"Tick Tock" - Time is Running Out for Pension Scheme Trustees
The Pensions Board deadline date for Trustees to have completed Trustee Training by 1 February 2012 is fast approaching. Trustees who haven't completed their training by this date could face a €2,000 on-the-spot fine.
All trustees of Irish pension schemes must complete trustee training to comply with Pensions Act regulations which came into force in 2010. In order to promote better supervision and management of Irish pension schemes, the regulations make it mandatory for all trustees to undertake training before 1st February 2012 and at least every two years, thereafter. For new trustees, initial training has to be completed within 6 months of first becoming a trustee.
Did you know?
- If you are a director of a company that acts as a trustee of its pension scheme, you are subject to trustee training requirements.
- Failure to meet with the training requirements could result in an on-the spot fine for trustees or a prosecution for an employer. Employers who operate a pension scheme are obliged to arrange for the scheme's trustees to receive appropriate training.
Trustees must be fully aware of their legal and compliance requirements and keep themselves informed of best practice standards that affect the day-to-day management of pension arrangements.
What to do next:
Trustees should complete the training requirements as soon as possible or alternatively consider appointing a professional trustee.
Why Trustee Principles:
Trustee Principles is a firm of leading professionals in the pensions industry with the requisite skills and experience to complement the existing trust governance arrangements for a pension scheme. Trustee Principles provides Independent Professional Trusteeship Services for Irish Pension Schemes.
For more information about us and our services, please email or call us on the details below.
Contact Trustee Principles:
Call: 01 649 9020 or email: info@trusteeprinciples.ie
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