TKU – updating the knowledge
Like London cabbies, in order to be roadworthy occupational pension scheme trustees must do “The Knowledge” by demonstrating that they have trustee knowledge and understanding (TKU) of pensions and trusts. They must likewise be “conversant” with scheme documents. But like the quickest route from St Paul’s to Buckingham Palace, pensions knowledge is not fixed. The Pensions Regulator has therefore published a consultation to refresh the TKU code of practice and scope guidance “to reflect changes in regulation, legislation, the market place and the focus of the regulator”. Nevertheless, the Regulator is keen to stress that it believes that both the code and scope guidance have stood the test of time since they were first introduced.