EDUCATION

The requirement for Trustees to have a broad knowledge and understanding of the principals relating to pension schemes entered into law in the UK through the Pensions Act 2004.  This requirement was partly in response to the findings and recommendations of the Myners Report to HM Treasury in 2001 on Institutional Investment and more particularly, pension funds.

 

The world of pensions has never been more complex, even after various attempts at simplification. Trustees have never before been expected to know so much to fulfil their duties.

 

The Pensions Regulator has published a Code of Practice on Trustee Knowledge and Understanding and has set out the areas that it believes Trustees needs to know in a series of Scope Guidance documents that relate to different types of occupational, trustees based schemes.  These, together with an on-line learning programme may be found on the Regulator’s web site, which can be found at: www.thepensionsregulator.gov.uk/trustees