Make sure you are on top of your Trustee training
Always the elephant in the room, developing and maintaining a trustee training plan is essential for all Trustee Boards. The Regulator’s expectations of trustees are ever increasing. Trustee Knowledge and Understanding (TKU) requirements are expected to be revisited in the Pensions Regulator’s proposed Super Code of Practice which we are expecting before the year end, along with a further TKU consultation and a regulatory initiative involving larger plans who have not adequately assessed and addressed TKU needs.
This is so much more than having the base level Trustee Toolkit knowledge (https://trusteetoolkit.thepensionsregulator.gov.uk)
Any training plan has to accommodate the need to get a new trustee up to speed as well as being able to meet the needs of more experienced trustees. This can be more of a challenge in a virtual world but increasingly, as companies have new starters who have yet to meet their colleagues face to face, it can and has to be done.
- A ‘Got, Gap, Get’ analysis will help identify potential training needs.
- Using advisers training sessions which are usually free is a good source of knowledge.
- Meet with fellow trustees who may be grappling with the same issues that you are.
- The Pensions Management Institute’s Trustee Group is an inexpensive tool to help with trustee training.
We have spoken before about the benefits of ‘Just in Time’ training on subjects such as actuarial valuations, trustee report and accounts etc. and we believe that any trustee training plan needs to accommodate such learning.