Trustee Knowledge and Understanding

The Pensions Act 2004 introduced for the first time a "knowledge and understanding requirement" for trustees of occupational pension schemes, be they individual trustees or directors of a corporate trustee company.

A Code of Practice along with guidance and scoping documents setting out what the Pensions Regulator expects of trustees have been issued. In particular, the Regulator expects all trustees to carry out a "training needs analysis" based on the scoping documents so that gaps in knowledge and understanding can be identified and addressed.

First Actuarial's approach to enabling trustees to meet the knowledge and understanding requirement is to address the needs analysis stage through a self assessment questionnaire and then to prepare an individual learning plan for each trustee. Each learning plan is likely to include a mixture of face to face training, self study and use of the e-learning modules developed by the Pensions Regulator. We will also shortly have an online learning log available for trustees to use to demonstrate how they have been keeping their knowledge up to date.

We also have a flyer detailing our services in this area in the information center. For more information on our trustee training services see our training page.

The self assessment questionnaire is available in paper format or online. You can access the online version by clicking the link below. In order to use it you will need a username and password. To obtain a login please call your usual contact or contact your local office.

Access the Online Questionnaire