Our half day advanced modules have been designed to cover the full scope of the Trustee Knowledge and Understanding requirements of the Pensions Act 2004.

They follow on from the foundations laid on our basic course to provide a deeper understanding of the subject matter.

Course objectives

• To provide you with comprehensive and in-depth pensions knowledge and understanding

• To enable you to participate fully in trustees' meetings  

Course content

The majority of the modules are Defined Benefit or Defined Contribution specific to enable delegates to focus on their own particular circumstances. Modules are fully interactive and participative to ensure the learning experience is as effective as possible.

You can select the modules which are most appropriate for you. This is especially useful for those who have both DB and DC schemes. Our aim is to ensure that you acquire the necessary knowledge and understanding to enable you to critically examine and challenge the advice you are receiving.

The modules available are:

• DB – Governance and plan management
• DB – Funding
• DB – Investment
• DB – Legal issues
• DC – Governance and plan management
• DC – Investment
• Chair of trustees

DB modules

DB – Governance and plan management

The DB Governance and plan management module builds on the principles for an effective governance framework covered in the Pensions Knowledge – basic course.  It will also examine regulation and the role of the Pensions Regulator, as well as establishing best practice and identifying and managing conflicts of interest.  Plan management, and particularly risk assessment and internal controls to manage risk, will also be covered in detail.

This highly interactive session helps trustees to examine the benefits of effective team working, and looks at ways to manage the relationships with the sponsoring employer, scheme members and advisers. We also discuss practical ways in which trustees can gain control over managing their pension scheme.

DB – Funding

This module provides delegates with a detailed explanation of the different funding methods and assumptions that are adopted by actuaries to pre-fund DB pension commitments. It highlights the need for trustees to understand the strength of the employer’s covenant and explains how the Act’s funding regime operates. This will be an interactive session with delegates being encouraged to share their own experiences.

DB – Investment

This module concentrates on the principles of objective setting and strategic asset allocation, which are key decision areas for trustees. Important to these processes are an understanding of how assets relate to liabilities, with a particular emphasis on bonds, and an overview of non-traditional asset classes and techniques. We provide delegates with a demonstration of how these principles can work via a case study.

DB - Legal issues

This module will examine lessons from some of the landmark decisions in the Courts and by the Pensions Ombudsman. We will also look at how to avoid problems with the Ombudsman and Regulator and make sure you are in a position to defend yourself if the worst happens. The module will also include tips on making and recording decisions; handling disputes; managing conflicts of interest and understanding your scheme's legal constitution.

DC modules

DC – Governance and plan management

Effective DC governance, including the “why” and “how”, will be examined in detail in this highly interactive module. The session helps trustees to examine the benefits of effective team working, looks at ways to manage relationships with scheme managers and advisers, and covers the interaction with the sponsoring employer. A detailed DC scenario helps illustrate ways in which pension schemes can be managed effectively.

DC – Investment

The module begins with an overview of the DC market summarising key statistics from recent surveys and what this means for Trustees and Sponsors. We then consider possible objectives for DC schemes which provide the framework for deciding an appropriate investment strategy, and how that translates into making appropriate investment choice available for members. We look at ‘best practice’ in terms of the range of investment options, lifestyling and default funds, balanced with a need for effective trustee administration.

The module moves on to discuss the implementation of the various member options, focusing on investment provider selection and the ongoing monitoring of a DC scheme. We look at effective communication with members, highlighting how behavioural biases infl uence their decision making. We fi nish off with a look forward to the potential future of DC in the UK, including an overview of new products in development.

Other modules

Chair of trustees

Paul Myners once said that trustees need to be competent, but the chair needs to be outstanding. In this module, we cover the leadership role of the chair and the responsibilities of this post; evaluating trustee board effectiveness; identifying and handling confl icts; managing your advisers; and sustaining the trustee’s relationship with the sponsoring employer.

We cannot guarantee that we will make you outstanding but we can make a contribution! The module takes place in the afternoon and includes a dinner immediately after the training, providing an enjoyable format to discuss key issues and share experiences with trustee chairs of other pension schemes.