The Lothian Pension Fund administers the Local Government Pension Scheme (LGPS) in the Edinburgh and Lothians. It’s Pension Committee determines the overall policy objectives, strategy and operation of it and the Scottish Homes Pension Fund in accordance with relevant legislation and in the best interests of the members and employer bodies within the pension funds.
The Pension Board is made up of five employer and five member representatives, (our key stakeholders) who provide oversight and assist the LPF Pensions Committee in ensuring compliance with Pension legislation and the Pension Regulator code of practice.
We’re looking for applications for two Pensions Board (employer representation). Candidates eligible to apply for the employer representative role must be a member of Lothian Pension (a list of all employers is available onpage 115 of our annual report).
The opportunity
We are looking for applications to join our Pensions Board (as an employer representative): Candidates must a member of Lothian Pension Fund through their employer.
The Pension Board provides oversight and assists the LPF Pensions Committee in ensuring compliance with Pension legislation and the Pension Regulator code of practice.
Members of the Pension Board do not participate in the voting or decision making at Pensions Committee but they have access to all committee papers, attend Pension Committee meetings and have an opportunity to input into discussion and/or consideration of matters by the Pensions Committee as appropriate and assist the committee with regulation and compliance, whilst representing the perspective and insight from LPF’s key stakeholders, our scheme members and employers.
Essential Requirements
Credible experience and qualifications to perform the following duties are highly desirable for the appointed individuals:
This role will provide an ideal opportunity for someone interested in gaining board member/trustee experience.
Time Commitment
You will be expected to devote such time as is necessary for the proper performance Pension Board duties. This will include attendance at Pension Board and Pension Committee meetings (ordinarily held quarterly), as well as a strategic planning session held annually. You will also need to undertake a minimum of 21 hours of training annually. In addition, you will be required to consider all relevant papers before each meeting. Unless urgent and unavoidable circumstances prevent you from doing so, it is expected that you will attend all meetings.
The nature of the role makes it difficult to be more specific about the maximum time commitment. You may be required to devote additional time to the Board in respect of preparation and ad hoc matters which may arise, and particularly when LPF is undergoing a period of increased activity. At certain times it may be necessary to convene additional board meetings.
About the Organisation
Lothian Pension Fund (LPF) administers the Local Government Pension Scheme (LGPS) in Edinburgh and the Lothians. We’re asset backed and multi-employer scheme with around £9 billion assets and the second largest LGPS fund in Scotland, serving 9.,000 members and 63 employers.
We also manage the Scottish Homes Pension Fund on behalf of the Scottish Government. This a closed fund and has approx. 1,550 deferred and pensioner members with £0.16 billion investments.
Our investment team is unique in Scotland in holding FCA authorisation. We manage over 85% of assets in-house via internal equity, bond and other real asset portfolios (e.g., infrastructure, property and timberland investments).
We established a regulated investment company providing resourcing, operational support, governance and deal execution for our private markets and gained FCA authorisation in 2015. This enables collaboration with other LGPS funds on investment management, strategic investment advisory, private markets, and listed and indirect property investments.
In March 2017, we became the first UK Local Government pension fund awarded accreditation for the Pensions Administration Standards Association and have held the Customer Service Excellence Award for over ten years.
The day-to-day running of LPF is carried out by a specialist team who undertake pension administration, accounting and investment functions.
LPF colleagues are employed by an arms-length company, LPFE Limited (LPFE), which is wholly-owned by the City of Edinburgh Council (CEC).