Why is Trustee Training needed?
The requirement for all pension scheme trustees to undergo training within six months of their appointment and every two years thereafter was introduced by the Pensions Board on February 1st 2010. This meant that the deadline for many to complete the training was 1st February 2012. Although this deadline has passed, trustee training is an ongoing requirement, therefore we have developed an online tool to help non-ITC clients determine whether or not there is an obligation to complete trustee training.
To find out if you need to complete this training and to ensure you complete the appropriate training course suitable to you, please complete our survey. For existing clients, please contact us if you are unsure of your training requirements.
Alternatively, appointing an independent trustee, like ourselves, to your scheme, removes the requirement to complete the training.
How do I complete the survey?
Please click on the ‘Take the Survey’ button below. It will take less than a minute and at the end of the survey you will;
- know if you need to complete the training,
- know the type of training required, and
- have the option of completing the on-line training course.
How do I complete the on-line training course?
At the end of the survey, when you know which training course is required, a link to the on-line training course will be displayed. A link to Paypal will also be displayed. A fee of €123, inclusive of VAT, is charged. The training course takes approximately 1 hour to complete and following this, we will issue you with your Certificate of Completion.
Please note payment must be received before the required Certificate of Completion is issued to you.
Do I have to complete the training?
Yes, if you are a trustee of a pension scheme, you must complete the training. The risk of not completing it is possible prosecution or an on-the-spot fine by the Pensions Board. However, if you appoint an independent trustee to your scheme, this removes the requirement of you having to complete the training. If you are an existing client of us, you should contact us to discuss your trustee training needs.
What services does an independent trustee offer?
The role of a trustee, in a well-run pension, is crucially important. Trustees are responsible for the administration and investment of the scheme. These duties are often outsourced, but ultimately the trustees are responsible for monitoring them.
An independent, professional trustee, like us, will bring their expertise in the areas of pensions and trusteeship to bear on the scheme. This helps to ensure the scheme is compliant, the administration is efficient and the decision-making is timely and effective.
Is it too late to appoint a trustee to my scheme?
Not at all. If you would like to speak to one of our trustee services team, please contact us directly, please telephone Elma Fox on (01) 614 8079 or email info@trustee.ie