Trustees and the law
As The Pensions Regulator (TPR) states, 'Committed, conscientious trustees play an essential part in the proper running of pension schemes'. Trustees have wide ranging powers and discretions that have grown further under The Pensions Act 2004. The law now requires that trustees have the knowledge and understanding to properly perform their role (as outlined in the ‘Scope’ documents for trustee knowledge and understanding developed by TPR). This includes understanding of the law relating to pensions and trusts, the funding of pension schemes, and the investment of scheme assets.
Complying with the law
TPR has developed a free e-learning programme that covers the whole of the scope. For some trustees the e-learning programme may be sufficient. However, others are likely to feel the need to supplement e-learning with further training, either on specific issues, or relating the specific circumstances of their scheme. As legislation and good practice are in constant flux, the trustee body – or sub groups of it – should seek regular briefings and refresher courses.
How we can help
No one has more experience of providing advice to the trustees of the UK’s largest pension plans than Watson Wyatt. We have provided training for trustees for many years and our latest courses are designed to support trustees’ needs in this new environment, complementing TPR’s e-learning programme. These include:
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