TKU: Basics
The TKU requirements came into force in April 2006 and are backed by TPR’s code of practice (and specific scope documents).
Trustees need to be “conversant” with the scheme’s –
- trust deed and rules
- statement of investment principles
- the statement of funding principles (if applicable) and
- “any other document recording policy for the time being adopted by the trustees relating to the administration of the scheme generally”.
Trustees are to have “knowledge and understanding” of –
- the law relating to pensions and trusts;
- the principles relating to funding and investment; and
- “such other matters as may be prescribed”.
In respect of individual trustees, the degree of knowledge required is that appropriate for the purposes of enabling the individual properly to exercise his functions as a trustee. However, directors of a corporate trustee only need to meet a level appropriate to enable them to exercise the function in question.
New trustees are given 6 months from the date of their appointment to get up to speed with the TKU requirements.
We can offer a comprehensive trustee training programme tailored to meet your scheme needs. For further details, please speak to your usual Sackers contact.
Commonly used abbreviations in pensions
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