By Alan Johnson, Governance & Administration Consultant, Hymans Robertson
At first glance, the two might seem worlds apart, but let's explore how the rigorous standards and structured training of Olympic athletes can be applied to LGPS governance.
To qualify for the Olympics, there’s a minimum standard athletes must attain. A specific time to beat or distance to reach.
Currently, pension board members are required to have the knowledge to perform their role adequately. Based on the Regulator’s General Code of Practice and the "next step in investments" consultation, there’s an indication that similar requirements will be placed on committee members.
Goal Setting and Training
Olympic athletes will set themselves a goal or a target, and then measure their current performance relative to that. They then develop a structured and tailored training program to help them achieve this target. Working up to that main Olympic event, they will compete in other events to see where they stand against their peers, and to try and learn from others. When the main event comes around at the Olympics, it’s their chance to demonstrate their abilities and see whether they can achieve their goals.
While there are no gold medals available for taking part in the National Knowledge Assessment (NKA), it does provide a similar pathway - an opportunity to demonstrate progress, and review current training plans to ensure members are still on track to achieve the desired outcomes from their training. It also provides the benchmarking against peers – much like a qualifying race – highlighting the minimum standard that should be met.
For many athletes, this whole process is supported by a coach who is there to offer guidance and support, as well as motivation. In terms of training LGPS Committee and Board members, the Fund officers assume the role of coach – they know the ultimate goal, they have helped many members previously achieve that goal, and they are a source of motivation, and provide the basic tools to succeed.
To perform this role, they need to have the necessary data to check on progress. One of the ways to get that is through performing a knowledge check. The NKA not only provides a check on individual knowledge across eight different topics, but also the collective knowledge of both the Committee and Board. This allows officers to identify the areas of least knowledge, and focus training on those.
The Role of the Coach
As any coach will attest, all the research, effort and planning will be fruitless unless those you are coaching stay motivated. In an LGPS context, how can we do this?
Well, the starting point is to assess and build engagement by:
Ensuring information and training materials are provided regularly. A little and often approach is more effective than a quarterly meeting packed full of previously unseen material.
Benchmarking, such as that provided in the NKA, can help by showing where you sit relative to peers.
A consistent, joined up approach will help. That’s why we have deliberately aligned the NKA closely with our LGPS Online Learning academy. Users of both will find it easy to fill in any knowledge gaps, bringing a focus to their training
Mixing the format between face-to-face, online and on-demand sessions to keep training fresh and engaging.
We look forward to seeing the standings at the end of the NKA - not for the podium positions, but rather as an assistant coach looking forward to seeing the development over time.
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