LGPS trustee knowledge to be tested

Hymans Robertson has launched a national assessment to measure levels of knowledge and understanding in the local government pension scheme.

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.

The assessment will provide evidence and information to all participating LGPS funds on the management of their fund and will form part of a national report, which will become available to the entire LGPS, to allow each fund to benchmark its 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.

Hymans Robertson head of LGPS consulting, Catherine McFadyen, said: “The last few years in public sector pension schemes have seen 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,” she added.