Areas recommended by the Pensions Authority to be covered in trustee training courses

1.    Brief background on pension provision to include:

• Role of Revenue
• Types of occupational pension schemes
• Defined benefit (DB)/defined contribution (DC)/AVCs
• Need for a trust
• Legal background and trust law
• Integration with State Pension 

2.    Role and duties of trustees to include:

• Trust deed and rules
• Duties, powers and discretion
• Scheme liabilities and protection mechanisms
• Outsourcing of activities/functions
• Trustee decision making
• Trustee meetings, purpose and consent
• Member participation in the selection of trustees
• Industrial relations issues/trustee issues
• Confidentiality
• Taking advice
• Scheme amendments 

3.    Scheme financing to include:

• Role of actuary
• Actuarial valuation (DB)
• Funding standard (DB)
• Scheme solvency measures (DB)
• Section 50 benefit reductions (DB)
• Scheme wind ups
• Mergers and acquisitions 

4.    Investment matters to include:

• Investment rules

• Powers/duties of trustees
• Appointment of investment advisers and/or investment managers
• Setting investment objectives
• Monitoring and reporting of investments
• Custody of scheme assets
• Suitability of different types of investments (paying particular regard to DC members and DB members with AVCs approaching retirement)
• Member selection of investments (paying particular regard to DC members and DB members with AVCs approaching retirement)

5.    Scheme administration to include:

• Record keeping
• Payment of benefits
• Payment and remittance of contributions
• Scheme accounts
• Preserved benefits and transfer payments
• Scheme registration
• Payment of fees to the  Pensions Authority 

6.    Disclosure of information to include:

• Annual reports
• Audited accounts
• Explanatory booklets
• Actuarial reports/funding certificates
• Annual information to be disclosed to members including Pension Benefit Statements
• Information to members on termination of relevant employment/retirement/death/wind-up/PAOs/investment choice
• Scheme documents 

7.    The Pensions Act, 1990, as amended (the Act), to include:

• Role of the Pensions Authority
• Powers of the Pensions Authority
• Prudential supervision (Part IIA of the Act)
• Trustee duties under the Act
• Conditions governing activities (Part VIB of the Act)
• Appointment and functions of Registered Administrators
• Sanctions for non-compliance
• Fines and penalties 

8.    Other:

• Preservation of benefits
• Equal pension treatment
• ‘Whistleblowing’ provisions
• Cross–border provisions
• EU data reporting
• Dispute resolution and role of the Financial Services and Pensions Ombudsman

9.    Other legislation affecting trustees to include:

• Pension provision of the Family Law Acts
• Part Time and Fixed Term Works Acts
• Personal Insolvency Acts
• Employment law
• Finance/relevant cross sector legislation