Hymans launches updated LGPS Online Learning Academy: LOLA 3.0

Committee Members of English & Welsh LGPS Funds should ready themselves now, to meet the Government’s new knowledge and skills requirements, says Hymans Robertson on the launch of its newly updated LGPS Online Learning Academy (LOLA 3.0). New requirements mean Committee Members must show a good understanding of pensions as individuals, rather than simply as a collective. To succeed, Funds will need new and improved, training and learning strategies says the leading pensions and financial services consultancy.

Hymans new training platform, LOLA 3.0, has been redeveloped to be more interactive, engaging and user friendly. This new version draws on Hymans Robertson's extensive experience of the LGPS and the latest advances in learning and development. It’s also been designed to help Funds stay ahead of potential future regulatory changes. This includes Scottish Funds, as LOLA 3.0 is fully compliant with Scottish LGPS legislation.

Commenting on why Funds need to set their training strategies and plans now Andrew McKerns, Principal Governance Consultant, Hymans Robertson, says:

“Historically, only Pension Board members were required to demonstrate their pensions knowledge in order to fulfil their role. Now that same, some may even say enhanced requirement, is faced by our Pension Committee members. Preparing now gives Funds the best chance of embedding the right knowledge at the right time, rather than racing to catch up once new requirements take effect. This is particularly important for those funds facing dramatically changed Pension Committees because of recent elections.

“Our updated training platform provides a comprehensive learning pathway covering the full breadth of training areas identified by the Scheme Advisory Board – from pensions legislation and governance to financial management, investment strategy, procurement and key behavioural skills. LOLA 3.0 also supports officers with accurate, up to date reporting on course interaction and provides robust training logs.

“Starting now, whether Funds already have established training plans or, are building something new, will help ensure that committees are ready, resilient and well prepared for the year ahead.”

Commenting on why the format of training is important in helping committees meet the new requirements, Andrew adds:

“Learning and governance are linked, and confidence in the fundamentals will help Committee Members make better decisions and contribute more meaningfully to the long-term health of their fund. This led us to invest in the next evolution of LOLA: to make it more engaging, more intuitive and better aligned to the emerging expectations shaping the LGPS today.

“We have been supporting Funds with their training for many years and launched LOLA five years ago, offering an online training plan covering core knowledge in a unique way. In that time, we have come to understand what  the training challenges that committee and board members face and developed practical, workable solutions.

“Individual preferences need to be taken account of which our new system does in our new Hybrid learning style, gathering the best of video on demand, with written text and mid-course learning challenges. It’s also fully aligned to regulatory expectations. It’s a two-fold system that gives users the information they need and provides reporting on interactions with courses, so Fund Officers can keep accurate training logs for compliance.”

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