Retirement Funds Trustee Training

FSB Study Tour to UK Research

This is a report by the Head of Pensions (Prudential Supervision) department and the Senior IT Specialist regarding our study tour to the United Kingdom on the 15th and 16th December 2009 for the development of a recognized e-learning tool by the FSB for the training of trustees of retirement funds. It includes several recommendations on adopting a similar approach for the South African environment. This initiative is modeled on the UK Pensions Regulator referred to as a trustee toolkit or the Trustee Knowledge and Understanding tool “TKU”.

The main lessons taken from our interaction with our counterparts In the UK was as follows:

• A bespoked or customized and recognised e-learning tool can provide greater flexibility for the development and enhancement of a 30 to 40 hour trustee training tool;

• The research conducted by UK Regulator confirmed that trustees within their jurisdiction would use the toolkit if it was developed and maintained by the FSB provided re-assurance was given that the personal information provided to the Regulator by trustees would be used solely for trustee education and providing trustees with information to better fulfill their fiduciary functions. To this end the UK Regulator developed a document called the terms and conditions to the toolkit to give trustees the necessary reassurance that their personal information and scores will not be used in any enforcement action taken by the registrar. Hence the South African trustee e-learning tool be housed in the Consumer Education department (CED) of the FSB for effective segregation of duties;

• The marketing of the toolkit is critical to the successful launch of any trustee training module;

• Quantifying the resources required for the development, implementation and maintenance of the toolkit as well as the related warehousing costs for the upkeep of a trustee handbook derived from the e-learning tool;

• The importance of a pilot project and the use of focus groups;

• Customizing the toolkit for the South African audience is critical;

• Ensuring the FSB remains responsible for the accuracy of the content of the toolkit

• Other training modules working in conjunction with the toolkit is also highlighted in the report, for example the “bite-sized products”;

• Regular maintenance to ensure efficiency and coverage;

• The recent enhancements made to the toolkit;

• Finally, the report looks at our discussions with the UK Pensions Regulator on new developments in technology and other training interventions such as workshops and blending the toolkit with such initiatives. In the case of South Africa blending the toolkit with other consumer education initiatives of the FSB.

	FSB Study Tour to UK Research


	This is a report by the Head of Pensions (Prudential Supervision) department and the Senior IT Specialist regarding our study tour to the United Kingdom on the 15th and 16th December 2009 for the development of a recognized e-learning tool by the FSB for the training of trustees of retirement funds. It includes several recommendations on adopting a similar approach for the South African environment. This initiative is modeled on the UK Pensions Regulator referred to as a trustee toolkit or the Trustee Knowledge and Understanding tool “TKU”.

	The main lessons taken from our interaction with our counterparts In the UK was as follows: • A bespoked or customized and recognised e-learning tool can provide greater flexibility for the development and enhancement of a 30 to 40 hour trustee training tool; • The research conducted by UK Regulator confirmed that trustees within their jurisdiction would use the toolkit if it was developed and maintained by the FSB provided re-assurance was given that the personal information provided to the Regulator by trustees would be used solely for trustee education and providing trustees with information to better fulfill their fiduciary functions. To this end the UK Regulator developed a document called the terms and conditions to the toolkit to give trustees the necessary reassurance that their personal information and scores will not be used in any enforcement action taken by the registrar. Hence the South African trustee e-learning tool be housed in the Consumer Education department (CED) of the FSB for effective segregation of duties; • The marketing of the toolkit is critical to the successful launch of any trustee training module; • Quantifying the resources required for the development, implementation and maintenance of the toolkit as well as the related warehousing costs for the upkeep of a trustee handbook derived from the e-learning tool; • The importance of a pilot project and the use of focus groups; • Customizing the toolkit for the South African audience is critical; • Ensuring the FSB remains responsible for the accuracy of the content of the toolkit • Other training modules working in conjunction with the toolkit is also highlighted in the report, for example the “bite-sized products”; • Regular maintenance to ensure efficiency and coverage; • The recent enhancements made to the toolkit; • Finally, the report looks at our discussions with the UK Pensions Regulator on new developments in technology and other training interventions such as workshops and blending the toolkit with such initiatives. In the case of South Africa blending the toolkit with other consumer education initiatives of the FSB.