Noticeboard PEOPLE MOVES


Nest is searching for a new chief executive after Helen Dean decided to stand down from Britian’s largest master trust after eight years. Whoever replaces her will be leading


an organisation which has


£26.8bn of assets under management. Jon Little is the new chair of Local Pen- sions Partnership Investments. He brought two decades of asset manage- ment experience to the pool when he replaced Sally Bridgeland in August. Little is the founder and managing part- ner of Alderwood Partners, an asset man- agement advisory firm, and established Northill Capital.


Little is the non-executive chair of the Oxford Brookes University Endowment’s investment committee. He has also been chief executive of BNY Mellon’s interna- tional asset management business and chair of US mutual fund manager Drey- fus and of asset manager Insight. Little has also worked for Fidelity, JP Morgan, Jupiter Fund Management and Quilter. Workplace pension scheme provider TPT Retirement Solutions has appointed


NOTICEBOARD


Railpen, which manages £34bn of retire- ment assets for Britain’s railway workers, has awarded a £2bn liquid multi-asset credit mandate to Neuberger Berman. The mandate will cover investment grade and non-investment grade assets. The strategy sits within Railpen’s Growth Fund, a multi-asset portfolio. Phoenix Group, a retirement business with £259bn under administration, has provided £58m of debt to a joint venture between Bromley Council and Pinnacle to fund more than 200 affordable homes.


The 55-year inflation-linked loan and will enable London’s largest borough to increase its stock of affordable housing. The properties have been earmarked to


8 | portfolio institutional | September 2023 | Issue 126


Georgie Edwards as head of defined contribution. Edwards (pictured) will develop a DC product that


will make the transition from accumula- tion to decumulation easier. She joins the scheme, which has 425,000 members, from Fidelity International, where her responsibilities included foster- ing DC sponsor and trustee relationships. Before that, Edwards was a DC consultant for Lane Clark & Peacock and PwC. People’s Partnership, which provides The People’s Pen- sion, has strengthened its board through the appoint-


ment of Laura Chappell as a non-executive director. Chappell (pictured) is chief executive of Brunel Pension Partnership and has more than 30 years of asset management experience. Best Trustees has selected Tim Allison as its newest professional trustee. He joined the firm in July having worked with multi- ple defined benefit schemes, being a trus- tee and investment committee chair for Smith & Nephew’s UK pension scheme.


house the homeless or those in temporary accommodation.


Defined benefit pension scheme insurer Pension Insurance Corporation has lent £38m to freight and railcar leasing com- pany Streem to help decarbonise its oper- ations, which total more than 46,000 rail- cars and 80,000 containers. Student housing developer and landlord Unite has refinanced a £400m bond thanks to Legal & General Investment Man- agement. The firm’s UK and European real estate debt division refinanced the maturing loan, which was secured against 23 purpose-built student accommodation properties across the UK. The BT Pension Scheme, which has £47bn of assets under management, has agreed a £5bn deal that will protect it against one of its biggest risks – longevity.


CALENDAR


Themes for upcoming portfolio institutional events: September


– ESG Club Conference 2023


September – Defined Contribution Roundtable October


– Fixed Income Roundtable


November – DC Investing Roundtable


November – Sustainable Strategies Roundtable


December – Real Estate Roundtable


Finally, The Pensions Regulator has re-ap- pointed Katie Kapernaros and Chris Mor- son as non-executive directors. They will continue in their roles for another four years starting from April 2024. Morson will also continue to chair the regulator’s audit, risk and assurance committee.


The longevity insurance and reinsurance arrangement with Reinsurance Group of America covers the scheme against its 270,000 members living longer than expected.


It follows the £16bn of BT’s liabilities cov- ered by a similar arrangement in 2014. Legal & General has completed a £1.8bn buy-in with the trustees of two pension schemes sponsored by water company United Utilities. The transaction provides the schemes with secure income that covers around two-thirds of their liabilities. Finally, Canada Life has agreed a £24m full buy-in of the pension scheme for workers at restaurant chain Roadchef. The deal covers the benefits of 547 pensioners and deferred members of the Roadchef Retirement Benefits Scheme.


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