The Pensions Regulator

Pensions Regulator launches e-learning Trustee toolkit

Ref: PN06-06
15 February 2006

The Pensions Regulator’s brand new e-learning programme for pension scheme trustees is now online.

The first of its kind, the Trustee toolkit is a free, practical and interactive online training programme designed to improve trustees’ knowledge and understanding, and help them meet statutory requirements.

April Alexander, head of regulated community learning at the Pensions Regulator, said: “The toolkit has been specifically developed to meet the needs of busy trustees of all levels – it can be accessed where, and when, they wish.

“We encourage trustees to use this free interactive training; joining in decision making and working through case examples and tutorials to build their experience and knowledge.”

Now available are units one and two of the regulator’s scope guidance; the responsibility of trustees in relation to trust law, and in relation to pensions law. Further units will be added in coming months.

The fully interactive programme comprises a series of stand-alone modules designed by e-learning and pension’s experts to be interesting, fun, and based heavily on real-life case studies.

Successful completion will help trustees to meet statutory requirements under the Pensions Act 2004; that trustees have knowledge and understanding of the law relating to pensions and trusts, the principles relating to the funding of occupational schemes and the investment of scheme assets, and to be familiar with their own schemes.

Although it has been designed specifically for trustees, the toolkit is open to all interested parties. It will be an invaluable resource for advisers and employers, enabling them to check their own understanding of the issues facing today's pension scheme trustee.

The programme syllabus has been based on scope guidance available on the regulator's website, and will form the basis of a new voluntary qualification for trustees to be launched by the Pensions Management Institute in April.

For immediate registration visit:

http://www.trusteetoolkit.com/

To view the final draft of the Pensions Regulator’s code of practice on Trustee Knowledge and Understanding visit: www.thepensionsregulator.gov.uk/codesOfPractice/

Editor's notes

• The final draft of the code of practice, the scope documents on which the e-learning syllabus has been based, and additional guidance for trustees can be found on the regulator’s website: http://www.thepensionsregulator.gov.uk/
  Although the code may not be the final version, it gives trustees and employers a clear indication of what they can expect from the code of practice.
• 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.
• 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.
• The Pensions Regulator developed the e-learning programme in response to research carried out in early 2005. This showed that while 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 it up if it was backed by the regulator. Findings of the report (conducted on behalf of Opra) can be viewed at: www.thepensionsregulator.gov.uk/pdf
  /DVLSMITHreportelearning.pdf
• The Pensions Regulator is the regulator of work-based pensions in the UK, with wider and more flexible powers under the Pensions Act 2004. It replaced Opra which no longer exists.
• 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.