Regulation
There is an increasing regulatory burden on trustees.
The key annual tasks are to prepare a trustee annual report and to disclose this report as required under the disclosure regulations and to prepare annual member benefit statements.
Pension schemes are subject to audit by the Pensions Authority. The Authority will check that various tasks have been carried out appropriately and may also require trustees to attend their offices to explain how they have carried out their role.
Trustees must attend trustee training at least every two years. Trustee qualifications have been introduced but as yet are not mandatory for trustees.
Professional trustees must be authorised by the Department of Justice and Equality to carry on business as a trust or company service provider.