The £10.3 billion Lothian Pension Fund (LPF), Scotland’s second-largest Local Government Pension Scheme, said it paid out £253 million in pensions to 36,453 members, with £68 million in retirement lump sums, in 2024-25.

LPF is a multi-employer scheme with more than 93,400 members and 56 employers.

LPF CEO David Vallery said: “Despite global economic and geopolitical turbulence, 2024/2025 has been another year of consistent delivery and meaningful progress at LPF.

“We’ve focused on providing excellent service, investing in cyber security, enhancing governance, and strengthening our investment team and risk frameworks.

“LPF continues to invest in our risk management processes, recognising the responsibilities we have and the many financial and operational risks we face.

“We are very proud of our 92%-member satisfaction rate and the positive feedback we received throughout the year. This recognition, alongside strong customer feedback and colleague engagement scores, demonstrates that we’re achieving our vision to deliver outstanding pension and investment services for the benefit of our members and employers.

“We will continue to push for investments in systems and 2025/2026 will see the release of an improved pensions portal.”