Find out more about how we are run in the governance section.
Lothian Pension Fund is one of the largest in the UK, with over 170 associated
employers and a scheme membership of over 67,000. The councils of Edinburgh,
East Lothian, West Lothian and of Midlothian and Lothian Buses plc are the
fund's largest employers.
The majority of employers in the fund are voluntary organisations, colleges and universities, non-profit making organisations and other publicly funded bodies.
The Lothian Pension Fund sits within the Investment and Pensions Division of the City of Edinburgh Council. It carries out the specialist activities of investing and administering the benefits of the fund.
The Council is required by law to maintain a pension fund for the benefit of its own employees and those of other councils and organisations in the Lothians area. The Fund is part of the Local Government Pension Scheme, a national scheme which sets benefits and regulations.
Lothian Pension Fund also administers the closed Fund for Scottish Homes, which it took over in 2005.
The Lothian Pension Fund comprises a Main Fund, and two smaller funds, Lothian Buses Pension Fund covering employees of Lothian Buses plc and Scottish Homes covering their ex-employees. At 31st March 2008, the Main Pension Fund was valued at £2,901 million and the Lothian Buses Pension Fund valued at £199 million. In the year to 31 March 2008, the Lothian Pension Fund paid out over £144 million in benefits and received £162 million in contributions and transfers from other pension schemes.
The Fund is accountable to a committee of locally elected members of the Council. The Pensions and Trusts Committee meets at least twice a year and has overall responsibility for the pension funds and takes all policy decisions. The chair is Councillor Tim McKay and the other members are David Beckett, Maggie Chapman, Ian Murray and Cameron Rose. The Council's Director of Finance, Donald McGougan, is responsible for the day-to-day administration and investment of the Funds and directs the activities of staff of the Lothian Pension Fund.
In addition to the Committee, the Council has set up an Employee Contributors'
Consultative Panel, as part of the process of consulting and informing scheme
members. Representatives of the Pensions and Trusts Committee and of
scheme members and employers sit on the Consultative Panel.
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