By Jane Barrett & Michael Wolfe

The IORP II Directive (the “Directive”) has been a catalyst for the re­assessment of training and qualification requirements for the role of a pension scheme trustee. The Directive requires Member States to ensure that “persons who effectively run” a pension scheme (i.e. trustees) are “fit” and “proper”. The fit requirement necessitates that trustees have qualifications, knowledge and experience that is collectively adequate to allow them to ensure sound and prudent management of the scheme, whereas the proper requirement necessitates that they be of good repute and integrity…