Trustee Education and Protection

What is changing?

Trustee Knowledge and Education

The Pensions Act 2004 introduces new requirements for trustees which will require them to demonstrate more in depth competence across a wider range of expertise, and will mean that formal training will need to be undertaken.

The new requirements took effect on 6 April 2006.

Trustees need to be fully conversant with their own scheme documentation and individual trustees must also have knowledge and understanding of:

1. The law relating to trusts

1. The law relating to pensions

1. Investment

1. Funding

1. Contributions

1. Strategic asset allocation

1. Investment choices Fund management

1. The scheme’s trust deed and scheme rules

1. The scheme’s statement of investment principles

1. The scheme’s statement of funding principles

1. Other relevant scheme documents

Scheme Trustees need to identify gaps in their existing levels of knowledge and arrange for suitable training to be undertaken. Regent can assist with these needs and can provide assistance with identifying any gaps and offer training to match any gaps in knowledge.

Thereafter, ongoing training and education should be undertaken on a regular basis.