UK – The £3.5bn (€5bn) London Pensions Fund Authority has appointed Mike Taylor to take over from Peter Scales as chief executive.

Taylor, the former executive director of resources at Surrey County Council, takes up his post on September 18.

He’ll take over a fund which has recently revamped its investment strategy but which has faced criticism over its investment in arms manufacturing companies.

“Mr. Taylor is well known within the pensions world as a dynamic and charismatic figure and he boasts an impressive CV which includes a 34 year career in public sector finance,” the LPFA said.

LPFA board chairman Neil Newton said: “I’m delighted that the Authority has been able to appoint such a high calibre individual as Mike Taylor who has such an in-depth understanding of local government finance, as well as wide ranging experiences of pensions management and administration".

The LPFA is the largest local government pension scheme provider in London, providing administration to over 150,000 members.

It also carries out third party pension administration for hundreds of employers and also for local authorities.

Scales has led the LPFA since its inception in 1990. He said: “"I am confident that the Board has made a good appointment and that Mike will continue to build on the solid foundations that have been laid, to the benefit of our employees, employers and scheme members."

Taylor will take over the reins of the LPFA in the next few months, the authority said.

He will be formally introduced to fund members, employers and staff in early September, at the Authority's Annual Members Forum.

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