Practical learning to become a better trustee and consultant

Toni Cantin, Head of the ICTS Academy

The retirement fund industry is a complex and ever-evolving sector, requiring trustees and consultants to be well-equipped with the knowledge and skills necessary to navigate its challenges. As the guardians of retirement savings, trustees and consultants hold a fiduciary duty to act in the best interests of fund members. To excel in these roles, continuous practical learning is crucial.

A solid understanding of the regulatory framework governing retirement funds is paramount. Navigating the legislative landscape is a cornerstone of effective trusteeship This includes familiarity with the Pension Funds Act, the Financial Sector Regulation Act, and relevant Financial Services Conduct Authority (FSCA) guidelines. Regularly attending workshops and seminars hosted by regulatory bodies and industry associations can provide valuable insights into compliance requirements and best practices.

Strong governance and ethical conduct are fundamental to the role of trustees and consultants. Understanding the principles of good governance, including transparency, accountability and fairness, is essential.

The Trustee Toolkit serves as a good starting point for understanding your responsibilities and the legal framework governing retirement funds. Trustees play a crucial role in ensuring compliance with various laws and regulations that govern retirement funds. The Trustee Toolkit provides essential guidance on understanding and implementing legislative requirements, empowering trustees to fulfil their fiduciary duties with confidence and competence.

Continuous professional development (CPD) is essential for trustees and consultants to stay current with industry trends and developments. CPD involves participating in ongoing education, training and learning activities that enhance knowledge, skills and competencies relevant to one’s role. CPD helps trustees, management committees and consultants, stay informed about regulatory changes, investment strategies, governance practices and emerging trends. By actively engaging in CPD activities such as workshops, online learning, webinars and industry conferences, they can broaden their understanding, improve decision making abilities and maintain compliance with evolving standards.

Training is indispensable for acquiring and honing the skills essential for effective trusteeship and consultancy. Practical courses provide trustees and consultants with the opportunity to apply theoretical concepts to real-world scenarios, thereby enhancing their ability to navigate challenges, make informed decisions and improve overall performance in managing retirement funds. Courses on topics like Retirement Fund Fundamentals, Investment Fundamentals, Distribution of Death Benefits and Risk Management offer valuable insights and practical application for aspiring trustees and consultants. By participating in these courses, professionals can deepen their understanding of fund management complexities and develop the expertise needed to ensure the long term success and sustainability of retirement funds they oversee.

Building a strong professional network is also important for trustees and consultants. Networking events, conferences and industry forums provide opportunities to connect with peers, share experiences and learn from industry experts. Engaging in discussions with fellow professionals can offer fresh perspectives on shared challenges and innovative solutions. Platforms like LinkedIn and professional associations, like EBnet, are excellent for networking and knowledge sharing.

The retirement fund industry is always changing and members rely on decision makers and advisors to stay informed of industry trends and developments. Subscribing to industry publications and looking out for latest research will give you valuable insights into emerging trends and their potential impact on retirement funds.

Becoming a better trustee and consultant in the retirement fund industry requires a commitment to continuous learning and professional development. By understanding the regulatory framework, engaging in training whether in a classroom or online, leveraging technology and staying informed about industry trends, trustees and consultants can effectively fulfil their roles with confidence.

ENDS