The role of the trustee has changed over the past decade and will continue to change as the world of pensions evolves. As a result, the skills required of a pension trustee are more and more demanding and are under increased scrutiny. This means that individuals acting as trustees and particularly those practising as professional trustees (advising one or a number of pensions boards) in this area are likely to need a higher degree of expertise and professionalism and increasingly need to evidence the same.
Last month, The Pensions Regulator issued a consultation called ‘Draft monetary penalties policy and revised professional trustee description’. This consultation follows last year’s ‘21st Century Trustee’ initiative and is part of their ongoing campaign to improve standards of trusteeship in the UK.
Trustee boards form the backbone of a healthy pension system where the board as a whole has sufficient knowledge and skills to manage schemes effectively. Our role at the PMI is to ensure that our members adhere to the highest possible standards and are well placed to meet the demands of 21st century trusteeship. To assist with this, we will be launching additional ways to support our members by offering new training opportunities, such as workshops on professionalism and trustee board effectiveness.
The role of trustees has never been more important than it is now and we aim to play a key role in helping trustees to meet their statutory obligations and their ever-growing range of responsibilities.