Noticeboard PEOPLE MOVES


Otto Thoresen is retiring as trustee chair of the BT Pension Scheme after four years of service. He will leave when the triennial valuation negotiations are over. In response, BT has appointed Jill Macken- zie as an independent employer-nominated trustee director of the pension scheme with


the intention of becoming chair in due course. Mackenzie (pictured) brings trustee expe- rience to the scheme, having spent seven years as a board member and senior inde- pendent director at Nest. Mackenzie also sits on the board of the Fidelity Master Trust.


LGPS Central, which manages around £28.5bn of assets for eight local govern- ment pension schemes, is looking for a new chief executive after Mike Weston decided to end his four-year reign at the pool. Commenting on his departure, Weston pointed out on LinkedIn that he has taken a public position in support of further and faster pooling. “Sometimes when you


NOTICEBOARD


Railpen, the pension scheme for workers on Britain’s railways, has bought a nine- unit industrial property in Cambridge. The financial terms of the deal to acquire Coral Park Trading Estate have not been dis- closed. Tenants for the almost 50,500-sq ft asset include the Royal Mail, Halfords and Wolseley.


This is not the scheme’s first property in Cambridge having bought Botanic Place, a 309,000 sq ft office development, last year. It also has retail and other office assets in the city. Cambridge is favoured by Railpen due to its knowledge-led economy, it has sus- tained occupier demand and the local


8 | portfolio institutional | June 2023 | Issue 124


take a position, not everyone agrees!” he wrote cryptically. John Burns, LGPS Central’s deputy chief executive, chief operating and financial officer, has been appointed interim chief executive, subject to regulatory approval, until a permanent successor is found. In other news, LGPS Central has wel- comed Sheila Stefani as its head of stew- ardship. She brings a track record to the pool of advising trustees on responsible investment policies and ethical frameworks.


Independent professional trustee special- ist Dalriada has added almost 20 years of experience to its offering following the appointment of She- hzad Ahmad.


The senior trustee (pic- tured) joins from Ross Trustees where he was a director responsible


for schemes managing between £1m and £3bn of assets. Ahmad’s pensions experience includes journey planning and leading restructur- ings as well as working on funding negotiations. Elsewhere, Best Trustees has promoted Ann Rigby to chair of the board. She takes


authority is supportive of sustainable development.


The British Steel Pension Scheme has become the largest retirement plan in the UK to fully insure all of its members. The trustees agreed its fourth buy-in since November 2021 with Legal & General for £2.7bn. This final deal covers 40% of the scheme’s liabilities and brings to total de-risking premium for the 67,000 mem- bers to £7.5bn. Just, a retirement income specialist, has completed a series of pension scheme de- risking deals.


It completed a £34m buy-in with the trus- tee board of the pension scheme spon- sored by cable supplier Batt Cables. The full buy-in secures the benefits of 193 deferred


CALENDAR


Topics for confirmed upcoming portfolio institutional roundtables: June


– Biodiversity June


– Outsourced CIO July


– Net Zero September


– Defined Contribution October


– Fixed Income November


– Sustainable Strategies


up her role at the end of June when Zahir Fazal steps down. Rigby joined the profes- sional trustee specialist in 2013 and has sat on the board since May 2021. Best Trustees has also hired former chief strategy officer of Smart Pension Michelle Darracott as a professional trustee. Finally, Capital Cranfield has increased its expertise through hiring Ray Pygott as a professional trustee. Pygott has advised trustees and corporates through his work as chief actuary of KPMG’s pension prac- tice and a founding partner and head of trustee services of Isio.


members and 71 pensioners.The deal was completed in December, but payment of the premium was partly deferred to give the sponsor the flexibility they needed. Just also completed a full buy-in for the Timpson Group Pension Scheme, which is for the employees of retail group Timpson, which has shoe mending, dry cleaning and digital photography businesses among other retail services.


The scheme has 369 pensioners and 694 deferred members. Just also insured the liabilities of all 111 pen- sioners and 149 deferred members of the BUT Retirement Benefits Scheme in a £40m buy-in. The retirement scheme for workers at Aviagen Turkeys will now pro- ceed to buyout.


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