Agenda item

Report of the Chief Operating Officer to highlight the clear legal and regulatory requirements for a comprehensive approach by the new Joint Pensions Committee and Board to Pensions training and the acquisition of Pensions Knowledge, Understanding and Skills and to propose that a Training Needs Analysis be issued to all members of the Joint Committee and Board and that all members of the Joint Pensions Committee and Board complete the Pension Regulator’s on line Public Service Toolkit.

The Committee received a report from John Raisin Independent Advisor to the Committee which set out the legal and regulatory requirements for a comprehensive approach by the new Joint Pensions Committee and Board. The report proposed the adoption of the CIPFA Code of Practice on Public Service pensions Finance Knowledge and Skills, the adoption of a broad based Pensions Knowledge and Skills Framework and its implementation. The paper also proposed that a Training Needs Analysis was issued to all members of the Joint Committee and Board and that all members of the Joint Pensions Committee and Board complete the Pension Regulator’s online Public Service Toolkit.

In response to a question regarding what the knowledge check was for the Board, the Independent Advisor commented that there wasn’t a check as such but that the Pensions Regulator would want to see evidence that the members had attended relevant training and had shown a willingness to understand the subject material. The Chair requested that there were some questions included in the Training Needs Analysis around the format and type of the training the Board would like to receive (Action: John Raisin).

The website for the Pension Regulator’s Public Service Toolkit, including online training was noted as: http://www.thepensionsregulator.gov.uk/public-service-schemes.aspx

RESOLVED

      I.        That the paper by the Independent Advisor attached as Appendix 1of the report “Pensions Knowledge, Understanding and Skills” be noted.

    II.        That the key principles of the CIPFA Code of Practice on Public Sector Pensions Finance Knowledge and Skills (July 2013 version) and specifically the following six statements contained within the Code be adopted:

·         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, scheme governance and decision-making can only be achieved where those involved have the requisite knowledge and skills.

·         Accordingly this organisation will ensure that it has adequate resources, 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, scheme governance 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 annually on 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 Chief Operating Officer who will act in accordance with the organisation’s policy statement, and, where he/she is a CIPFA member, with CIPFA Standards of Professional Practice (where relevant).

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III.        To adopt the “Haringey Pensions Knowledge and Skills Framework” as set out in Table 1 of the Independent Advisors paper (Appendix 1 of the report).

IV.        That all members appointed to the new Joint Pensions Committee and Board complete the Pension Regulator’s on line “Public Service Toolkit” by 31 October 2016.

V.        That a Training Needs Analysis be issued to all members of the new Joint Pensions Committee and Board to be completed and returned by 31 August 2016.

VI.        That the Independent Advisor to the Pension Fund be requested to prepare a series of  “core” training sessions to cover the seven areas within the “Haringey Pensions Knowledge and Skills Framework.”

VII.        That a report on Training, Knowledge, Understanding and Skills be presented to the Joint Pensions Committee and Board on an annual basis at its June/July meeting.