Trustee training
The Pensions Act 2004 and the Pensions Regulator’s Code of Practice 07 Trustee Knowledge & Understanding (TKU) place a requirement upon trustees to be sufficiently knowledgeable about their scheme in order to be able to operate effectively.
One way of demonstrating compliance with the Code is to have a formal training plan in place. We are able to build training plans that not only achieve compliance with the Code but which also add true value to the operation of the trustees through liaison with the trustees’ actuary and legal advisers.
We have developed training logs to record all of the training undertaken by trustees. This includes both formal scheme specific training and courses open to the public. An annual review of such logs will highlight both individuals requiring further training and areas of detail requiring consideration.
For new trustees, we provide bespoke introductory training on all aspects of their scheme immediately after appointment.
For existing trustees, we recommend that the whole board initially undertakes a training needs self-analysis to ensure that the ‘basics’ have been covered. If necessary, any gaps identified can be filled as part of the annual formal training plan or in one-to-one sessions outside of the trustees' formal timetable.
Another way of demonstrating compliance with the Code is to undertake a formal trustee qualification such as the Award in Pension Trusteeship provided by the Pensions Management Institute (PMI). We are able to provide all the requisite preparation and support for the examination and arrange private examination facilities, if required.
