Pensions Regulator releases Pensions Law module of Trustee toolkit

The latest module of the Pensions Regulator's free e-learning programme for pension scheme trustees is now available online at http://www.trusteetoolkit.com/.

In this module, which focuses on pensions law, the learner is faced with more complex scenarios involving governance, conflicts of interest and financial difficulties for the employer. They also start to consider funding problems and develop an understanding of the Pensions Regulator's role.

The trustee toolkit is made up of a series of modules - each containing a number of scenarios in which the user plays the part of a newcomer to a fictitious trustee board. The scenarios are based on real-life examples which trustees may well come across in their role.

Launched in February 2006, the trustee toolkit is the first programme of its kind. Fully interactive, it provides trustees with access to free learning. It was developed in response to the trustee knowledge and understanding requirements of the Pensions Act 2004, and is designed to help trustees comply with the new legislation.

Completing the e-learning programme will provide, for the majority of trustees, a convenient way to bring their knowledge and understanding up to date in a way that also encourages them to become familiar with their own scheme.

Designed to be user friendly, with an individual log-on to the trustee toolkit website, users can access the training package whenever convenient. They can complete bite-sized chunks as they wish, returning to the point at which they left off or to revise particular issues.

Where a trustee needs to work through all of the material, as a rough guide it would be likely to take a maximum of 20 hours to cover the entire programme once all modules are available. This might equate to one hour a week over a six-month period, allowing for time off. Users with existing knowledge may be able to work through the modules more quickly, and those completing only the modules relevant to defined contribution schemes would complete it in half the time.

Future modules build on the ground already covered and will include all the topics in the Regulator's Scope Guidance including funding, asset allocation, contributions and fund management. The next module will introduce investment issues.

For immediate registration visit: http://www.trusteetoolkit.com/

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. A final draft of the code of practice which helps trustees to comply with the requirements and additional guidance for trustees can be found on the regulator's website: www.thepensionsregulator.gov.uk/trustees. 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.
3. The programme syllabus has been based on 'Scope guidance' available on the regulator's website, and will also form the basis of a new voluntary qualification for trustees to be launched by the Pensions Management Institute in April. This new voluntary qualification will replace the current Trustee Certificate offered by the Pensions Management Institute.
4. 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
5. 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.
6. 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.

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