Lothian Pension Fund - Non-Executive Director

Non-Executive Director - Lothian Pension Fund

Business / Organisation Name: Lothian Pension Fund
Business / Organisation Sector: Public
Business / Organisation Website: https://www.lpf.org.uk/
Business / Organisation Type: Private Company
Role Title: Non-Executive Director
Remuneration: Paid

Role Description

Lothian Pension Fund (LPF) administers the Local Government Pension Scheme (LGPS) in Edinburgh and the Lothians. We’re a multi-employer scheme with around £8 billion assets and were 98% funded at our last valuation in 2017, managing 87,900 records of 81,500 members and 80 employers. Lothian Pension Fund is the second largest LGPS fund in Scotland.

We also manage the Scottish Homes Pension Fund on behalf of the Scottish Government. This a closed fund and has 1,550 deferred and pensioner members with £0.16 billion investments. Members of Homeless Scotland Action were transferred into this fund recently.

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).

In connection with the appointment to LPFE, the function of this board is to ensure the experience of people employed in LPF meets our ambitions as an employer and ensures we have the governance, policies, remuneration and culture that allows us to attract, engage and retain the talent we need to succeed for our members.

In connection with the appointment to LPFI, the function of this board is to ensure that our systems and controls, policies and risk profile is suitable for our profile as an investment manager authorised and regulated by the FCA. This board has oversight of our external client activities but does not set the investment strategy for these clients or for the main Fund.

All the operations, costs and liabilities in relation to LPF, including those of LPFE and LPFI, are borne by LPF.

The opportunity

We’re seeking to appoint an independent non-executive director to our LPFI and LPFE boards to support our continuing growth. There’s a high degree of commonality in the work of the boards and a single candidate could be appointed to both, but we will consider individual appointments to the extent that serves our needs.

Essential Requirements

Credible experience and qualifications to perform the following functions are highly desirable for the appointed individuals

• Able to provide independent scrutiny and sound judgement, providing challenge and support to ensure the Group delivers on its strategic, business and financial targets and plans; supporting and enabling a culture of member or client service
• Set suitable long-term performance goals for executive directors and assess their performance against same
• uphold high standards of integrity and probity and support the chairperson and executive directors in instilling the appropriate culture, values and behaviours in the boardroom and beyond
• Provide executive officers with challenge, support and guidance on delivering the relevant aspects of the Operating Plan for the Fund
• Setting risk appetite, controls and policies in the areas of FCA regulated investment management
• Guiding board-level responses to technology oversight and cyber risk challenges
• Oversight of assurance models including three lines of defence approaches
• Setting durable and appropriate compensation policies for senior managers in financial services and / or public-sector roles
• Set the Company’s values and standards and ensure that its obligations to its sole shareholder and others are understood and met
• Satisfy yourself on the integrity of financial information and that financial controls and systems of risk management are robust and defensible
• Be responsible for determining levels of remuneration of executive directors and have a prime role in appointing and, where necessary, removing senior management and ensuring succession planning
• Devote time to developing and refreshing your knowledge and skills.

Time Commitment

You will be expected to devote such time as is necessary for the proper performance of your duties. Overall, we anticipate that you will spend in the region of five hours each month on work for the Company after the induction phase. This will include attendance at Board meetings (ordinarily to be held every two months and a strategic planning session held annually) and attending one meeting per year of the Company’s parent Pensions Committee (if required) held on a quarterly basis. 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 Company in respect of preparation time and ad hoc matters which may arise and particularly when the Company is undergoing a period of increased activity. At certain times it may be necessary to convene additional Board, committee or shareholder meetings. As a result, this role may not be suitable for candidates with existing full-time executive responsibilities.

Recruitment Timetable

• Applications Deadline: 2 November 2020
• First Interviews: week of 9 November 2020
• Final Interviews: to be confirmed
• Appointments commence: December 2020

Applications

To apply for the role, which is for both boards please upload your CV and a covering letter expressing interest, outlining your suitability for the role and the reasons for the application.

Equal Opportunities (including our support for Public Sector Equality Duty)

Lothian Pension Fund is an equal opportunities employer and we are committed to promoting a diverse, equal and inclusive culture and welcome applications from people of all sectors of the community.

We particularly encourage people from under-represented communities to apply, including but not limited to those with disabilities, from minority ethnic groups, who are part of the LGBT+ community, and all those who feel their voices are not commonly represented at board level.

Application Details

To apply for the role, which is for both boards please upload your CV and a covering letter expressing interest, outlining your suitability for the role and the reasons for the application to https://lothianpensionfund.bamboohr.com/jobs/view.php?id=43&source=aWQ9OQ%3D%3D

Closing Date: 02/11/2020
Contact Name: Stephanie Duddy
Contact Telephone: 0131 529 5225
Contact Email: [email protected]