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 training individual’s 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.
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.