The trustees of pension schemes may from time to time find that they have to exercise a discretion where they have a direct personal interest in the outcome of the exercise of the discretion e.g. because they are members who benefit from the exercise of the discretion – possibly at the expense of other classes of members. Can a trustee in such a situation take any part in the decision over how to exercise the discretion and still comply with his fiduciary duties to members?
The Pensions Board has recently confirmed that they will monitor trustee training compliance on an ongoing basis. Trustees are required to record in the scheme’s annual report that they have received the appropriate training as required by the Pensions Act and within the specified time limits.
Trustees will be interested to note that the Pensions Board has recently published a new edition of The Pensions Board’s Trustee Handbook (Fourth Edition).
The Trustee Handbook provides detailed guidance on trustee duties and responsibilities and sets out good practice for trustees of occupational pension schemes. The Trustee Handbook, in conjunction with the updated free online trustee training facility provided by the Pensions Board, will assist pension scheme trustees in satisfying their training obligations.