Pension scheme trustees have been urged to bring themselves up to speed with key retirement policies and legal developments by completing new modules in The Pension Regulator's trustee toolkit.
TPR said its free online learning programme, designed to help trustees meet legislative requirements for prescribed levels of knowledge and understanding, has been overhauled to reflect changes to the new defined contribution and defined benefit code of practice. TPR's DB code of practise, which helps trustees and sponsoring employers to agree balanced funding plans for their pension schemes, came into force this week.
TPR director of communication Sue Griffin said: 'Trustees are required by law to have appropriate skills, knowledge and competency to carry out the increasingly complex and technical duties required to run a scheme and protect the interests of scheme members.
'The trustee toolkit provides an ideal way to help meet these requirements. We would encourage all existing users to revisit the toolkit to review and explore the updated modules.
'Whether a trustee has been in post ten days or ten years, they will discover useful and up-to-date information that helps them fulfil their responsibilities relating to trustee knowledge and understanding, in a manner that suits their learning style and meets their continuing development needs.'
The programme features four completely new modules, two focused on DC-related content, including investment and governance and also two new modules for all trustees.
Other improvements include: restructured content so users can focus on modules which apply to the scheme type they oversee; rewritten tutorials, including the introduction of a charges glossary; and the creation of a learning-needs analysis tool ,so trustee boards can be directed to the areas that will meet their needs.
TRP noted that, although it is not mandatory to complete the toolkit, pension scheme trustees must legally have knowledge and understanding of pension law and trust law, the principles relating to the funding of occupational pension schemes and the investment of work-based scheme assets as well as being conversant with documents relating to their pension schemes.
31 JULY 2014 | BY JUDITH UGWUMADU