The latest module of the Pensions Regulator’s free e-learning program for pension scheme trustees is now available online at www.trusteetoolkit.com.
In this module, which focuses on pensions law, the user is faced with more complex scenarios involving governance, conflicts of interest and financial difficulties for the employer, the company said in a news release. They also start to consider funding problems and develop an understanding of the Pensions Regulator’s role.
The trustee toolkit is made up of a series of modules – each containing a number of scenarios in which the user plays the part of a newcomer to a fictitious trustee board. The scenarios are based on real-life examples which trustees may well come across in their role.
Launched in February 2006, the trustee toolkit is the first programme of its kind, the company said. Fully interactive, it provides trustees with access to free learning. It was developed in response to the trustee knowledge and understanding requirements of the Pensions Act 2004, and is designed to help trustees comply with the new legislation.
Designed to be user friendly, with an individual log-on to the trustee toolkit website, users can access the training package whenever convenient. They can complete bite-sized chunks as they wish, returning to the point at which they left off or to revise particular issues.
Where a trustee needs to work through all of the material, as a rough guide it would be likely to take a maximum of 20 hours to cover the entire programme once all modules are available. This might equate to one hour a week over a six-month period, allowing for time off. Users with existing knowledge may be able to work through the modules more quickly, and those completing only the modules relevant to defined contribution schemes would complete it in half the time.
Future modules build on the ground already covered and will include all the topics in the Regulator’s Scope Guidance including funding, asset allocation, contributions and fund management. The next module will introduce investment issues.