The Importance of Trustee Education

Pensions are complicated and the landscape is ever-changing: with new legislation, rules and regulations, you’d be forgiven for thinking that everyone who enters the pensions arena would need to be a member of MENSA.

Thankfully, this is not the case, but a solid educational foundation and continuous learning are paramount in a fast paced industry such as pensions.

Eye wateringly high deficits are focusing the minds of trustees in an environment where ‘lower for longer’ looks increasingly more likely across the yield curve. For example, the backdrop to decisions around hedging three years ago is incredibly different from today.

In some ways, we’ve entered a new paradigm, and the role of continuous education has never been more important. Whether that is online, in-person or a blend of the two, it is important that trustees get access to tools to assess their knowledge and identify gaps.

This is why we built mallowstreet: to help solve the pensions and
savings crisis by creating a centre of excellence for education and collaboration.

Trustees are at the heart of the Pensions Ecosystem

We believe that trustees should be given the tools and resources to help them build their knowledge and to help guide their decision making so that they are empowered to make the right investment decisions on behalf of schemes members.

Understanding where you are an expert, and being able to identify gaps where you should focus your time is invaluable to helping you to get up the curve.

That is why we have launched Black Belt: a series of online surveys that trustees can use to test their knowledge across 12 key areas to gain an understanding of their strengths and weaknesses when it comes to their role on the board.

Crucially, trustees are able to share their results and access a wide variety of resources on to help quickly fill in potential knowledge gaps.

It’s not just us

There are a number of leading players in the industry who are also providing free learning tools for trustees, including: The Pensions Regulator, the PLSA, Aon Hewitt and the PMI to name a few. There are also free in person events and workshops for trustee learning provided by Legal and General Investment Management, Russell Investments and others.

No one person has the answer

We believe that no one person has the answer and it is only through the power of networks and industry groups that we can help to reduce these knowledge gaps and ensure that we all make the right decisions for every member.

Collaboration across multiple platforms is essential, but some type of standardisation (or type of qualification) is essential to getting everyone up the curve. We will continue to support and encourage all forms of trustee education in order to ensure that every member gets their pension paid in full.

Have you taken part in the Black Belt Challenge?

So far, we have had over 120 trustees take part. Take the challenge today and see where you compare with your industry peers.

Click here to take the challenge: