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.”
The People's Pension, Atlas Master Trust and The Cheviot Trust have been granted authorisation from The Pensions Regulator (TPR), taking the total number of authorised master trusts to 18.
Pension schemes have been warned they may now face a more challenging legal test if they wish to fix drafting errors.
The Greene King Pension Scheme has appointed XPS Pensions as its actuarial and investment adviser following a competitive tender process.
Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...