Almost two years ago, the Pensions Board introduced a requirement for all pension scheme trustees to complete trustee training. For any trustees appointed prior to that date they have two years to complete the training so the 1st February 2012 is the deadline for many.
The concern is that many who are due to complete the training have not yet done so because of lack of awareness of their obligations.
3 Common Misconceptions
· There is an assumption that this training is for bigger pension schemes only but that’s not the case. If the employer fail to provide training to all the relevant parties they may be prosecuted. In addition a trustee who does not undergo the training may be subject to an on-the-spot fine of €2,000 by the Pensions Board.
· One or two person company pension schemes where the employer is the trustee. Many of these employers may not realise they are still officially the trustees of such schemes particularly where the scheme was established for an employee who has since left the company. However, the employer remains as the trustee and must comply with the requirements.
· Directors must receive training even if the scheme is only established for one of them. The key point is that; if the employer is the trustee (as is normal for one person schemes) then ALL the directors must complete the training.
Independent Trustee Company have developed an on-line tool to help those who are unsure of their requirements find out if they are actually required to complete the training. It’s a quick process and can be found on www.trustee.ie
