Hymans Robertson’s 2024 National Knowledge Assessment (NKA) is now open for LGPS funds to access. LGPS funds across the UK can now take the assessment to get unique training insights and benchmark the knowledge and skills of their Committee and Board. On completing the assessment, funds will be able to evidence that they’re meeting the requirements of the Pensions Regulator's General Code of Practice through assessment and reporting on the knowledge and skills of their Committee and Board members. They will also be able to identify future training needs.   

Commenting on the benefits of funds taking the assessment, Alan Johnson, Governance Consultant, Hymans Robertson, says:   

“The NKA is a great way for fund officers to check their individual knowledge across eight different topics. It also provides the chance to test the collective knowledge of both the Committee and Board. This is important as pension Board members need to keep their knowledge up to date so that they can perform well in their role. And based on the “Next Steps on Investment” consultation, it looks likely that similar requirements will be placed on Committee members. Through the National Knowledge Assessment, officers can identify the areas of least knowledge and focus training on those. 

“The Assessment also provides invaluable benchmarking against peers. Not only is this useful for motivation but it also shows the minimum standard that funds should look to meet. 

“The assessment is easy to navigate and is an effective way to meet the Regulator’s expectations around consistently gathering evidence of knowledge and understanding. Areas covered in the NKA include: The Role of the Committee and Pension Legislation, Investment performance and Risk Management and Pensions Governance. 

“Once all registered funds have participated, we will produce a national report that includes analysis on the current UK-wide LGPS Committee and Board landscape and can make a comparison with previous NKA results.”