It will now also be offered annually, a change that will give funds a clear, regular view of the individual Committee and Board members’ needs, as well as how both groups’ knowledge levels progress collectively. Further investment and changes to the assessment’s format mean that the results are delivered more quickly, with flexible timing to ensure funds can take part at the optimum time in alignment with their training plans.
The assessment will give funds what they need to assess knowledge levels of newer Committee members at the same time as those that are more experienced. The Hymans Robertson NKA has run biannually since 2020, with 2022 being the year that had the most engagement from committee members across the participating funds (71%). In 2024 the average engagement level sat at just over half (55%) of committee members for the participating funds.
Commenting on what Committee members should be focussing on, to get the most out of their training, Alan Johnson, Senior Consultant, Hymans Robertson, says: “We’ve updated the National Knowledge Assessment so that it meets current requirements under the new regulatory landscape, but also, to satisfy any potential future changes. We have invested in the user interface, making it easier to navigate and save progress, as well as delivering individual results instantly. We’ve focused on ensuring it meets the individual needs of the Committee and Board members, and each group as a whole. Moving to an annual assessment allows consistency year on year, and for training needs to be addressed as and when they arise. We are also enabling fund officers to participate, so that results can be used to help inform their own training plans.
“The true value of benchmarking across the LGPS can sometimes be overlooked, but along with gaining an understanding of the relative performance of a Pension Committee and Local Pension Board, against peers when it comes to knowledge, it also helps with engagement. This is why we deliver fund-level reports to help show the collective performance of the Board and Committee and then benchmarking analysis at a national level for all participating LGPS funds.”
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