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This guidance focuses on the knowledge and skills requirements associated with public service pension schemes, and assists scheme managers and pension board members in applying them.
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A great deal of work has been done in recent years to address the provision of training to those who are involved in the administration of public service pension schemes. However in the absence of any detailed definition of what knowledge and skills are actually required to carry out a particular role, it is difficult to ascertain whether training is truly effective.
In an attempt to ensure that training can be delivered efficiently and effectively by identifying and focusing on the key knowledge areas, in recent years CIPFA has developed, with the assistance of expert practitioners, frameworks covering the knowledge and skills requirements for officers and elected members/non-executives involved in the administration of public service pension schemes.
The proposals in this publication are intended to further promote good governance in public service pension scheme pension boards by extending these frameworks to cover the training and development of their pension board members. The objective is to improve knowledge and skills in all the relevant areas of activity of a pension board and assist board members in achieving the degree of knowledge appropriate for the purposes of enabling the individual to properly exercise the functions of a member of the pension board.
This guidance complements The Pensions Regulator Code of Practice 14: Governance and administration of public service pension schemes which sets out the fact that the law requires, amongst other things, that local pension board members be conversant with documents relating to the administration of the scheme.
Additionally, in the context of the LGPS in particular, this will bring board members into contact with matters relating to investments, actuarial valuations, third party provision, scheme assurance, accounting and auditing.
This publication is available as a bookmarked PDF, which can be shared throughout your organisation. Customers will need to register and login to CIPFA’s website to access the publication.
Details of licensing arrangements for other categories of purchaser, which includes those organisations operating shared service arrangements, are available from CIPFA’s Publications Department.
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Pensions Finance Knowledge and Skills Framework - Technical Guidance for Elected Representatives and Non-executives in the Public Sector
Pensions Finance Knowledge and Skills Framework - Technical Guidance for Pensions Practitioners in the Public Sector