.

Two of the Board’s NEDs have reached the end of their terms of office and the requirement is to replace these individuals with those who possess significant public, private markets and/or general investments expertise. One of the new NEDs will be required to Chair ARCC therefore having recent and relevant finance experience would be highly advantageous.

These are exciting opportunities to be at the forefront of one of the most innovative developments in UK pensions and asset management in decades. As a NED on the LGPSC Board you have the opportunity to develop and grow the Company to be a leading asset manager across multiple asset classes.

The post-holder(s) will be expected to join one or more of the Board’s committees and will be subject to the FCA Senior Managers’ Certification Regime.

Significant experience at a senior level of the asset management industry, ideally with an investment focus in public markets. OR Significant experience at a senior level of private markets – this could include private debt or equity, property or infrastructure.

• Experience of one or more of Defined Benefit pensions/or business development/audit/risk and compliance; experience of the LGPS would be an advantage.
• Experience as a NED.
• Experience of serving on an Audit, Remuneration or Nominations committee (or similar sub-committee of a main Board).
• Excellent interpersonal and stakeholder management skills with good political ‘nous’.
• Strong communication skills.
• Empathy with the public sector.

ARRC

One of the new NEDs will be required to chair the Board’s ARCC, therefore having recent and relevant financial experience would be highly advantageous.

The terms of appointment

Candidate appointments may be subject to approval by the FCA during the course of their tenure.

Director’s fee

The current fee for the role of NED is £33,658. The role is not pensionable and there are no additional allowances for serving on committees. Reasonable travel expenses

and subsistence costs will be reimbursed.

Time commitment

NEDs will be expected to commit at least 2-3 days per month to this role. Tenures are expected to be between 3 and 4 years (to facilitate Board succession continuity).

Terms of office may be renewed up to three times (subject to a maximum tenure of 9 years). Re-appointment will be dependent on performance and is subject to shareholder approval.

Other directorships/interests

It is accepted and acknowledged that individuals have business interests other than those of LGPS Central Ltd and should declare any conflicts that are apparent at

present. In the event that individuals become aware of any potential conflicts of interest, or take on new commitments, these should be disclosed as soon as apparent and before taking up any outside interests.