On 28 March 2024, the Financial Sector Conduct Authority (FSCA) launched the second phase of the Trustee Training Toolkit (TTK) which comprises of the last eleven modules of the e-learning platform. Conduct Standard 4 of 2020 (CS4) compels all trustees of retirement funds to attain the levels of skills and training prescribed by the FSCA. CS4 prescribes the minimum skills and training requirements for trustees of retirement funds.

The launch of the further eleven modules on 28 March 2024, brings the TTK to completion as a whole, totalling 22 modules. These modules have been designed to be comprehensive in scope and coverage and –

  • to ensure inclusivity;
  • the content is delivered in a manner that facilitates an easy training process comprising a variety of learning methods, activities and graphics which are used to cater for different learning styles; and
  • focuses on outcomes to be achieved.

These modules include content on Default Regulations, Statutory Returns, Section 14 transfers, Liquidations, Deduction for damages and Reserve accounts. On completion of the TTK, trustees will be in a better position to assess and evaluate the quality of advice given to them by external experts.

The FSCA has emphasised that completion of the TTK modules is compulsory. The legislative requirements embedded in section 7A(3) of the Pension Funds Act, 1956 provide that trustees are to attain levels of skills and training prescribed by the FSCA. In accordance with CS4, a trustee must attain the certification of the TTK within 6 months from the date of appointment or election to the board.

As a result of various technical challenges experienced by trustees, the FSCA has extended the deadline for completion of the redeveloped TTK as follows:

  • The first 11 modules (modules 1 -11) must be completed by 30 September 2024; and
  • The second 11 modules (modules 12 – 22) must be completed by 30 September 2024.

The FSCA will monitor completion of the TTK, by the deadlines above for existing trustees and may take regulatory action where there is a lack of compliance by trustees. It is therefore incumbent on a trustee of a retirement fund to ensure that all modules are completed on time.