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LifeSight, a £9.5bn master trust with 230,000 members, has appointed Glaxo- SmithKline’s (GSK) head of audit and assurance Helen Jones as a trustee. Jones, who will also chair the audit and risk sub- committee, has pensions experience hav- ing been a trustee of the schemes spon- sored


by Reuters.


Dalriada Trustees has strengthened its 150-strong team by appointing


Leanne


Coomber and Aimee Nguy- en as professional trus- tees. They will be based in Bristol and London, respectively. Coomber has worked in pensions for more than 20 years and left Bayer’s £1.5bn UK pension scheme to take up her new role.


Nguyen has been a pensions manager at Tesco and has held consultancy roles at PwC and Willis Towers Watson. Independent trustee services specialist


NOTICEBOARD


ACCESS, a pool of 11 local authority pen- sion schemes in the south of England, has allocated £5.5bn across seven sub-funds, bringing the assets pooled so far to £31bn. These include global equity and sterling bond funds managed by Bailie Gifford and a UK equity fund led by Majedie Investments.


A residential property development fund backed by the local government pension schemes of Merseyside and Strathclyde has financed a project in Battersea. Coliv, which is managed by DTZ Inves- tors to fund multi-tenant developments with shared living spaces in London, has backed a 260-room scheme in its third such project after closing similar deals in Harrow and Earlsfield.


10 | portfolio institutional | March 2021 | issue 101 GSK and


PTL has made its first appointment of the year by hiring Joanne Fairbairn as client director. She joins from Marks & Spencer, where she was head of pensions. Fair- bairn (pictured) brings experience of work- ing with multi-billion pound pension schemes to the firm earned during 12 years as Tesco’s UK corporate pension manager and as an actuary and consult- ant at Mercer. Pension Insurance Corpo- ration (PIC) has appointed Sally Bridgeland as an independent non-execu- tive and chair of the risk committee. The former Royal Air Force captain replaces Steve Sarjant, who has retired.


Bridgeland’s previous roles include chief executive of BP’s pension fund, a trustee of Lloyds Banking Group Pension Trus- tees and chair of Nest’s investment com- mittee. She held the same position at Local Pensions Partnership Investments. The final salary scheme liability insurer is also looking for a new finance director after Rob Sewell decided to retire.


Final salary scheme liability insurer Pen- sion Insurance Corporation (PIC) has lent £120m to a renewable energy asset man- ager. Q-Energy will use the 18-year debt to refinance existing borrowings on 12 of its solar parks in Spain. PIC lent almost £500m to the renewable energy manager last year and its exposure to the clean energy industry exceeds £1bn. The insurer has also provided £30m of debt to housing association Livin Housing. This means that the County Durham- based company has borrowed £95m from PIC. The debt will build 450 new homes in the North East.


Also investing in social housing is the Pension Protection Fund (PPF), which has lent £65m to Monmouthshire Housing Association. This is the pensions life- boat’s first investment in social housing.


CALENDAR Upcoming


portfolio institutional roundtables:


March – Emerging market debt


March – ESG virtual conference April


– Fixed income


May – Green bonds June


– Passive investing & stewardship July


– LGPS


September – CDI


October – Property/infrastructure


November – Diversity


The defined benefit scheme sponsored by Deutsche Bank UK has completed a £570m buy-in with Legal & General. This is the first step in the £4.5bn scheme’s plan to fully insure its liabilities in the medium term. Legal & General has also completed a £150m buyout with the Mowlem (1993) Pension Scheme. The deal removes lin- gering uncertainty by securing the ben- efits of more than 360 deferred mem- bers and 650 retirees.


The scheme, which is sponsored by Sov- ereign Hospital Services, fell under the shelter of the PPF two years ago follow- ing the collapse of its parent group Carillion.


The deal ensures that members will receive higher benefits than were on offer from the PPF.


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