Developing a New Generation of Financial Leaders
How West Midlands Pension Fund developed its future leaders, strengthened collaboration and began transforming its leadership culture to meet the challenges of a changing pensions industry.
West Midlands Pension Fund faced a significant leadership challenge: an experienced senior management team was approaching retirement, while the next generation of managers had received limited leadership development.
LeaderShape designed a development programme to strengthen leadership capability, improve collaboration and support the transition towards a more inclusive, engaged and performance-focused organisational culture.
KEY OUTCOMES
Developing leadership capability across the organisation
27
Leadership programme places across three cohorts
93%
Would recommend the programme to a colleague
86%
Considered the programme good value
9.1/10
Overall programme value rating from the second cohort
Beyond the evaluation scores, the programme helped break down departmental silos, strengthen cross-functional relationships and develop leaders better equipped to guide their teams through organisational change.
THE ORGANISATION
West Midlands Pension Fund
At the time of LeaderShape's engagement, West Midlands Pension Fund (WMPF) was the UK's largest fund primarily serving local government, with more than 257,000 members, approximately 300 scheme employers and assets of around £9 billion.
Its investments were primarily managed in-house by a team of investment professionals. The organisation was operating in an increasingly challenging environment, shaped by pension industry reforms, greater competition and the introduction of a new national pension scheme in 2014.
THE CHALLENGE
Preparing the next generation of leaders
A significant gap existed between the leadership experience of the senior management team, several of whom were approaching retirement, and middle managers whose development had largely focused on technical and business skills.
The organisation had traditionally operated with a directive leadership style. Career progression had often been influenced by length of service and personal relationships rather than a structured approach to developing leadership capability.
Nadine Perrins was recruited to manage organisational restructuring and strengthen people performance and development as the Fund prepared for substantial industry changes.
The leadership priorities were to:
- Develop a pipeline of capable future leaders.
- Strengthen succession planning through internal development and external recruitment.
- Encourage managers to think beyond departmental boundaries and individual interests.
- Build confidence to challenge established ways of working.
- Develop greater self-awareness and values-led leadership behaviours.
- Create a more inclusive and engaging organisational culture.
- Improve sustainable performance through the development of employees.
LEADERSHAPE'S APPROACH
Developing emotionally intelligent, values-led leaders
LeaderShape delivered a leadership development programme over two years, working with three cohorts of nine participants. The programme combined individual assessment, practical leadership development and coaching.
01. Leadership Diagnosis
Individual interviews explored leadership challenges, working relationships and perceptions of the organisation. A non-attributable report provided an organisational SWOT analysis.
02. Leadership MasterClasses
A series of one-day MasterClasses developed Emotional Intelligence and Transpersonal Leadership using LeaderShape's REAL model.
03. LEIPA 360° Assessments
Individual and team LEIPA assessments identified development priorities, assessed Emotional Intelligence and explored six leadership styles and their relevance to each participant's role.
04. Individual Leadership Coaching
Personal coaching helped participants apply their learning, address career challenges and develop new leadership behaviours in the workplace.
The programme also included an 8ICOL self-assessment to explore personal conscience and self-determination.
Additional coaching was provided to participants facing specific career opportunities or organisational challenges. A separate coaching programme supported the newly appointed Director as she established herself within the organisation and made important strategic decisions.
LEADERSHIP AND CULTURE
Moving from directive leadership to greater engagement
A central objective was to move beyond a traditional, directive approach towards leadership that encouraged participation, collaboration and personal accountability.
By developing greater self-awareness, confidence and Emotional Intelligence, participants were encouraged to consider how their behaviours influenced colleagues, team performance and the wider organisational culture.
THE OUTCOMES
Stronger leaders, greater collaboration and improved organisational resilience
Breaking Down Organisational Silos
Previously established departmental silos were substantially reduced. Each programme cohort developed into an important cross-divisional team, strengthening relationships and collaboration across the organisation.
Improved Leadership Confidence and Capability
Participants reported improvements in self-awareness, confidence and their understanding of leadership responsibilities. Feedback from across the organisation indicated that a substantial majority were performing at a high level.
Greater Organisational Resilience
Leaders became better equipped to support their teams through difficult periods and respond to increasing pressures within the pensions industry.
A Stronger Performance Focus
Teams responded positively to new performance indicators introduced by the Director and senior management team. The organisation also developed a stronger focus on serving its employer organisations and their members.
PARTICIPANT EVALUATION
Measurable improvements in leadership development
In WMPF's internal evaluation, participants rated the programme's contribution to their personal and professional development on a scale of 1 to 10. The following percentages represent participants awarding scores of 8–10.
Source: Anonymous participant responses from West Midlands Pension Fund's internal programme evaluation.
PARTICIPANT FEEDBACK
What participants said
“This was an excellent development opportunity which should be offered across the Pension Service as it would enable both managers and staff to learn more about the impact they have on their peers and colleagues which would contribute towards changing the culture of the organisation!”
Programme Participant
“At times due to my heavy workload I would sometimes feel that I could not justify the day out of the office however on each occasion I returned to work refreshed and positive. I feel that the tier below me would benefit from this programme.”
Programme Participant
A highly valued development experience
More than 80% of participants found the programme both very enjoyable and very worthwhile in terms of improving their performance and confidence.
The first cohort rated the programme's overall value at 8.4 out of 10, rising to 9.1 out of 10 for the second cohort.
THE BIGGER PICTURE
Developing future leaders while transforming organisational culture
The West Midlands Pension Fund programme demonstrates how leadership development can address succession challenges while supporting wider cultural change.
By developing emotionally intelligent, confident and values-led leaders, the organisation strengthened collaboration across departmental boundaries and improved its ability to respond to a changing external environment.
The experience illustrates the connection between individual leadership development, organisational culture and sustainable performance — and the importance of investing in future leaders before succession becomes an urgent challenge.