The Regulator’s revised Code of Practice on Trustee Knowledge and Understanding came into force on 26 November 2009. The July 2009 issue of Pensions Update summarised the main changes from the previous code. As well as including a director of a corporate trustee in every reference to a trustee, the revised code includes requirements for:
- the trustee chairman to have full knowledge and understanding from the date of his appointment with no 6-month period of grace;
- each trustee to read the scheme’s trust documentation thoroughly (in contrast to the previous version of the Code, which stated “Knowing the essential elements of the trust deed and rules does not necessarily mean that every trustee should read them through thoroughly”).