Episode summary
Episode 2: Bonus Episode: Richard Tomlinson of LPPI (Always a Pensions Angle/DG Publishing Collab...
The Fiftyfaces Podcast
· · 20 min · Hosts: Aoifinn Devitt · Guests: Richard Tomlinson
Summary
Richard Tomlinson said LPPI is moving from three partner funds to nine, which he described as both a major operational challenge and a chance to deepen scale benefits. He argued that the pool’s product mix has to evolve with the wider LGPS regime, but that scale does not help in every activity: some areas produce cost savings, while others become more complex and less efficient. His answer was a selective approach, using collaboration where scale really matters, especially in real assets and shared platforms, and being disciplined about where to make things in-house versus buy them externally.
A major theme was how LPPI is reshaping its advisory model. Tomlinson said each partner fund will have a dedicated client portfolio manager, with the structure likely built around two very senior people supporting the larger group of nine. He stressed that the advice process will remain bespoke, with triennial strategic reviews and annual health checks tailored to each fund’s needs.
He also backed the new Bristol office as a practical and cultural decision, not just a geographic one. Looking ahead, Tomlinson expects the pools to become more similar over the next five years, but said their real purpose remains unchanged: serving partner funds and helping them pay pensions as they fall due affordably and efficiently.
Key takeaways
- Tomlinson expects LPPI to be very busy for the next 12 to 24 months as it scales from three partner funds to nine.
- He said scale has non-linear benefits: it can cut costs in some areas, but in others it adds complexity and diminishes returns.
- LPPI is building dedicated client portfolio managers so each partner fund has a named individual responsible for implementation and advice.
- He sees the Bristol office as a way to improve service, signal commitment, and support local investing.
- Tomlinson said the pool should be held to account, but cautioned that fiduciary oversight can become a costly data exercise if handled like the private sector.
Notable quotes
“scale gives you more strategic options, but you also need to be able to execute them and do them do them well”
“I think you can do a better job of um engaging and servicing your partner funds or clients”
How the episode opens
The next podcast is with a Future 50 Faces podcast guest, Richard Tomlinson, brought to you as part of our special bonus series produced in connection with Always a Pensions Angle by DG Publishing. In this podcast, he speaks about how LPPI is going from three clients to nine, the challenges that that represents, but also the great opportunity to enjoy from scale and from rolling out their advisory function.
Hello, ladies and gentlemen, and welcome to another edition of Always a Pensions Angle, the LGPS interview special. I am Thomas Parker. I'm joined by Nick Gray.
Hello, hello. Um Nick, are you looking forward to today's interview? I am indeed.
Um another uh pool chief who I've been following for quite a while. Yes, indeed. It is drumroll, please.
Richard Tomlinson, who is the chief investment officer of LPPI. Of course, like all of these interviews, uh the interview was conducted by Ethan Devitt, uh host of the 50 Faces podcast at last month's LAPF February event. And she started off by asking Richard how the pool will evolve when it grows from three to nine funds.
So, the first thing I'd say is I'm sure like I'd say probably everyone in the LGPS we've been quite busy for the last 12 months and I'm expecting to be very busy for the next 12, 24 months or so, at least very, very busy.
I think from if I was to be um quite candid or transparent that there was this vision this view that LPPI was somewhat inflexible um in terms of our small uh concentrated mix of products and options we offered partner funds. But certainly the way we've reflected on that and talked to the new our new partner funds and our current partner funds as well is that we built um a product offer to serve the partner funds we had early on.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- pension management
- investment strategy
- advisory services
- office expansion
- pension funding outlook
Companies and tickers mentioned
- LPPI
- Albourne Partners
- Old Mutual Asset Managers
- GNI Fund Management
- DG Publishing
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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The Fiftyfaces Podcast, this episode and its artwork belong to Aoifinn Devitt. Octagon is not affiliated with the show; this page is an independent summary.
