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UKLothian Pension Fund (LPF) is one of Scotland’s largest local government pension funds and has supported more than 75,000 local government workers and their families in achieving a financially secure retirement.
Since implementing Xledger across all our entities we have seen an improvement in the timeliness of the payment of our invoices, particularly with invoices that had previously been paid via our administering authority.
LPF chose Xledger as its new finance software provider, implementing each of several entities in separate phases to ensure streamlined delivery.
We caught up with Abigail Fortune, Finance Manager at LPF, to discuss how Xledger supports LPF’s mission: to deliver outstanding pension and investment services for the benefit of members and employers, today and in the future.
What initially motivated you to look for new finance software?
“Our initial motivation for seeking out new finance software was to improve the controllability of our financial arrangements. Previously we used two systems; for the pension fund we used the system that our administrating authority used, and for our employment and investment vehicles, we used our own less comprehensive system.
The former meant we were subject to the controls and arrangements of our administering authority, some of which were no longer suitable for the fund. For the latter, the system we were using was not comprehensive enough due to increasing complexities.”
What were the top three challenges with your current system/processes you needed to overhaul?
Why did you choose Xledger? What areas of the product helped it stand out from market peers?
“The primary reason for choosing Xledger over alternative suppliers is because the system was able to do everything we needed it to do while keeping costs lower than some of its competitors. Furthermore, the system was the right level of complexity for our needs and allowed for multi-currency transactions on the purchase ledger.”
The primary reason for choosing Xledger over alternative suppliers is because the system was able to do everything we needed it to do while keeping costs lower than some of its competitors. Furthermore, the system was the right level of complexity for our needs and allowed for multi-currency transactions on the purchase ledger.
How have you found support from Xledger? How does it compare to your previous system?
“The support from Xledger from implementation and go-live through to day-to-day use has been unparalleled when compared to our other systems, finance and otherwise. The Xledger team maintained consistent communication throughout the project and made the effort to understand some of our more complex processes. This gave us the peace of mind that we would be in the best position when it came to go-live.
Furthermore, the support desk is a great first port-of-call for day-to-day issues. Generally, they will have a solution within 24 hours for an easier issue. For more complex problems, they keep us updated and are happy to arrange a call to resolve the issue.”
What benefits have you already seen from Xledger? And what are you most looking forward to leveraging in the system?
“Since implementing Xledger across all our entities we have seen an improvement in the timeliness of the payment of our invoices, particularly with invoices that had previously been paid via our administering authority.
We have also seen several processes increase in efficiency, such as processing invoices in bulk via BACS rather than manual payments, bulk uploading our employer contributions and auto posting our more frequent bank transactions, all of which save significant time.
Furthermore, we are now fully compliant with the LGPS regulations, one of the primary drivers for implementing a new system. We have also separated from our administering authority’s finance system, allowing for greater control over our accounts and ensuring that employees do not need to use two laptops anymore.
Some of the key areas that we would like to leverage to a greater extent is the use of the reporting module, along with investigating some of the integrations with third parties.”
The support from Xledger from implementation and go-live through to day-to-day use has been unparalleled when compared to our other systems, finance and otherwise.
Xledger Project Manager, Megan Liles, spoke candidly about the momentum and detail the project demanded:
“Lothian Pension Fund’s project was made up of several delivery phases, all of which required structure, focus, and commitment over the months. Xledger worked with the LPF team to ensure clear governance and teamwork. By managing each stage effectively, we were able to deliver the transformation smoothly and ensure compliance was achieved throughout.”
As Lothian Pension Fund continues to grow and support Scotland’s community, it can leverage Xledger’s multi-entity accounting software to ensure efficient management of its investments, and we look forward to nurturing the Xledger and Lothian Pension Fund partnership for years to come.
If you are a financial services organisation, book your free demo to discover how Xledger can help streamline your financial processes.
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