Scheme Specific Training

Another key element of the new requirements is that trustees must be conversant with scheme documents. This requirement is covered in units 10 to 13 of the Regulator's scope guidance for defined benefit schemes: and units 7 to 9 of the scope guidance for defined contribution schemes.

In order to help trustees comply with this aspect of the new legislation, LCP has introduced a bespoke scheme specific service.

Phase One

This involves a review of your scheme's important documents:

  • Trust Deed and Rules
  • Statement of Investment Principles
  • Statement of Funding Principles
  • Scheme booklets
  • Most recent actuarial valuation reports
  • Most recent Report and Accounts
Phase Two

An in-depth familiarisation of your documents, bringing to attention the key issues and enabling trustees to answer questions such as:

  • Do you understand the areas of risk for a trustee and what protection is available under your scheme rules?
  • Do you understand the funding position revealed in your scheme's latest actuarial valuation report and how this might be affected by the assumptions adopted and the circumstances (eg if the scheme is ongoing or if it were to wind up)?
  • Do you know your scheme's investment objective, including the reasons for it (if it is a defined benefit scheme) or the reasons for the range of funds offered (if it is a defined contribution scheme)?
  • Do you know whether any of your scheme's benefits are insured (eg death in service benefits or pensions in payment) and are you aware of the principal provisions of the insurance policies?

Register for more information or contact Chris Green or Emma Mitton on
020 7439 2266.