Trustee Training on Occupational Pension Schemes

[LDFerguson]

Got a useful update recently from about some of the new provisions of the Social Welfare & Pensions Act 2008, which should be coming into effect from November 2008.

One of the more interesting ones concerns Trustee training.

This will apply to all Occupational Pension Schemes, even ones with just one member, as far as I am aware. So, for example, if a small company set up an Occupational Pension Scheme for just one employee, and nominated the company itself as Trustee, each director of the company will have to undergo Trustee training.

• Employers are required to arrange trustee training for each trustee within 6 months of their appointment and at least every 2 years thereafter.

• Where a person is already a trustee at the time the legislation commences, there is no requirement on the trustee to undertake training within 6 months. The ongoing two year training requirement does however apply. Where an employer breaches the obligation to provide regular training they may be prosecuted.

• It will be necessary to arrange pension trustee training for every director of a company.

The Pensions Board have said that there will be an on-line Trustee training facility available shortly. However if training in a group setting is preferable, trainers are available from the Board.