Accreditation system for professional trustees launched

Adherents to the framework will have to pass competency exams covering technical knowledge and board management skills, as well as showing that they have undertaken 25 hours of relevant learning each year.

Created in consultation with the Pensions Regulator, the accreditation standards also require professional board members to be fit and proper persons, and to have written references from two reputable figures in the pensions industry.

The accreditation framework had originally been slated to open in Summer 2019, but was delayed after the APPT found that putting the system into place had proved "more complex than first envisaged".

Nita Tinn, chair of the APPT, said: “Accreditation represents a step-change for the professional trustee sector and will play a vital role in maintaining and enhancing standards across the industry, thereby securing better outcomes for all scheme members.

“It is clear from our work with the Pensions Regulator and the wider sector in devising this process that the industry needs a single set of standards, overseen by a recognised representative body. We encourage all professional trustees to register for this official accreditation process and recommend that sponsor companies engaging a professional trustee should always check their accreditation status.”

David Fairs, executive director of policy at TPR, said: “We welcome the APPT’s accreditation for professional trustees to ensure new standards created to improve governance and administration are delivered in a clear and structured way. The standards are an important step to increase protection for savers and I encourage professional trustees to fully engage with accreditation programmes.”  

To be accepted as an accredited professional pension trustee, applicants will be required to:

• Comply with a ‘fit and proper’ requirement modelled closely on that required for trustees of master trusts
• Provide references from two reputable figures within the industry, such as an existing accredited professional trustee, a pensions lawyer or a scheme actuary
• Have successfully completed the Pensions Regulator’s Trustee Toolkit
• Have passed the Pensions Management Institute’s Level 3 Award in Pension Trusteeship
• Complete an online soft skills test designed to assess the ‘other professional trustee skills and behaviours’ associated with professional trusteeship (to be developed).