First ever national assessment of knowledge levels in the LGPS opens
17 Mar 2020
A national assessment to measure levels of knowledge and understanding in the LGPS has been launched by Hymans Robertson, the leading pensions and financial services consultancy. The National Knowledge Assessment is the first of its kind and will provide LGPS funds with a clear insight into the knowledge levels of their key decision-makers on a national basis.
Following the success of 2018’s National Confidence Assessment, this exercise will provide key evidence and information to all participating LGPS funds on the management of their fund and will form part of a national report, available to all the LGPS, to allow each Fund to benchmark their position.
The assessment follows recommendations made by the Scheme Advisory Board that LGPS Pension Committee and Pension Board members will need to start evidencing their understanding and capability in the role.
Catherine McFadyen, Head of LGPS consulting explains why this is the perfect time for funds to get involved:
“The last few years in public sector pension schemes have seen both a broadening of the topics that Pension Committee and Board members have to address at the same time as increased pressure to evidence their understanding. Now is a good time for funds to measure how their committees and boards are doing, and most importantly identify areas where more clarification or time may be needed.
“We would love to see as many LGPS stakeholders 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 public sector pension scheme understanding and help us evolve how we work within our governance structure to deliver the best standards for the scheme.”