Home > News > 2003 > November 2003 > Historic Introductory Trustee Training and Investment Seminars 2004
Historic Introductory Trustee Training and Investment Seminars 2004
Introductory trustee training
The need for proper trustee training is more important today than ever before. The Pensions Act 1995 and subsequent legislation places significant responsibilities on trustees and imposes penalties if these are not met. This one-day seminar provides an introduction to trusteeship for new or potential trustees, as well as being a useful refresher for existing trustees on their duties and obligations. There are separate seminars designed for trustees of defined benefit ("final salary") and defined contribution ("money purchase") schemes.
The seminar has also been designed to provide training for those who wish to take the PMI (The Pensions Management Institute) examination for the Trustee Certificate of Essential Pensions Knowledge, the recognised qualification in the UK for pension scheme trustees.
The objective of this seminar is to provide trustees with the knowledge and essential understanding to enable them to fulfil their duties with confidence. By the end of the day, delegates will be well prepared to undertake their role and make a real contribution to trustee business. In particular, the seminar will enable trustees to:
- Understand the structure of pensions provision in the UK.
- Broaden their understanding of what makes a good trustee.
- Learn how to exercise legal powers, duties and discretions.
- Make the most of their advisers and "ask the right questions" at meetings.
- Become familiar with the language and actuarial fundamentals of funding and investment strategy.
Trustee investment training
Probably the most important duty of a pension scheme trustee is managing the scheme's investments. The Myners review of UK institutional investment controversially stated that trustees often lack the resources and expertise required to make informed judgements.
Following that review, the Government has recommended raising the duty of care for trustees, requiring them to be familiar with investment matters when making decisions. The Government has further recommended that "where trustees elect to take investment decisions, they must have sufficient expertise and appropriate training to be able to evaluate critically any advice they take".
Barnett Waddingham has designed this one-day investment training seminar in order to provide trustees of defined benefit (and in particular "final salary") pension schemes with the knowledge required in order to appoint, manage and monitor their investment managers. In particular, the seminar will enable trustees to:
- Understand the requirements of the new Myners investment principles.
- Broaden their understanding of how to develop an investment strategy.
- Provide a greater understanding of the investment essentials needed to carry out their duties.
- Learn how to manage their investment manager and "ask the right questions".
- Become familiar with the language and fundamentals of investment management.