Education is essential to get right if we are to solve the pensions and savings crisis. Pensions are complicated, and there is no one solution for the thousands of defined benefit pension funds in the UK.
We believe an open forum supporting education and collaboration holds the key to providing top quality and relevant education for trustees.
Trustee training requirements
• A solid educational foundation
• Continuous learning, either online, in-person or a mix of both
• Access to tools to assess knowledge and identify gaps
There are a number of leading players in the industry who are providing free learning tools for trustees, both online and in-person. It is likely that there will be a flux of new educational content and tools now that there is a heightened focus on trustee board effectiveness and governance.
There needs to be more education available, and it is our hope that any stigma around not having ‘enough’ knowledge is removed from the conversation and trustees are fully supported with the information they need to make the best decisions for their members.
Trustees are at the heart of the pensions ecosystem
There has been a lot of discussion in the industry on trustee board effectiveness, including The Pensions Regulator asking for contribution to its discussion paper ‘21st Century trusteeship and governance’. One of the key recommendations from this paper is a focus on trustees having the ability to identify areas of improvement for their personal development.
We’ve entered a new paradigm, where a solid educational foundation and continuous learning are paramount for trustees
We’ve entered a new paradigm, where a solid educational foundation and continuous learning are paramount for trustees. Whether that is online, in-person or a blend of the two, it is important that trustees get access to tools to assess their knowledge and identify gaps.
Understanding where you are an expert, and being able to identify gaps where you should focus your time is invaluable in helping you to move up the curve.
It is vital trustees are given the tools and resources to help build their knowledge and guide their decision-making, empowering them to make the informed investment decisions on behalf of scheme members.
Collaboration is key
No one person has the answer. It is only through the power of networks and industry groups that we can help to reduce these knowledge gaps, share learning and ensure that we, as an industry, make the right decisions for every member.
Collaboration across multiple platforms is essential, but some type of standardisation (or type of qualification) is essential to getting everyone up the curve.
We all have a role to play – what part of the puzzle are you going to help solve?
Stuart Breyer is chief executive of mallowstreet
