TPR toolkit must widen coverage - EXCLUSIVE

SPC met with the regulator to discuss how the trustee toolkit can be better utilised by smaller schemes and defined contribution trustees.

SPC secretary John Mortimer said: "We value the regulator’s e-learning tools and we welcomed the opportunity to discuss with it how to widen their coverage.

"We discussed a number of possibilities – for example, producing material tailored for fully insured, earmarked schemes and highlighting that the regulator’s

e-learning is designed to allow trustees to dip in and out of it, to accommodate competing demands on their time."

The meeting follows a Committee of Public Affairs’ report published earlier this month, which found that only 15pc of trustees – 20,000 out of the total 130,000 – had registered to use the toolkit.

It also revealed only 3300 trustees from money purchase schemes had signed up.

Mortimer added: "It is important to make clear that this is a very useful tool for trustees.

"We hope to have the opportunity to work with the regulator as and when it decides to review the scope of its trustee knowledge and understanding guidance."