The Pensions Regulator

Prohibition of trustees

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Criteria for 'fit and proper persons'

What standards of honesty and integrity does the regulator expect?

Trustees are placed in charge of large amounts of other people's money, and this often has to be invested for long periods of time. Trustees are therefore expected to act with complete honesty in regard to their trustee functions and always to keep in mind their duty to act in the best interests of the beneficiaries of the scheme.

Section 29 of the Pensions Act 1995 already ensures that:

• any trustee who has been involved in any criminal offence involving fraud or dishonesty;
• any company director who has been disqualified from being such a director; and
• any person who has been made bankrupt

are automatically disqualified from being a trustee. However, the regulator may take into account other matters which could affect their view of a trustee's honesty or integrity.

Find out more.

What standards of competence and capability does the regulator expect?

What standards of financial soundness does the regulator expect?

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