A national assessment to measure levels of knowledge and understanding in the Local Government Pension Scheme (LGPS) space has been launched by Hymans Robertson.

The National Knowledge Assessment will be the “first of its kind”, providing LGPS funds with insight into the knowledge levels of their key decision-makers on a national basis.

The assessment was designed following recommendations from the Scheme Advisory Board that LGPS pension committee and pension board members will need to start evidencing their understanding and capability.

It also follows the rollout of a National Confidence Assessment in 2018, and will form part of a national report, to be available to all the LGPS, which will in turn allow funds to benchmark their position comparative to their peers.

Hymans Robertson head of LGPS consulting, Catherine McFadyen, commented: “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.”

Share Story: