Completing the assessment promises to help Funds benchmark the knowledge and understanding of its Pension Committee and Pension Board members, in line with the expectation from the Pensions Regulator (TPR). Importantly, the assessment will also identify how relevant knowledge and different skills are spread across both the Pension Committee and Board.
Catherine McFadyen, Head of LGPS consulting explains how funds could benefit from taking part: “It’s been really heartening to see the early results come in from Funds of all sizes up and down the country. Pensions are a highly technical specialist topic, but the evidence emerging shows that many Pension Committees and Boards have prioritised learning and skills in core areas with some success.
“The last few years have already been incredibly challenging for public sector schemes and the impact of COVID-19, late in a valuation year for some, will have been felt keenly. This survey allows the whole LGPS to develop its understanding of the levels of knowledge achieved within committees and boards, and most importantly allows Funds to identify areas where more understanding or time may be needed. The decision to extend the deadline is aimed at allowing Funds who may have missed out, the opportunity to take part. We’ve worked hard to make the assessments accessible and expect it to only take around 20 minutes to complete.
“We would love to see as many LGPS funds as possible take part in the assessment and share their individual experiences. This information will help provide the clearest picture to date on the levels of LGPS knowledge and understanding. Helping to evolve how we work within our governance structure and deliver the best standards for the scheme.”
Commenting on the National Knowledge Assessment, Chair of the Scheme Advisory Board, Councillor Roger Phillips added: “The Board welcomes the work being done to assess the knowledge of decision makers and local pension board members in the LGPS. Initial results show an overall improvement in knowledge but there are a few key areas where further improvement can be made. The Board will continue to work closely with scheme stakeholders to help them achieve the standards expected by the Pensions Regulator and other regulators are achieved. The Board also welcomes the decision to extend the survey to ensure as full a response as possible in these exceptional times and would encourage all fund authorities to respond if they have not done so already.”
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