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Collaboration with Falkirk Pension Fund

Published: Friday, 23 June 2017

Joint collaborative model agreed with Falkirk Pension Fund

Lothian Pension Fund has provided Falkirk Pension Fund with support on investment matters for the past five years, which has latterly included joint infrastructure investments.  In June 2016, Lothian received FCA authorisation which has prompted investigation into further opportunities for collaboration.  

A new collaborative model has been agreed and a joint Investment Strategy Panel will be set up to better align investment governance of the two funds.  The Pensions Committee of Falkirk Council will agree investment strategy but will now delegate the implementation of strategy, including selection of investment managers, to officers.  This governance model is similar to that of Lothian Pension Fund. 

The new joint Investment Strategy Panel will advise the Finance Directors of each administrating authority (the City of Edinburgh Council and Falkirk Council) on implementation of investment strategy.  The assets of the Funds will remain separate and investment strategy decisions retained by the respective Pensions Committees.

The Investment Strategy Panel will consist of members of Lothian’s internal investment team and jointly appointed external advisers.  Scott Jamieson and Gordon Bagot, who are currently advisers to Lothian Pension Fund, will be retained as independent advisers on the joint Investment Strategy Panel.  The funds will jointly procure an investment consultant over the coming months.  The first joint Investment Strategy Panel meeting will take place in July. 

Both Funds welcome the opportunity to explore further efficiencies and new opportunities in the future.

June 2017