UK’s Local Pensions Partnership Names Chief Risk Officer

Tom Richardson has been appointed head of risk management at the £10 billion pension pool.

The Local Pensions Partnership (LPP) has appointed Tom Richardson as chief risk officer, LPP announced Tuesday.

Richardson, formerly CFO and global chief risk officer at Maple Financial Group, replaces Dr. Angela Smith, who had served as the interim risk management head for the fledgling pension collaboration.

In his new role, Richardson will oversee “all aspects of LPP’s financial, investment, and operational risk management,” LPP said.

“As the reform of the LGPS [Local Government Pension Scheme] enters the next stage we are delighted to have a chief risk officer of Tom’s caliber join us,” said Susan Martin, LPP chief executive. “His experience in improving business governance, processes, and systems will prove valuable as we continue to grow the LPP.”

The LPP—a collaboration between the Local Pension Fund Authority and Lancashire County Pension Fund—currently oversees £10 billion ($12.3 billion) in local government pension assets. It faces the prospect of an addition £1.7 billion from the Berkshire Pension Fund, whose addition to the partnership is currently pending.

“I look forward to the challenges ahead, not only for the LPP but for the industry as a whole,” said Richardson. “The ambition and aim of what we are trying to achieve is exciting and challenging, but done right can make a real impact.”

Related: UK Collaborations Gather Pace as Deadline Looms

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