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Managers believe trustee training should be mandatory - EXCLUSIVE
The vast majority of scheme managers believe trustee training should be compulsory, an exclusive snapshot poll for Professional Pensions shows.
Pensions software provider Xafinity Claybrook surveyed 13 senior scheme managers at one of its seminars for PP. It found 10 were convinced trustee training should become mandatory while the remaining three were unsure. None of the managers surveyed said it should not be compulsory.
One manager said personal accounts would wipe out pension provision in the UK, while four thought it was possible, however, eight said it would not.
They advised the Personal Accounts Delivery Authority to use plain English with no jargon and said the body should "plan it, test it, and repeat" before going live.
When asked how can trustee boards and administration departments work better together the managers said there should be more interaction between the two parties through team bonding and meetings. The group also said "easy flow of information, easy communication, easy compliance delivery" were important.
The mangers said straight through processing would "dramatically" improve administration of both defined benefit and defined contribution schemes while also saving money.
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26 Jun 2008 16:39 by TMonk Trustee training
We would agree that a degree of training should be mandatory but what is far more important is that the training is relevant and clearly understood so that trustee can play a full and active part in any trustee meetings
Training needs to be supported by mentoring and testing to make sure what has been learnt is both up to date and understood
We must as an industry encourage new trustees and help remove the fear of the trustee role and we must not let TKU be a barrier to entry