Issue - meetings

To advise upon: 

·      The need for a Pensions training and development programme

·      The CIPFA Code of Practice on Public Sector Pensions Finance Knowledge and Skills

·      The CIPFA Pensions Finance Knowledge and Skills Framework

·      The development and delivery of training to meet the requirements of the CIPFA Code of Practice and Framework.

The Committee received the report on Pension Fund training and development, incorporating the review by the Independent Advisor on pensions knowledge and skills and the actions required in order for compliance with CIPFA guidance.

It was noted that any training would need to be arranged after Annual Council, and would need to take into consideration the Council’s calendar of meetings, in order to ensure that Members were able to attend sessions. It was agreed that Members would be consulted on a draft schedule for training, and that the training should be opened up to all Members.

RESOLVED

i)             That the paper by the Independent Pensions Fund Advisor entitled “Pensions Knowledge and Skills” be noted.

ii)            That the key recommendations (principles) of the CIPFA Code of Practice on Public Sector Pensions Finance Knowledge and Skills be adopted, specifically the following statements contained within the Code:

·        This organisation adopts the key recommendations of the Code of Practice on Public Sector Pensions Finance Knowledge and Skills.

·        This organisation recognises that effective financial administration and decision-making can only be achieved where those involved have the requisite knowledge and skills.

·        Accordingly the organisation will ensure that it has formal and comprehensive objectives, policies and practices, strategies and reporting arrangements for the effective acquisition and retention of the relevant public sector pension scheme finance knowledge and skills for those in the organisation responsible for financial administration and decision-making.

·        These policies and practices will be guided by reference to a comprehensive framework of knowledge and skills requirements such as that set down in the CIPFA Pensions Finance Knowledge and Skills Framework.

·        This organisation will report on an annual basis how these policies have been put into practice throughout the financial year.

·        This organisation has delegated the responsibility for the implementation of the requirements of the CIPFA Code of Practice to the Director of Corporate Resources (Section 151 Officer) who will act in accordance with the organisation’s policy statement and, when he/she is a CIPFA member, with CIPFA Standards of Professional Practice (where relevant).