The Pensions Regulator

Pensions Regulator to offer free e-learning programme for trustees

Ref: PN05-23
7 September 2005

The Pensions Regulator is developing a free e-learning programme for trustees to help address the need for on-going training.

The fully interactive programme will comprise a series of stand-alone modules designed by e-learning and pensions experts to be interesting, fun, and based heavily on real-life case studies. Successful completion of all the modules will help trustees meet the requirements for trustee knowledge and understanding set out in the 2004 Pensions Act.

By signing up at the Pensions Regulator's website trustees can express their interest in the programme and receive occasional updates.

The first tranche of the e-learning programme will be available in January 2006 and will cover units one and two of the syllabus: the responsibility of trustees in relation to trust law and pensions law. The remainder of the programme will be delivered later in 2006.

The syllabus is available on the regulator's website. It will form the basis of a new qualification for trustees to be launched by the Pensions Management Institute in April 2006. This voluntary qualification, which will be submitted to the Qualifications and Curriculum Authority for accreditation, will replace the current Trustee Certificate offered by the Pensions Management Institute.

The Pensions Regulator has undertaken this project in response to research carried out in early 2005. The research showed that although less than half of trustees received regular on-going training, the vast majority would welcome the opportunity for e-learning and 90 per cent said they would take this up if it was backed by the regulator. Findings from the report (conducted on behalf of Opra) can be found on the Regulator's website.

Editor's notes

1. The findings of the research undertaken have been published in the Pensions Regulator's E-Learning for Trustees Report, see the Research Summary
2. The Pensions Regulator has been established as the new regulator of work-based pensions in the UK, with wider and more flexible powers under the Pensions Act 2004. It has replaced Opra which no longer exists.
3. The Pensions Regulator is now responsible for compiling and maintaining a trustee register, which replaces Opra's trustee panel. It will use the register to appoint trustees to pension schemes it deems to be at risk.
4. When considering applicants for acceptance onto the new register, the regulator will take into account any history of misuse of trust funds, breaches of trust law, persistent or serious over-charging of clients, breaches of pensions legislation and convictions.
5. The new powers of the Pensions Regulator include the ability to:
   • collect more detailed scheme information;
   • impose a statutory obligation on 'whistleblowers' to report suspected breaches of the legislation to the regulator;
   • 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.