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 Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.