The Social Welfare and Pension Act 2008 introduced a requirement for all pension scheme trustees to receive trustee training in relation to the Pensions Act and other laws governing the operation of  schemes with which they are involved, as well as the duties and responsibilities of trustees and other matters relevant to effective scheme management.  Trustees in place prior to 1 February 2010 are required to complete training within 2 years i.e. by 31 January 2012 (and at least every two years thereafter).  New trustees, including those persons who become a director of a body corporate that is a trustee, appointed after 1 February 2010 must receive training within six months of the date of their appointment. 

Where a trustee fails to undertake the required training, the Pensions Board may apply an on-the-spot fine of €2,000 against the trustee and/or may prosecute the employer who fails to arrange the appropriate trustee training by the appropriate deadline.  It should be noted that in the case of a company acting as a corporate trustee of a pension scheme, training must be undertaken by all directors of that company, without exception.  Employers and trustees should ensure that they have satisfactory training arrangements in place prior to the 31 January 2012 deadline.

Contributed by Michael Wolfe.