Agenda item

CIPFA Knowledge and Skills Framework

Report of the Director of Finance and Resources

Minutes:

The Committee received a presentation and report by the Director of Finance and Resources in respect of the Committee’s continued commitment to adopt a training plan covering the 8 key knowledge areas of the CIPFA Knowledge and Skills Framework. i.e.:

 

·         Pensions Legislative

·         Pensions Governance

·         Pensions Administration (Local Pensions Board only)

·         Pensions Accounting and Auditing Standards

·         Pensions Services, procurement and relationship management

·         Investment performance and risk management

·         Financial markets and products knowledge

·         Actuarial methods, standards and practices

 

They were informed that training for Pensions Committee members under the CIPFA KSF was not mandatory, as it was for the Local Pensions Board, but was considered to be best practice and was strongly encouraged. Thorough knowledge of the key areas of the Pension Fund by Members of the Pensions Committee and Senior Officers was vital for proper governance of the scheme.

 

The Director explained that Members of the Committee would be requested to complete a Training Needs Assessment (TNA) measuring themselves against the CIPFA KSF in order to assess the Committee’s current areas of knowledge and expertise, both as individuals and as a collective. Once Officers had analysed the results of the TNA, a more focused Training Plan, aimed at achieving certain levels of Competency, would be put in place to address areas for specific training needs going forward. This training could be provided through completion of the Local Government Association’s “Fundamentals” training (provided over three separate days), through the on-line Pensions Regulator Toolkit, via bespoke “just-in-time” training, or via a mixture of all three.

 

Following a discussion, the Committee expressed the view that those Members who wished to attend the three day “Fundamentals” training or the on-line training provided in the Pensions Regulator’s Toolkit should be given the opportunity to do so; and that “just-in-time” bespoke training should also continue to be provided.

 

It was anticipated that a review of the TNA would be carried out annually.  There was also a separate Training Log in place for Pensions Committee Members and this would be updated regularly to record all training which had taken place and would form part of the Fund’s Annual Report and Accounts.

 

RESOLVED – (a) That the contents of the report in relation to the CIPFA Knowledge and Skills Framework (CIPFA KSF) be noted and that the Members of the Committee reaffirm their commitment to such.

 

(b) That the high level Training Plan and the proposed levels of Competency be noted.

 

(c) That it be noted that a Training Log is being maintained by the Director of Finance and Resources and that “just in time” training at Pensions Committee  and Pensions Panel will be identified on meeting agendas and recorded on the Training Log.

 

(d) That it be noted that attendance at meetings of the Pensions Committee and Pensions Panel, and a summary of training delivered, is included in the Staffordshire Pension Fund’s Annual Report and Accounts.

 

(e) That Members be provided with details of the LGA Fundamentals training together with a link to the training modules forming the Pensions Regulator’s Toolkit.

 

(f) That the Committee also continue to receive “just-in-time” bespoke training.

Supporting documents: