The Pensions Regulator

Trustee toolkit now complete

Ref: PN07-09
21 May 2007

With the release of another module, Running your scheme, the Pensions Regulator's free e-learning programme, the Trustee toolkit, is now complete and trustees may gain their certificate of completion.

The new module of the Trustee toolkit, aimed at trustees of both DB and DC schemes, is set over a typical scheme year and looks at good practices involved in running a trustee scheme. For example, the trustees consider producing a folder of important scheme documents for new trustees and discuss the benefits of creating a scheme business plan.

Users of the toolkit work through various scenarios and then answer questions relevant to their own particular schemes.

The feedback received from users has been very positive with trustees saying:

"I found the modules very informative and easy to understand. It is easy to work through a module in several sessions."

"The Trustee toolkit uses a common sense approach and is a good confidence builder."

Regulated community learning manager Terry Clayworth said: "We are delighted that the Trustee toolkit is now complete and hope to see growing numbers of trustees working through the modules and gaining a certificate of completion."

Editor's notes

1. With the addition of the final module, the toolkit now covers all the material set out in the Pensions Regulator's scope documents on trustee knowledge and understanding. The regulator is currently planning some extra modules that will be in addition to the scope documents which will cover relevant related topics.
2. The Pensions Act 2004 (sections 247 to 249) requires all trustees to have knowledge and understanding of the law relating to pensions and trusts, and the principles relating to the funding of occupational schemes and the investment of scheme assets. They must also be conversant with their own scheme's policy documents.
3. The code of practice on trustee knowledge and understanding helps trustees to comply with the requirements and can be found, along with additional guidance for trustees.
4. The Pensions Regulator is the regulator of work-based pensions in the UK, with wide-ranging and flexible powers under the Pensions Act 2004. The powers of the Pensions Regulator include the ability to:
   • collect more detailed scheme information;
   • issue improvement notices and third party notices, enabling the regulator to ensure problems are put right;
   • freeze a scheme that is at risk, while the regulator investigates; and
   • prohibit trustees who are judged not fit and proper to carry out their duties.

     The Pensions Act 2004 also imposes a statutory obligation on 'whistleblowers' to report suspected breaches of the legislation to the regulator.