LONDON, 1 July 2021 – Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, has supported the latest revisions to Local Government Pension Scheme (LGPS) guidance from the Chartered Institute of Public Finance and Accountancy (CIPFA). The guidance and corresponding Code of Practice highlight the importance of supporting the development of knowledge and skills for all those responsible for managing and administering the LGPS.
Aon has provided technical advice on revisions to the ‘Knowledge and Skills Framework for LGPS Committee Members and LGPS Officers’ as well as updating the corresponding Code of Practice. The new framework brings older frameworks for elected representatives, non-executive members and pension practitioners together into a new single updated document for all committee members and senior officers. The Code establishes the minimum standards required of all CIPFA professional members who are expected to comply with its requirements across England, Wales, Scotland and Northern Ireland.
Richard Lloyd-Bithell, Senior Policy and Technical Manager at CIPFA, said:
“CIPFA is delighted to publish the updated Code of Practice and framework for knowledge and skills in collaboration with Aon.
“The LGPS landscape has shifted significantly since the Code’s last issue. We are pleased to see a Code which is fit for purpose and will support LGPS funds in achieving greater capacity and retention of knowledge, ensuring good governance and strong public financial management.”
Mary Lambe, senior Benefits & Governance consultant at Aon, said:
“Much has changed for LGPS funds over recent years, from the introduction of the Pensions Regulator in the LGPS, to the advent of asset pooling and an increased focus on responsible investing, to name just a few. Furthermore, this level of change shows no sign of slowing down. In this environment, with additional complexity for committee members and LGPS officers, it is vitally important to ensure that acquiring and maintaining knowledge and skills takes centre stage.
“These updated CIPFA documents reflect the increasing need for knowledge and skills with all parties involved in the management of the LGPS as well as with the management of their training requirements. The ultimate aim is simply the promotion of good governance in the LGPS.”
‘Knowledge and Skills Framework for LGPS Committee Members and LGPS Officers’ is available here and ‘The Code of Practice’ is available here.
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CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. CIPFA shows the way in public finance globally, standing up for sound public financial management and good governance around the world as the leading commentator on managing and accounting for public money.
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