Hymans Robertson has launched a national assessment to measure levels of knowledge and understanding in Local Government Pension Schemes (LGPS).
The first of its kind, the National Knowledge Assessment, will provide LGPS funds with a clear insight into the knowledge levels of their key decision-makers on a national basis.
It 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 which all LGPS funds will be able to access to allow each to benchmark its position.
This comes after the scheme advisory board said LGPS pension committee and pension board members will need to start evidencing their understanding and capability in the role.
LGPS head of consulting Catherine McFadyen said: "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."
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