On the go: The start of the new process for accrediting professional trustees has been delayed. Originally set to start in the summer of 2019, arrangements are now expected to be finalised later this year.
A statement from the Association of Professional Pension Trustees says that “the arrangements for the Accreditation Framework have proved to be more complex than first envisaged”.
The APPT Council, the Professional Trustee Standards Working Group, and the Pensions Management Institute, have agreed that the APPT will assume responsibility for the development of the professional trustee standards.
The Pensions Regulator’s consultation on the future of trusteeship and governance published last week highlighted new standards for professional trustees, as well as the accreditation framework to be developed to sit alongside those standards.
The APPT will work closely with the PMI to develop the accreditation framework to sit alongside the professional trustee standards. The PTSWG, having completed its task of defining the standards, has now been disbanded.
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).
To maintain accreditation, individuals must complete an annual attestation confirming that they remain ‘fit and proper’, that they continue to adhere to the ‘standards for professional trustees of occupational pension schemes’ and that they have completed any new or updated modules in the regulator's Trustee Toolkit, and complete 25 hours’ relevant continuing professional development.
At least 15 hours of this must be structured CPD (‘structured’ means a formal event such as a conference, seminar or formal trustee training session).
