Are you a Trustee of a Pension Scheme?
Are you a Director of a Limited Company that offers
an Occupational Pension Scheme to its employees?
If so, then this site will be of interest to you.
Harry Crummy
PENSION CONSULTANT
CFP ®, Grad Dip, QFA, FLIA, CUA, APA, SIA
Who we are.
TrusteeTraining.ie was established in 2009 in response to new legislation requiring pension scheme trustees to undergo formal trustee training. The business brings the training on-site, providing a more convenient and cost effective solution for trustees and employers.
The materials covered by the training are approved by the Pensions Authority. On completion of the course, each trustee will receive a Certificate which may be required by the Pensions Authority as proof they have received appropriate trustee training.
Why get Training?
It is now a legal requirement for Employers to arrange appropriate training for the Pension Scheme Trustee(s).
For existing Trustees, the employer had to arrange the training within two years of the effective date of the legislation, ie. before February 2012, and repeat training at least every two years after that.
For Trustees appointed after February 2010, the employer must arrange Trustee Training within 6 months of their appointment and at least every two years after that.
Trustees should take steps to ensure they are sufficiently informed to discharge their many duties and responsibilities. Trustees are obliged to undertake the training.
The training must be repeated at least every two years.
Where the Limited Company acts as Trustee, all Directors must undergo training.
How do I get Trained?
Training is normally carried out on-site at your own premises and convenience.
If off-site training is preferred, please contact us to discuss your requirements.
What is covered by Training?
There are many areas to be covered by the Trustee Training.
In brief, these are as follows:
Introduction to Pensions.
Introduction to Trusts.
Trustee Duties and Responsibilities.
Legislation, Requirements & Compliance.
Disclosure Regulations.
What is involved in Training?
The Training presentation can last approximately 2.5 Hours.
This can be done by PowerPoint Presentation or in booklet form.
The Training is followed by a multiple choice test where each Trustee will answer questions covered under the Training Module.
On successful completion of the training, each Trustee will be issued with a Certificate confirming the completion of their training. The Ceritficate will cover the period from the date of training up to a maximum of two years.
TrusteeTraining.ie will provide the following services:
A consultation prior to the training to discuss your existing arrangements.
Training Module and supporting materials approved by the Pensions Authority.
Training carried out by a Qualified Pension Consultant.
Multiple Choice examination and results.
Certificate of appropriate Trustee Training.
Further Information.
- Connector.
Alternatives to Training.
There are some alternatives available to employers and Trustees to avoid the Training requirements
Some of these alternatives involve changing the existing structure of your Pension Scheme, or the structure of the Scheme Trusteeship.
If you would like to meet with our Pension Consultant to discuss your alternatives please contact us and we will arrange a suitable appointment. - Connector.
Evidence of Training.
The Scheme Annual Report must state that the Trustees have received training in accordance with the provisions under the Pensions Act.
The Trustees must sign the Annual Report to confirm they have received the relevant training. Evidence of the training may be requested by the Pensions Authority.
- Connector.
Fines.
The Trustees can become liable under the Pensions Act for failure to comply with its provisions.
Summary Offence – Maximum €5,000 or 1 year Imprisonment, or both.
Indictable Offence – Maximum €25,000 or 2 years Imprisonment, or both. - Connector.
On the Spot Fines
If there is an alleged contravention of a Section of the Pensions Act, Trustees may be given the chance to pay an On the Spot Fine of €2,000 and remedy the situation within twenty one days. If the situation is not remedied within twenty one days, the Pensions Authority may initiate prosecution.
The Fines are levied against the Pension Trustees personally, and cannot be paid from the Scheme resources.
Contact Us
Find us.
4 St Mary's Road
Arklow
Co. Wicklow
Y14 X677
Ireland