Pensions Fund Authority (LPFA) have been announced by minister for
London, Nick Raynsford.
The new members are councillors Toby Harris, John Chatt and
Scotford were also appointed. The reappointees are Maurice Stonefrost,
Caroline Burton, David Mason and cllr Serge Lourie.
Mr Raynsford has also appointed Maurice Stonefrost as interim
chairman of the board pending the appointment of a permanent
chairman, when Mr Stonefrost will take up appointment as deputy
These appointments make up the new board of the LPFA, whose main
task is to administer the former GLC pension fund and employer
liabilities. Under proposals in its White Paper A New Mayor and
Assembly for London the government intends to bring the LPFA under
the democratic control of the new Greater London Authority. The new
board will oversee the transition of the authority to its new status.
All members are appointed for three years, with effect from 1
July 1998 to 30 June 2001.
Maurice Stonefrost is a pensioner of the Fund (appointed to the Board
in 1995) and former director general of the GLC. He is currently
deputy pro-chancellor of City University and chairman of the CLF
Cllr Pamela Batty (Conservative) is the vice chairman of Westminster LBC's finance committee.
Caroline Burton is executive director (investments) of Guardian Royal
Exchange plc and holds directorships on a number of associated
subsidiary and nominee companies. She has been an LPFA board member
Cllr John Chatt (Labour) has been leader of Hounslow LBC since 1991 and currently serves as chairman of the superannuation panel and the policy and resources committee.
Valentine Furniss is a former director of Schroder Asseily & Co,
where he was chairman of the investment policy committee; he was
also investment director of the Swiss Bank Corporation (London).
Sheila Gleig is chairman of the British Coal Staff Superannuation
Scheme and of BASF UK Pension Trustees Ltd. She is also an
independent trustee of five other pension schemes.
Cllr Toby Harris (Labour) has been a Haringey LBC councillor since 1978 and became leader of the council in 1987. He has been chair of the Association of London Government (ALG) since it was formed in 1995.
Cllr Serge Lourie (Liberal Democrat), a chartered accountant,
is a Richmond LBC member where he is deputy leader and chairman of the policy & resources committee. A member of the LPFA since 1989, he is also on the boards of the BTA Pensions Fund and the London Tourist Board.
David Mason is a chartered accountant who is also a pensioner of the
fund (appointed to the board in 1995).
John Scotford recently retired as county treasurer of Hampshire
CC and is a former president of the Chartered Institute
of Public Finance and Accountancy (CIPFA) and financial adviser to
the policy committee of the Association of County Councils.
Each post attracts a salary of£4,379 with the exception of the post
of chairman, which has a salary of£21,073 and the post of deputy
chairman, which has a salary of£11,710.
THE LONDON PENSIONS FUND AUTHORITY
The London Pensions Fund Authority was established on 31 October 1989
by the London Government Reorganisation (Pensions etc.) Order 1989.
Its main function is to administer the former GLC Superannuation
Scheme, with over 65,000 members and a fund valued at some£2bn. Contributors include bodies such as housing associations,
institutions of higher education and other non-profit making bodies.
The authority is currently a non-departmental public body (NDPB) and
is required to consist of not less than 7 and not more than 11
members appointed by the secretary of state. At least half of the
members must be appointed 'following consultations with such
representatives of local government in London as appear to the
secretary of state to be appropriate.'
Last year the department invited by advertisement applications for a
variety of forthcoming vacancies on its sponsored bodies, including
the LPFA. Candidates responding to the advertisement, as well as
those identified from other sources, or from self-nomination, were
sifted by a panel including an independent member, and short-listed
candidates were subsequently invited for interview.
The Association of London Government (ALG), as required by statute,
were consulted on the nomination of four councillor members and on
the appointment of Maurice Stonefrost and David Mason, the two fund
members, whose appointments were also subject to consultations with
the LPFA fund members.
The minister decided the current appointments on the basis of the
interview panel's recommendations and of the consultations with the
ALG and fund members.
The new members replace six members who stood down on 30 June:
Cholmeley Messer (former chairman), Michael Roberts (former deputy
chairman), Nigel Althaus, Steve Bullock, Denis Barkway and Judith
Recruitment of a permanent chairman following competitive interview
is in hand.