Actions & updates for pension scheme secretaries Summer 2015
Legislation requires trustees of occupational pension scheme to have appropriate knowledge and understanding of the law relating to pensions and trusts, the principles relating to scheme funding DB only) and the investment of the assets of such schemes. Trustees must be conversant with their own scheme-related documents including the trust deed and rules, statement of investment principles, statement of funding principles (DB only) and any other document recording current policy relating to the administration of the scheme. Being conversant with documents means having a working knowledge of those documents so trustees are able to use them effectively when they are required to do so in the course of carrying out their duties.
Putting this into practice is another matter. Here we give some ideas on how to help trustees get the most from their training.