Noticeboard PEOPLE MOVES


Lothian Pension Fund has named David Vallery as its new chief executive. He takes up the position at the £8bn


scheme in late June, where he will work with outgoing chief executive Doug Heron until the summer to ensure a smooth handover. Vallery’s (pictured) previous position was chief financial officer of the Police Mutual Assurance Society, a role he spent four years in. Also on his CV is managing director of a UK private wealth business and chief financial officer of an Australian insurer. He is an actuary by training. The London Pensions Fund Authority has welcomed three new faces to its board. Jasbir Sandhu and Stephen Boon replace Frank Smith and Adrian Bloomfield as employer representatives, while Mike Allen becomes a member representative following Peter Scales’ retirement. Char- tered accountant Sandhu is chief finance officer of Old Oak and Park Royal Devel- opment, while Boon is chief contracts officer at London Councils and is the commercial lead for transport and mobility.


NOTICEBOARD


Defined benefit pension scheme de-risk- ing specialist Pension Insurance Corpora- tion has invested £90m in the construc- tion of an apartment block in Ealing, West London. The 15-storey, 278 apartment development will be the insurer’s second fully owned build-to-rent scheme. Phoenix, a long-term savings and retire- ment specialist, has invested £80m in Nissan Motor’s plans to make electric and hybrid vehicles in Sunderland. The five- year loan is part of Phoenix’s plans to make its investment portfolio net zero by 2050.


Ricardo plc, an engineering and environ- mental consultancy, has moved the 2,500


8 | portfolio institutional | June 2021 | issue 104


Allen is a former managing director of the London Pensions Fund Authority, which was part of his 36 years of service to the local government pension scheme. He was also a key player in setting up Lo- cal Pensions Partnership. Melanie Cusack, a client director at independent trus- tee specialist PTL, has been


named as the independent chair of Elec- tricity Pensions Trustee. The trustee man- ages £43bn of assets for 173,000 mem- bers of the Electricity Supply Pension Scheme. Cusack (pictured) was appointed due to her experience and track record of chairing trustee boards, deputy chair Alastair Russell said. Meanwhile, Dalriada Trus- tees has welcomed Amanda Banister as a senior profes-


sional trustee. Banister (pictured) joins from law firm DWF where she was a part- ner in its pensions practice. She has worked for pensions clients for more than 20 years, which includes a three-year stint at the Pension Protection Fund. She will be based in the firm’s London office. Alison Pearson has joined 20-20 Trustees as a senior consultant working with trus- tees from the firm’s Manchester office.


members of its UK defined contribution (DC) scheme and its £125m of assets, to the LifeSight master trust. The transfer from the Ricardo International Pension Scheme brings the assets under manage- ment by LifeSight to £10.5bn and 235,000 members.


The Chartered Insurance Institute has taken a giant step in de-risking its pen- sion scheme after completing a buy-in with Legal & General. The £55m full scheme buy-in of the Chartered Insurance Institute Pension Scheme 1993 secures the benefits of its 330 members. The trustee of the ICL Group Pension Plan, a Fujitsu pension scheme, has insured the longevity risk of around 9,000 of its mem- bers after agreeing a deal with Swiss Re.


CALENDAR Forthcoming


portfolio institutional roundtables: July


– LGPS September


– Fixed income ETFs October


– Private equity October


– Multi-asset credit November


– Build back better


Pearson brings more than 20 years of pensions experience to the firm, both in-house and at consultancies. During this time Pearson has worked with final salary and defined contribution schemes, specialising in GMP rectification, buy- ins, employee benefits design and benefit audits.Prior to joining 20-20 Trustees she worked at Mercer, KPMG, Thomas Cook and Buck.


The deal covers £3.7bn of its liabilities and protects against members of their dependants living longer than expected. The trustee of Nortel Networks UK Pension Plan has agreed a £105m buyout with Legal & General in a deal that provides additional benefits to around 8,200 retir- ees and 4,300 deferred members.This fol- lows a £2.4bn buyout between the insurer and the scheme, which is in a Pension Protection Fund assessment, three years ago and further transactions are expected. W.R. Swann & Co Limited Retirement Ben- efits Scheme, the £40m pension fund sponsored by Sheffield-based surgical blade and scalpel manufacturer Swann Morton, has appointed Aon as a fiduciary manager.


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