UK - Trustees need a minimum of two days' training a year to understand their responsibilities adequately, Pensions Management Institute members claim.
In the first of a series of online surveys of qualified PMI members, 85% of the 450 respondents thought trustees had “little idea of what they were letting themselves in for” when they were appointed.
Almost all (96%) of the respondents thought that having a relevant qualification increased trustees’ confidence.
PMI said one respondent summed up the dilemma for trustees saying that cases have arisen where a trustee “does not have a clue what it is all about until they are faced with a poorly-funded scheme and a reluctant – or bust – employer. Then it is too late.”
President Roger Cobley (pictured) said there was a need to ensure that trustees were able to do their job efficiently and effectively – the aim of the PMI’s Certificate of Essential Pensions Knowledge.
He said: “This survey indicates that more needs to be done. The solutions need to come from the industry as a whole and we are currently closely involved in OPRA’s consultation on how the Pensions Bill trustee provisions need to be developed.”
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