APT·ModulePENSIONS-LAW
Module 2: Pensions Law, Regulation and Scheme Design
Module 2 covers the statutory framework around the trust. It starts with occupational pensions legislation and the ways pension law overrides the trust deed and imposes obligations on trustees regardless of what the deed says, together with the wider legislation that touches schemes without being pensions law as such. It then covers internal dispute resolution and the route to the Pensions Ombudsman, the internal controls and administrative standards trustees are expected to maintain, and the role, objectives and powers of The Pensions Regulator. The final unit brings together taxation, the interface between state and occupational pensions, automatic enrolment and the qualifying scheme requirement, member-nominated trustee and director requirements, and the design of defined benefit and defined contribution schemes. PMI publishes seven learning outcomes with no sub-grouping and no published weightings, so this grouping is ours rather than PMI’s.
What’s in it.
3 units- Unit 01Coming soon · 3 topics
- Unit 02Coming soon · 3 topics
- Unit 03Coming soon · 5 topics
Frequently asked questions
4 questionsWhat does The Pensions Regulator do?
TPR is the statutory regulator of work-based pension schemes in the UK. Its objectives include protecting members’ benefits, reducing the risk of calls on the Pension Protection Fund, promoting good administration, and maximising employer compliance with automatic enrolment duties. It issues codes of practice and guidance, and it holds enforcement powers over trustees and employers.
What is an internal dispute resolution procedure?
Occupational schemes must operate a procedure for resolving disputes between the scheme and members or others with an interest in it. A member who is not satisfied with the outcome can take a complaint to the Pensions Ombudsman, and MoneyHelper can help a member before that stage.
How can pensions law override the trust deed?
The trust deed and rules are the starting point for a trustee’s powers and duties, but statute imposes obligations that apply whatever the deed says, and in places it overrides the deed outright. Preservation, revaluation, equal treatment, disclosure of information and the funding regime all work this way, so a trustee has to read the deed alongside the legislation.
What makes a scheme qualifying for automatic enrolment?
A qualifying scheme has to meet minimum standards set in legislation. For a defined contribution scheme that means a minimum level of contributions on qualifying earnings, and for a defined benefit scheme it is a test based on the benefits provided. Employers must enrol eligible jobholders automatically and re-enrol them periodically.