The Pensions Regulator

Trustees show support for e-learning programme

Ref: PN05-33
16 November 2005

Focus groups organised by the Pensions Regulator have resulted in positive feedback on the regulator's proposed free e-learning programme.

Volunteer trustees taking part in the sessions held last month completed specimen pages from the interactive programme. The small focus groups were held to help assess the material that has been developed so far, and gain feedback to be used in ongoing development.

The overwhelming majority of trustees said they would recommend the interactive learning to both new and existing trustees, describing the programme as "powerful and effective" and accessible to even those users without a very high level of knowledge.

Other comments were that the examples used were realistic, for example accurately depicting "what a trustee meeting is really like," and that "the style kept it interesting". One trustee said: "I would recommend it unhesitatingly."

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 in relation to pensions law. The remainder of the programme will be delivered later in 2006.

The project is being undertaken by the regulator in response to research carried out in early 2005, which showed that less than half of trustees received regular on-going training. Despite this, 90 per cent said they would take up an e-learning programme if it was backed by the Pensions Regulator.

Successful completion of all the modules will help trustees meet the requirements for trustee knowledge and understanding set out in the 2004 Pensions Act.

For more information about the regulator's e-learning programme, and to sign up for occasional email updates visit: http://www.thepensionsregulator.gov.uk/trustees/

Editor's notes

1. The Pensions Act 2004 (sections 247-249) requires 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.
2. The new 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.
3. The findings of the research undertaken into trustee knowledge and understanding have been published in the Pensions Regulator's E-Learning for Trustees Report.
4. 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. 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 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.
6. The new powers of the Pensions Regulator include the ability to:
7. • 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.