Operate the Fund as per the Scheme Regulations Collect and account for employer and employee contributions, investment income and other amounts due to the Fund as stipulated in the Scheme Regulations Invest surplus monies in accordance with the Regulations Ensure that sufficient cash is available to meet liabilities as and when they fall due Pay relevant benefits from the Fund as set out in the Scheme Regulations Manage the actuarial valuation process in consultation with the Fund's Actuary, including providing all required data and employer covenant analysis Prepare and maintain a Funding Strategy Statement and Statement of Investment Principles after proper consultation with interested parties Monitor all aspects of the Fund's performance and funding, and amend the Funding Strategy Statement/Statement of Investment Principles accordingly Take measures as set out in the Scheme Regulations to safeguard the Fund against the consequences of employer default Effectively manage any potential conflicts of interest arising from its dual role as both Fund administrator and scheme employer Manage any exit valuation in consultation with the Fund's Actuary prepare and maintain admission, exit, bulk-transfer and charging policies, copies of which are included in this document Enable the Pension Board to review the valuation process as set out in their Constitution Fulfil all other duties as specified in Lothian Pension Fund's Pensions Administration Strategy – available in the ‘Publications' section of the Fund's website www.lpf.org.uk