Pension scheme trustees have the onerous responsibility of ensuring a pension scheme is run properly and pension legislation and regulation is substantial in this country - and that it is seen as such by its members. Pension legislation and regulation is substantial in the State.
Under the Pension Act, members of pension schemes can now be trustees as well as officials from the company, or outside professionals hired as trustees.
The Pensions Board, which has encouraged the increasing representation of members as trustees (and runs training programmes to help them understand their role) has just published a major Guide for Trustees of Pension Schemes which sets out exactly what is involved.
It contains an overview of pensions in Ireland, sets down the principles which govern how trustees discharge their duties, details those responsibilities and outlines the role of the Pensions Board.
Section 1 deals with the trustee's duties and responsibilities and includes codes of practice, which are cross-referenced to the relevant paragraphs in other chapters.
Section 2 fills in the details of these practices, with chapters devoted to an overview of pensions in Ireland, trusts and trusteeships, duties and responsibilities of trustees as laid out in Section 59 of the Pensions Act, pension scheme administration, trustee provisions as laid out in the Family Law Acts and the role and function of the Pensions Board. Section 3 includes appendices and a glossary.
The guide is available for £40 by contacting The Pensions Board at (01) 676 2622.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)