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Employer  >  Trustee Zone  >  OPS Matters  >  Three more strings to your bow

Three more strings to your bow

Much has been said about the Regulator’s trustee toolkit since its launch on 15th February 2006 – mostly good. There’s no doubt as a free e-learning tool it’s a cracking source of information for you.

The toolkit consists of 11 separate modules and aims to develop your knowledge and understanding in stages through an interactive learning experience. You can learn at your own pace and dip in and out of the modules for refresher training. 

It’s a fact

You've never been under so much pressure. But, it's clear you're taking your role seriously. You only have to look at the Regulator’s recent governance survey to see how highly you rate your own performance. Here’s a couple of facts from the survey.

Fact 1: Over a quarter (28%) of most/all trustees have used the toolkit, up 5% from 2007

Fact 2: Over 3 out 5 (62%) of trustees strongly agree that trustee training contributes to the  
           raising of governance standards

It doesn’t stop there

The Regulator recently added three new modules to the toolkit - all on scheme wind-up. They focus on Defined Benefit (DB) and Defined Contribution (DC) schemes that start to wind-up after 6th April 2005. The modules cover:

• dealing with a DB scheme with a solvent employer (including the implications for any type of buyout)
• dealing with a DB scheme with an insolvent employer (produced jointly with the Pension Protection Fund)
• winding-up a DC scheme with a solvent/insolvent employer.

The new modules target trustees who might find themselves in one of the situations above and are not intended for trustees of an ongoing scheme.

Continued improvement

To continue to be effective, the toolkit has to evolve and that can only be good for you. Standards of governance are getting better but you need to ensure you review your individual learning, at least annually, and compare this with the Regulator’s minimum requirements detailed in their DB and DC scope guidance. If there are any gaps, you should take steps to fill them.

The information provided is based on our current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice.

Source: The Pensions Regulator / 26th August 2008 press release