New Trustee Training Toolkit will come online in September

The FSCA will launch its revamped Trustee Training Toolkit (TTK) in September, when the first 11 modules will be made available. The other 11 modules will come online in 2024.

The TTK is a free e-learning programme that has been developed to provide board members of retirement funds (trustees) with a better understanding of their roles and to assist them in performing their fiduciary duties more effectively and efficiently, the FSCA said in a statement released this week.

It is compulsory for trustees to complete the new TTK.

Section 7A(3) of the Pension Funds Act requires board members of retirement funds to attain prescribed levels of skills and training within six months after being appointed or elected and to retain such prescribed levels throughout their term of appointment.

Conduct Standard 4 of 2020 (CS4) prescribes the minimum skills and training requirements for board members of retirement funds. It also prescribes the TTK as the official minimum training requirement for all trustees of retirement funds. In accordance with the conduct standard, a board member must attain the certification of the TTK within six months from the date of appointment or election to the board.

Moonstone asked the FSCA for clarity on whether trustees who have already completed all the modules on the existing/old TTK must do the modules on the new TTK. The Authority responded: “The new TTK will have to be completed pursuant to Conduct Standard 4 of 2020. The new TTK is more detailed and comprehensive and seeks to better equip trustees in exercising their fiduciary duties.”

The modules do not have a “pass” or “fail” outcome. There is an assessment following each module and a final summative assessment.

The FSCA hosted workshops in September 2022 to introduce the new Toolkit. Recordings of the workshops are available on the FSCA’s YouTube channel. Click on the Playlists tab where you will find the “Trustee Training Toolkit Workshops 2022” playlist.

For assistance with the current and the new TKK, send an email to TrusteeToolkit.Technical@fsca.co.za or phone 012 428 8000.