Course Overview
Pension issues are one of the major causes that disrupt corporate activity. Given the risks involved and the vulnerability of firms to related liabilities, recent legislations have reiterated the need for stringent risk management. If risks/liabilities are not managed well, pension trustees could often find themselves against various claims and allegations that could jeopardise their own assets.
Since trustees are subject to strict scrutiny and accountability and could most often be misconstrued to be liable and responsible, structuring the right insurance can reduce this burden on trustees. Pension trustee insurance is strong protection in such cases.
This Zoe training course will provide a comprehensive overview of pension trustee insurance for liabilities resulting from pension schemes. The information and knowledge provided through the training course will prepare you and/or your organisation to perform well and risk-free by helping you understand ways and means to get the correct and most fruitful insurance for functions and aspects of the scheme that pose the most risks. This, in turn, will enhance your skill as a professional within the industry, at par with other certified professionals.
Course Objectives
The key objective of this Certified Pension Trustee of Scheme, Fund and Liability Insurance training course is to empower professionals with—
- a comprehensive understanding of pension trustee schemes and plans requiring insurance cover
- the awareness, maturity and knowledge to understand insurance needs as well as liabilities for one’s pension schemes and to take calculated, well-thought decisions therein
- the ability to forecast issues and liability claims that could arise in future based on various scenarios and to set up control mechanisms and insurance programs
- the capability to provide immense value and knowledge to the organisation in choosing the right insurance for the right scheme, thereby helping one’s organisation secure itself against losses and demonstrating one’s potential to handle higher roles and responsibilities
- the confidence, experience and knowledge to train other professionals of trustee organisations on choosing the correct insurance programs
- a sense of satisfaction contributing to safeguarding organisational interests and funds against false allegations, thereby playing a major role in organisational development
- the required skill and capability to compete with certified pension trustees in the market
- the knowledge, experience and exposure to easily receive formal certifications in this space for oneself and/or one’s organisation
Training Methodology
All training courses at Zoe Talent Solutions include classroom training sessions conducted by experienced professionals from the relevant domain as well as group activities involving the training group. Before each training session, the trainer thoroughly reviews the course content to check for changes, if needed, as per the nature of the training audience.
Further, the trainer involves the training group in practical exercises and role-plays to foster interaction and learning. Trainees are also encouraged to discuss any related issues or experiences they have with the rest of the training group to foster relatability to the topic.
This approach to training is followed by Zoe Talent Solutions alone for all its courses and is called the Do–Review–Learn–Apply Model.
Organisational Benefits
With professionals undergoing this training course, organisations will derive the following benefits:
- Trained and experienced professionals to help in deciding and implementing appropriate insurance covers for various pension schemes
- Regular updates and revision of existing policies and schemes to keep pace with changing industry requirements
- Complete protection against unpredictable risks and future liabilities through effective insurance programs
- Effective risk identification and management, thereby increasing organisational credibility
- Organisational growth and development because of increased credibility and better risk management
- Competitive advantage because of experienced and trained professionals contributing in various capacities, at par with those professionals with formal certification in the market
- Free, ongoing training of other employees on best practices and methods for risk assessment and liability insurance
- Global exposure and branding because of increased ability to work at higher levels in the industry, backed by a trained, experienced workforce
- Future security and protection against any problem or allegation raised, which otherwise would have jeopardised organisational activity and finances
Personal Benefits
Professionals opting for this Certified Pension Trustee of Scheme, Fund and Liability Insurance training course will benefit in the following ways:
- Complete understanding and information on pension trustee schemes and ways to ensure adequate and appropriate insurance cover
- Better decision-making skills to choose the right program to protect against the maximum liabilities and risks for the organisation
- Enhanced skill and ability to predict possible claims and allegations resulting from various circumstances to one’s schemes and to ensure adequate protection so as to not hamper personal assets
- Increased knowledge and experience to train other professionals from the organisation or industry on best practices and precautions regarding pension trustee liability insurance
- Greater ability and potential to contribute to the trustee organisation in making the correct choices to safeguard interests and personal assets
- Adequate capability and skill to work at par with formally certified professionals in the industry, thus helping one achieve rapid career growth and position within one’s organisation and beyond
- Greater understanding, knowledge and experience to apply for and clear any formal certification that would enhance one’s professional portfolio
Who Should Attend?
- Executives of trustee organisations involved in various functions related to pension schemes and plans
- Senior members of an organisation’s management involved in critical decision making, strategic business plans, risk-sharing, etc
- Other pension schemes providers (even individuals) who need to understand the importance of insurance
- Legal and financial advisors who play an important role during claim and allegation cases against the organisation
- Insurance providers who also need to understand the challenges and wants of pension trustees
- Professionals aspiring to receive a formal certification and education in pension trustee insurance management
- Any other professional interested in knowing more about pension trustee insurance management
Course Outline
The Certified Pension Trustee of Scheme, Fund and Liability Insurance course covers the following aspects regarding pension trustee scheme, fund and liability insurance:
Module 1 – Overview of Pension Funds
- Basic structure
- Regulations
- Investment mandates
- Investment styles
Module 2 – Pension Trustee Insurance
- Definition and objectives
- Advantages
- Challenges
Module 3 – Types of Trustees
- Individual trustees
- Corporate trustees
- Member-nominated trustees
- Employer-nominated trustees
- Professional trustees
- Chair of trustees
Module 4 – Fiduciary Duties of Pension Trustees
- Acting in line with trust deeds and rules
- Acting in the best interest of scheme beneficiaries
- Acting impartially
- Acting prudently, honestly and responsibly
Module 5 – Trustee Powers
- Accept scheme contributions
- Decide the investment strategy
- Amend scheme rules
- Admit members on special terms
- Increase member benefits
- Deal with a funding surplus
- Wind up a scheme
Module 6 – Factors/Claims Triggering Pension Trustee Liability Cover
- Breach of trust
- Breach of duty
- Breach of statutory provisions
- Maladministration
- Negligence
- Administration errors
- Wrongful omissions
- Misstatements/Misleading statements
Module 7 – Factors Influencing Choice of Insurance Provider
- Financial stability
- Reputation for paying claims
- Level and quality of service
- Scope/Coverage
Module 8 – Factors Influencing Pension Plan Investments
- Knowledge of plans and schemes
- Investment tradition
- Self-incentives (defined benefit versus defined contribution)
- Legal and regulatory factors
- Global financial regulation
- Risk mitigation tools
- Income growth
- Unemployment rate
Module 9 – Common Issues/Concerns of Pension Trustees
- Financial outcomes
- The expertise of support staff
- Value for money
