Trustee Talking Point

July/August 2010

This month: What do you find is the best way to learn about your trustee duties, and how could your learning process be improved?

JOHN HANES, MEMBER NOMINATED TRUSTEE, SIMONS GROUP PENSION AND LIFE ASSURANCE SCHEME

There are two distinct elements of training – when you first become a trustee and are finding out what your duties are, then the ongoing task of keeping up to date. Having been through both quite recently, in the initial stages it’s good to get help and guidance. The Pensions Regulator’s Trustee Toolkit is very useful, and of course there are Engaged Investor’s trustee events and seminars to attend.

One helpful thing – and this applies to a lot of things in life – would be to cut out a lot of the jargon. You have to understand what you’re talking about and then be able to relate it back to your own scheme. Terms need to be unambiguous so you can understand quickly. n

BIKRAM DHESI, LEAD TRUSTEE, ALEXANDER FORBES TRUSTEE SERVICES

Training styles depend as much on the individual trustee and as much as to the type and composition of the board – it all depends on each individual’s level of comfort in the scheme. Within a trustee board, there will be some trustees who are more au fait with technical matters, some less so. So a more targeted approach can often be the best way, looking at each individual trustee’s training and learning needs.

“In terms of delivering learning, there are many excellent sources, such as magazines, the Pensions Regulator’s Trustee Toolkit and external training courses run by companies, and there are of course trustee meetings where training can be included as an item on the agenda.

I think giving trustees a huge amount of technical detail, or leaving trustees to meet their own needs can be pretty off-putting – it’s probably the least effective method of learning. But again, it’s all about gauging each individual trustee’s level of understanding and adapting to their own style.

LIONEL SAMPSON, TRUSTEE, ROYAL MAIL

Personally, I’ve found the best way to learn is via the internet, especially if you’re not the most organised person in the world. For me, the Pensions Regulator’s Trustee Toolkit has been a godsend. I found it really rewarding to complete each section, and it’s one of the best things I’ve been involved in.

My own scheme has regular sessions built into trustee meetings – we’ll take an afternoon on a particular issue, such as investments, administration or communications. But that tends to be more specific and targeted on one single topic, for example, we spent a couple of hours of ethical investments.

Would you like to take part in Trustee Talking Point? Contact Andrew Sheen: andrew.sheen@engagedinvestor.co.uk