New standards for professional pension trustees have been published today by the Professional Trustee Standards Working Group.
The standards - and an associated accreditation process - are designed to improve and provide assurance about the quality of professional trustees and discourage poor practices.
Professional trustees will have to demonstrate they meet the standards, including fitness and propriety, governance skills, ongoing professional development and managing conflicts of interest.
There are additional standards for professional trustees who chair or are the sole trustee on a board.
The working group, set up in 2017 to improve standards, says professional trustees play an important role in pensions and should have a greater level of expertise, knowledge and skills and meet a higher standard of care than other trustees.
To hold accreditation, professional trustees will have to pass an initial application and then, on an ongoing basis, confirm they remain fit and proper and complete relevant professional development.
Andrew Bradshaw, chairman of the the working group, Association of Professional Pension Trustees council member and Ross Trustees director, said: “I am delighted to announce the publication of the standards and accreditation framework, which follows an extensive period of consultation with our fellow professional trustees and the advisory community.”
“We are now focusing on implementing the accreditation framework. Professional trustees will be able to begin the process to becoming an accredited trustee once this last step has been finalised.”
David Fairs, executive director for regulatory policy, analysis and advice at The Pensions Regulator, said: “Professional trustees are a valuable part of pension scheme boards, bringing vital knowledge and experience which helps to ensure schemes are well run and provide good outcomes for members.
“This robust accreditation framework will help to ensure that professional trustee appointments are high quality and meet the standards that TPR expects.”
To view the standards visit: https://appt.co.uk/?page_id=22
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Professional pension trustees face new standards
