The Pensions Authority encourages trustees to take advantage of opportunities to enhance and develop their knowledge and understanding of pensions in the interests of the members whom they serve.
Trustees are required to receive training within six months of their appointment and at least every two years thereafter. The training undertaken must cover:
- the Pensions Act and attendant regulations (including the European Union (Occupational Pension Schemes) Regulations 2021),
- duties and responsibilities of trustees generally, both under pensions legislation, the pension provisions of the family law and related acts, common law and any other relevant legislation, and
- effective management of a scheme or trust RAC.
The Pensions Authority supports and encourages the provision of appropriate trustee training in the following ways:
- the Pensions Authority has published a document outlining the areas to be covered by trustee training and FAQs on trustee training requirements - see Related File(s) below. Please note that these documents are currently under review and will be updated shortly to take account of new requirements and FAQs arising from the 2021 EU occupational pension scheme regulations,
- an e-learning facility for trustees is available free of charge and can be accessed here. Please note that the e-learning facility is currently under review and does not take account of changes and new requirements introduced by the 2021 EU occupational pension scheme regulations, and
- the Pensions Authority has published a list of registered trainers for trustees of occupational pension schemes which is available below. The application form to be a registered trainer for trustees of occupational pension schemes is available under the 'Forms' section.
Irish Institute of Pensions Management (IIPM)
The Irish Institute of Pensions Management (IIPM) offers a Law and Governance Programme for Trustees, which focuses on the building blocks for implementing good scheme governance and risk management. The programme is accredited on the National Framework of Qualifications. Further details are available here.
Life Insurance Association (LIA)
The LIA has developed a course for those acting (or wanting to act) as a trustee of a defined contribution occupational pension scheme or trust RAC, or as a director of a company acting as a pensioneer or professional trustee of such arrangements. The Professional Certificate in DC Pension Scheme Trusteeship is a two-module, distance learning course and leads to the new LIA designation Pension Trustee Practitioner, or PTP for short. Further details are available here.