2.1.2 To achieve these objectives – 2.1.3 Members of the Pension Committee require an understanding of: Their responsibilities as delegated to them by Northamptonshire County Council as an administering authority of an LGPS fund; The fundamental requirements relating to pension fund investments; The operation and administration of the Northamptonshire Pension Fund; Controlling and monitoring the funding level; and Effective decisions in the management of the Northamptonshire Pension Fund. Local Pension Board members must be conversant with – The relevant LGPS Regulations and any other regulations governing the LGPS; Any document recording policy about the administration of the Northamptonshire Pension Fund; and have knowledge and understanding of: The law relating to pensions; and Such other matters as may be prescribed. To assist in achieving these objectives, the Northamptonshire Pension Fund will aim for full compliance with the CIPFA Knowledge and Skills Framework and Code of Practice to meet the skill set within that Framework. Attention will also be given to the guidance issued by the Scheme Advisory Board, the Pensions Regulator and guidance issued by the Secretary of State. So far as is possible, targeted training will also be provided that is timely and directly relevant to the Pension Committee’s and the Local Pension Board’s activities as set out in the Fund Business Plan. For example, funding training will be given immediately preceding the meeting that discusses the Funding Strategy Statement. 2.1.6 In addition to the Pension Committee and Local Pension Board members, all those with decision making responsibility in relation to LGPS will: have their knowledge measured and assessed; receive appropriate training to fill any knowledge gaps identified; and seek to maintain their knowledge. 2.2 How the strategy meets Northamptonshire Pension Fund Objectives 2.2.1 The strategy meets the following objectives of the Northamptonshire Pension Fund as set out in the Business Plan and Medium Term Strategy -
8.3.2 The latter score will be flagged as green if this represents at least 90% of the potential target, amber for between 60% and 89% (inclusive) and red if below 60%. 8.3.3 Separately, LGSS Pensions will hold a record of each individual’s training credits split between attendance and assessment and will be shared with the chairman of the relevant Pension Committee or Local Pension Board on an annual basis. 9. CIPFA Requirements 9.1 CIPFA Knowledge and Skills Framework 9.1.1 In January 2010 CIPFA launched technical guidance for Elected Representatives on s101 Pension Committees and non-executives in the public sector within a knowledge and skills framework. The framework covers six areas of knowledge identified as the core requirements: Pensions legislative and governance context; Pension accounting and auditing standards; Financial services procurement and relationship development; Investment performance and risk management; Financial markets and products knowledge; and Actuarial methods, standards and practice. 9.1.2 The Knowledge and Skills Framework sets the skills required for those responsible for pension scheme financial management and decision making under each of the above areas in relation to understanding and awareness of regulations, workings and risk in managing LGPS funds. 9.2 Local Pension Boards: A Technical Knowledge and Skills Framework 9.2.1 In August 2015 CIPFA extended the Knowledge and Skills Framework to specifically include members of Local Pension Boards, albeit there exists an overlap with the original Framework. The Framework identifies the following areas as being key to the understanding of local pension board members; Pensions Legislation; Public Sector Pensions Governance; Pensions Administration; Pensions Accounting and Auditing Standards; Pensions Services Procurement and Relationship Management; Investment Performance and Risk Management; Financial markets and product knowledge; Actuarial methods, standards and practices.