Retirement Funds Trustees Training

Project Plan/Road Map Phase I (2009) Completed

The first phase of the project has been completed: to conduct a study tour of the UK Pensions Regulator’s TKU (Trustee Knowledge and Understanding E-learning Tool) from 15 to 16 December 2009 (the Irish Pensions regulator have adopted the UK’s TKU for the northern region).

Phase Two (2010) started but not completed

Phase Two (2010) The second phase of the project: to develop a support program/ e-learning tool for trustees is expected to take 18 months to develop and implement in full. This phase kicks off with the research or climate study of whether trustees would use a free e-learning toolkit if it is developed, maintained and recognised by the FSB: provided the FSB gives the necessary assurances regarding the segregation of the personal information of trustees from its enforcement action. Therefore, the Consumer Education department of the FSB are the official custodians of the e-learning tool and is conducting the research through the FSB website and the Consumer education department's webpage. The CED department will take full ownership of the toolkit.

In this regard the following needs to be concluded in 2010:

1. DEVELOPMENT OF A TRUSTEE DATABASE for E-LEARNING PURPOSES: On-line registration of trustees' names and cellular telephone numbers asking 3 to 4 key questions. It is important to publish the Terms of Reference of the project on the FSB website as well as the necessary disclaimer in consultation with the FSB's Legal department/ lawyers on the FSB website and state clearly that any information derived from the e-learning tool will not be used for enforcement action against trustees.

2. RESEARCH:
Conduct climate study of trustees' appetite for training and development asking 3 key questions which should be properly phrased:
2.1 Would you benefit from free trustee training?
2.2 Would you prefer this free training to be provided by the FSB?
2.3 Would you use the training toolkit/ e-learning tool if provided free of charge on the FSB's website?

3. CONTENT:
The launch of the pilot study using focus groups to conduct a detailed needs analysis among trustees of funds which will form the basis of the scope and guidance document;

4. THE PROJECT PLAN
Development of a detailed PROJECT PLAN (1 April 2010 to 31 March 2011) in consultation with the approved consultants to the project;

5. CONTENT
Populate the content of the tool. This process is expected to take the longest to ensure accuracy and effectiveness.

Phase Three (2011) not yet started

1. Launch of the tool to a focus or test groups of trustees to refine the tool;

2. Full implementation of the trustees e-learning tool by the FSB by mid- 2011;

3. Marketing campaign of the tool by the Consumer Education Department of the FSB during April 2011;

4. Development of a 3 year rolling plan to keep the tool updated with the current issues affecting the retirement funds industry at that point in time.

5. To make the tool available in hard copy (optional as this would incur additional warehousing costs);

6. Use of languages: to make the tool available firstly in English and thereafter translation into Afrikaans, seSotho and isiZulu is strongly considered as this will add value to the industry.

7. ONGOING & BLENDED LEARNING ongoing

The need for ongoing learning cannot be over-emphasized. Therefore, it is important for the FSB to continue to provide “bite-sized” learning modules similar to that in the UK to prepare trustees for meetings where important decisions will be taken (especially where there is not sufficient time to go through 40 to 60 hours of e-learning or where trustees are still busy completing the recognised training module), Example: a list of criteria for the selection of fit and proper service providers,
Example: key indicators for an effective risk management policy,
Example: topical issues within the industry at a given point in time.
This can also be blended with other consumer education initiatives of the FSB by taking extracts from the main modules.

	Project Plan/Road Map Phase I (2009) Completed The first phase of the project has been completed: to conduct a study tour of the UK Pensions Regulator’s TKU (Trustee Knowledge and Understanding E-learning Tool) from 15 to 16 December 2009 (the Irish Pensions regulator have adopted the UK’s TKU for the northern region).

	Phase Two (2010) started but not completed Phase Two (2010) The second phase of the project: to develop a support program/ e-learning tool for trustees is expected to take 18 months to develop and implement in full. This phase kicks off with the research or climate study of whether trustees would use a free e-learning toolkit if it is developed, maintained and recognised by the FSB: provided the FSB gives the necessary assurances regarding the segregation of the personal information of trustees from its enforcement action. Therefore, the Consumer Education department of the FSB are the official custodians of the e-learning tool and is conducting the research through the FSB website and the Consumer education department's webpage. The CED department will take full ownership of the toolkit.

	In this regard the following needs to be concluded in 2010: 1. DEVELOPMENT OF A TRUSTEE DATABASE for E-LEARNING PURPOSES: On-line registration of trustees' names and cellular telephone numbers asking 3 to 4 key questions. It is important to publish the Terms of Reference of the project on the FSB website as well as the necessary disclaimer in consultation with the FSB's Legal department/ lawyers on the FSB website and state clearly that any information derived from the e-learning tool will not be used for enforcement action against trustees.
	2. RESEARCH: Conduct climate study of trustees' appetite for training and development asking 3 key questions which should be properly phrased: 2.1 Would you benefit from free trustee training? 2.2 Would you prefer this free training to be provided by the FSB? 2.3 Would you use the training toolkit/ e-learning tool if provided free of charge on the FSB's website?
	3. CONTENT: The launch of the pilot study using focus groups to conduct a detailed needs analysis among trustees of funds which will form the basis of the scope and guidance document;
	4. THE PROJECT PLAN Development of a detailed PROJECT PLAN (1 April 2010 to 31 March 2011) in consultation with the approved consultants to the project;
	5. CONTENT Populate the content of the tool. This process is expected to take the longest to ensure accuracy and effectiveness.

	Phase Three (2011) not yet started
	1. Launch of the tool to a focus or test groups of trustees to refine the tool; 2. Full implementation of the trustees e-learning tool by the FSB by mid- 2011; 3. Marketing campaign of the tool by the Consumer Education Department of the FSB during April 2011; 4. Development of a 3 year rolling plan to keep the tool updated with the current issues affecting the retirement funds industry at that point in time. 5. To make the tool available in hard copy (optional as this would incur additional warehousing costs); 6. Use of languages: to make the tool available firstly in English and thereafter translation into Afrikaans, seSotho and isiZulu is strongly considered as this will add value to the industry. 7. ONGOING & BLENDED LEARNING ongoing The need for ongoing learning cannot be over-emphasized. Therefore, it is important for the FSB to continue to provide “bite-sized” learning modules similar to that in the UK to prepare trustees for meetings where important decisions will be taken (especially where there is not sufficient time to go through 40 to 60 hours of e-learning or where trustees are still busy completing the recognised training module), Example: a list of criteria for the selection of fit and proper service providers, Example: key indicators for an effective risk management policy, Example: topical issues within the industry at a given point in time. This can also be blended with other consumer education initiatives of the FSB by taking extracts from the main modules.