APPT to offer provisional trustee accreditation amid Covid-19 delays
The Association of Professional Pension Trustees (APPT) has announced it will allow professional trustees to become provisionally accredited in light of delays caused by Covid-19.
The APPT said, while it is still accepting applications for full accreditation, it is now also offering the interim step of provisional accreditation, noting it could be difficult for professional trustees to complete examinations and background checks at the current time.
The trade body said professional trustees could complete and submit their application form and relevant documentation to receive provisional accreditation status from today - adding that, once they are able to complete the accreditation examinations and finalise their background checks, they would be awarded full accreditation status by the APPT.
Chairwoman Nita Tinn said: "This is a challenging and uncertain time for pension schemes and sponsoring employers, which means that professional trustees are called upon now more than ever to exercise their skill and judgment in navigating through a series of difficult decisions.
"Accreditation is an important development for professional trustees which will help them demonstrate their ability to deal with the challenges, and we know it will play a vital role in maintaining and enhancing standards and securing better outcomes for all scheme members."
Tinn added: "We want to ensure all professional trustees can gain APPT accreditation as soon as possible, which is why we are accepting applications now."
The announcement comes just days after the Pensions Management Institute (PMI) announced that CBC Pension Services director Michael Clark had become the first fully-accredited professional trustee in the UK.
The APPT and PMI launched separate accreditation regimes in February - meaning professional trustees could choose to be either APPT accredited or PMI accredited.
Both regimes are very similar - following the standards published by the Professional Trustee Standards Working Group (PTSWG) in 2019 - and requiring trustees to pass both a number of background checks in addition to both units of the PMI's Level 3 Certificate in Pension Trusteeship (CPT).
More on Industry
Women in Pensions Awards 2020 - The Winners
Here they are - the winners of the 3rd annual Women in Pensions Awards...
Chancellor warns of 'economic emergency' in Spending Review as borrowing hits £394bn
Chancellor Rishi Sunak has warned that the UK’s “economic emergency has only just begun”, as he revealed that the Office for Budget Responsibility (OBR) has forecast the economy will contract this year by 11.3% - the largest fall in output for more than...
CMI: Excess deaths reach new high for 2020
The UK’s cumulative excess deaths figure for 2020 is higher now than at the previous peak of 64,600 recorded during the first wave of Covid-19, the Continuous Mortality Investigation (CMI) says.
Trustees must be 'accountable' for the security of data and assets
Trustees must be “accountable for the security of data and assets” to protect schemes and members from the risk of cyber attacks, according to The Pensions Regulator (TPR).
Have your say: Do you support the ruling that DB trustees must equalise GMPs in past transfers?
In this week's Pensions Buzz, we want to know whether you support the ruling that defined benefit (DB) trustees must equalise GMPs in past transfers.
Most read
