The Pensions Regulator

Guidance for trustees

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Trustee knowledge and understanding
Introduction
The trustees' duties and powers
Your liability
Appointing and removing trustees
Working with the employer
Keeping the Pensions Regulator informed
Your advisers
Scheme funding
Scheme investments
Administrative procedures
Special situations
Legislation references

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Trustee knowledge and understanding

The law requires that trustees have knowledge and understanding of (among other things) the law relating to pensions and trusts, as well as the principles relating to the funding of pension schemes and the investment of scheme assets. The law also requires you to be familiar with certain scheme documents including the trust deed and rules, the statement of investment principles and the statement of funding principles. Certain exemptions apply to trustees of schemes with fewer than 12 members.

The Pensions Regulator’s code of practice Trustee knowledge and understanding explains what trustees need to do in order to comply with the law.

Trustee toolkit

New trustees must acquire the appropriate knowledge and understanding within six months of being appointed. However, we want trustees to be able to achieve this without incurring any additional cost. We have therefore developed a free e-learning programme called the Trustee toolkit.

The Trustee toolkit is a highly engaging, interactive online learning experience, covering the points made in this guidance. You're able to test your knowledge and understanding as you go along and print out a certificate demonstrating that you have successfully completed the toolkit. 

Our Guidance for trustees complements our Trustee toolkit, setting out the information in a more at-a-glance format, and providing links through to other regulatory guidance on our website which those who have completed the toolkit will find useful.
 

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