In its report the Association of Profession Pension Trustees said its accreditation scheme was pitched at an appropriate level and fit for purpose if accreditation was made mandatory.
The APPT said it had brought forward publication of its review of accreditation of professional trustees to time with the closure of the government consultation DWP/HMT on trustee skills, capability and culture, the call for evidence was part of Chancellor Jeremy Hunt's Mansion House (pictured) reforms.
The APPT said its report also included a number of refinements the APPT council proposed to introduce to its accreditation process.
The accreditation regime was launched in 2020 following the definition of standards for professional trustees of occupational pensions in 2019; around 400 professional trustees have now gained APPT accreditation.
Trustee training
Harus Rai chair of the APPT, said: “The paper explains that the APPT Council had originally proposed to consult on its findings, but in view of the DWP/HMT call for evidence we concluded it was more valuable to publish the report at this point.
“APPT will engage with Department for Work and Pensions, HM Treasury, The Pensions Regulator and members through the call for evidence process and follow-up. Once those bodies have considered the position and made their intentions clear, council will consider whether further changes beyond those we recommend in the paper are merited.”
Pension trustee exams
The APPT council said its accreditation scheme had worked well and would "remain fit for purpose were a decision taken at some time in the future to make the accreditation of professional trustees’ mandatory – an idea floated in the [DWP/TPR] evidence call".
APPT welcomes the planned major overhaul of the Trustee Toolkit by TPR and views this as the desirable source of required trustee knowledge and understanding,
The APPT report said it would make representations to the Pensions Management Institute (PMI) to review and update the syllabus and question banks of certificate in pension trusteeship examinations Parts I and II, taking account of regulatory developments.
It added that further consideration should be given in the medium term to the merits of examination requirements to become an accredited professional trustee remaining at Level 3 (A-level) or requiring a higher-level examination, at least for those without other relevant professional qualifications or extensive relevant experience.
Membership
Other recommendations including making the voluntary process to conduct an annual reflective development discussion with another accredited professional trustee mandatory for 2024 membership renewals.
The APPT said it would provide support within sole trader and small firms group for others after its 2023 renewal season found just over half of APPT accredited members undertook an annual reflective discussion with another accredited professional trustee.
It would also retain the CPD requirement of 25 hours but limit the amount of unstructured CPD (such as private reading and research) to a maximum of 5 hours within this minimum and require members to document the learning outcome of all unstructured CPD.
