Most trustees of small occupational pension schemes have had no training at all despite pending pension legislation require them to at least be familiar with the issues they deal with, says the Occupational Pensions Regulatory Authority.
Opra's annual survey published today reveals just a few trustees of small scheme have undergone any previous training.
Worryingly, this is particular the case when it comes to trustees of defined contribution schemes with fewer than 100 members - the most popular type of scheme currently offered to new employees.
The Pensions Bill published this year states trustees will be required to have some sort of training when the new pensions legislation comes into effect in April 2006.
However, so far it seems the level of trustee knowledge and understanding is closely linked to the size of the scheme.
Nearly 75% of large schemes (with more than 999 members) surveyed by Opra have appointed trustees who have attended at least one of five key trustee training courses in the past three years.
Opra's survey also reveals closures of defined benefit schemes are still common, but adds that the highest level of scheme closures happened in 2002.
It is hardly surprising the survey says DC schemes are currently the most popular type of pension being offered to new members where the DB scheme had closed down.IFAonline
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