Requirements in relation to trustee qualifications
Section 59A of the Pensions Act requires that ‘a person shall not act as trustee of a scheme or trust RAC unless the person has the qualifications and knowledge which, together with the qualifications and knowledge of the other trustees, are collectively adequate to enable all the trustees of the scheme or trust RAC to ensure the sound and prudent management of that scheme or trust RAC’.
The Code of Practice for trustees provides that, at a minimum, at least one trustee on the trustee board or at least one director of a sole corporate trustee must have completed a course listed on the Pensions Authority’s website as meeting the legislative requirements.
The Pensions Authority deems that completion of one of the following courses meets the collective qualification and knowledge requirements for trustees:
- Irish Institute of Pensions Management (IIPM)
Law and Governance Programme for Trustees (QPT). Further details are available here.
Advanced Programme in Pension Trusteeship (QPT) bridging course following successful completion of the Higher Diploma in Pensions Management (Griffith College). Further details are available here.
- Law Society of Ireland
Law Society Certificate in Pensions Law & Applied Trusteeship. Further details are available here.
- Life Insurance Association (LIA)
PTP Certificate in DC Pension Scheme Trusteeship. Further details are available here.
Information for educational providers who are interested in having their course included on the Authority’s list of trustee qualification and knowledge courses is available under Related File(s) below.