how we operate
Lothian Pension Fund employees are employed by an arms-length company, LPFE Limited (LPFE), which is wholly owned by the City of Edinburgh Council (in its capacity as administering authority for the Fund) and it is supervised by a board of directors chaired by the Council’s Executive Director of Resources and includes the Convener of the Pensions Committee.
The team is required to carry out certain activities for the Fund through its Financial Conduct Authority authorised vehicle, LPFI Limited (LPFI). LPFI is also wholly owned by the Council (in its capacity as administering authority for the Fund). LPFI is supervised by a board of directors chaired by the Council’s Head of Finance. Both the boards of LPFI and LPFE comprise an independent nonexecutive director. All the operations, costs and liabilities in relation to the Fund, including those of LPFE and LPFI, are borne by the Fund.
The day-to-day running of the Fund is carried out by a specialist investment and pensions team. The Fund’s functions include investment, pension administration, employer liaison, data quality, customer support, accounting, legal, risk and compliance, human resources, communications, and general business support.
The investment responsibilities include carrying out in-house investment management and the monitoring and selection of external investment managers, as well as external facing collaborative initiatives with other like-minded pension funds.