The Pensions Regulator has recently finalised the Code of Practice on trustee knowledge and understanding.
The Code aims to give trustees practical guidance on how to satisfy the new statutory obligations which come into force on 6 April 2006 to be conversant with their scheme documents and have appropriate knowledge and understanding of trusts and pensions law and the principles of scheme funding and investment.
Importantly, the Code says (unlike the draft Code) that, as a general rule, the Regulator will allow six months for existing trustees to complete a learning programme, which meets their needs. This means that existing trustees will not need to satisfy every aspect of the new requirements from 6 April but will have until 6 October 2006 to comply and to undertake any necessary additional training.
Please click here to view a PDF version of the Code in a new window.
This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 05/04/2006.
