Requirements in relation to trustee qualifications
Section 59A of the Pensions Act, 1990, as amended, requires that ‘a person shall not act as trustee of a scheme or trust RAC unless the person has the qualifications and knowledge which, together with the qualifications and knowledge of the other trustees, are collectively adequate to enable all the trustees of the scheme or trust RAC to ensure the sound and prudent management of that scheme or trust RAC’.
Paragraph 107 of the Code of Practice for trustees of occupational pension schemes and trust RACs provides that the trustee board or the directors of a sole corporate trustee must have appropriate qualifications, knowledge, and experience to act for the scheme. This means that, at a minimum, at least one trustee on the board or one director of a sole corporate trustee must have completed a course listed on the Pensions Authority’s website as meeting the requirements.
Courses that meet the Pensions Authority’s requirements:
- Irish Institute of Pensions Management (IIPM)
Law and Governance Programme for Trustees (QPT). Further details are available here.
Law Society Certificate in Pensions Law & Applied Trusteeship. Further details are available here.
- Life Insurance Association (LIA)
PTP Certificate in DC Pension Scheme Trusteeship. Further details are available here.
Information for educational providers who are interested in having their course included on the Pensions Authority’s list of trustee qualification courses is available under Related File(s) below.