Macpherson was nominated for a crossbench peerage in David Cameron's 2016 resignation Honours,[1] and joined the House of Lords on 4 October 2016.

[6] Macpherson is Chairman of C. Hoare & Co and on the Board of British Land and the Scottish American Investment Trust.

[7] He is the father of Fred Macpherson, frontman and vocalist of indie rock band Spector.

[8] Macpherson was appointed Knight Commander of the Order of the Bath (KCB) in the 2009 New Year Honours,[9] and promoted to Knight Grand Cross of the same Order (GCB) in the 2015 Birthday Honours.

[10][11] Macpherson was nominated for a life peerage in the 2016 Prime Minister's Resignation Honours and was created Baron Macpherson of Earl's Court, of Earl's Court in the Royal Borough of Kensington and Chelsea, on 4 October.