In brief: A national assessment to measure levels of knowledge and understanding in the Local Government Pension Scheme (LGPS) funds has been launched today by Hymans Robertson.
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 launch of the 2018’s National Confidence Assessment, this new assessment will provide key evidence and information to all participating LGPS funds on the management of their funds and will form part of a national report – which will be available to all LGPS funds – to allow each fund to benchmark their position.
The assessment follows recommendations made by the LGPS’s scheme advisory board, noting that LGPS pension committee and pension board members will need to start evidencing their understanding and capability in their roles.
Catherine McFadyen, head of LGPS consulting, said now is the perfect time for funds to get involved.
“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.”
She said the results from the assessment “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”.