# Can I be Trustee of my own scheme?



## gimp (19 Mar 2010)

I am the only member of a single member company pension scheme with full vested rights. 

The only trustee is a company employee.

I have a couple of questions if anyone can help

Can i be appointed the trustee of my own scheme as the exisiting trustee has no real interest in it and neither does the company. I am claiming PHI benefit linked to this scheme due to a recent diagnosis of a long term illness. 

All contributions, employer and employee, are covered by the PHI benefit plus a monthly payment to me. are there any implications in trying to transfer the whole pension into my name as it looks like long term I will only be annoying the company as i have to go through them at present.

They are also liable to PRSI on the payment they make to me from the PHI benefit. Which if it was paid directly tyo me i understand they would be no PRSI payable

Any advice much appreciated thanks for any help


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## LDFerguson (21 Mar 2010)

With the agreement of the current scheme trustee, you can appoint yourself and one or two other individuals (say family members) as trustees instead.  Not practical having only one trustee in case the one trustee dies, especially where the trustee is also the member.

All pension scheme trustees (including corporate bodies) must undergo trustee training every two years.  Existing trustees at 1/2/2010 have until the 1/2/2012 to do this training for ths first time.  Newly appointed trustees must do the training within six months of being appointed.  You can do the training online for free at the Pensions Board's website - takes about nine hours.  Or you can get professional training from various trainers.  Some of the life assurance companies have their own trustee companies in place, who will act as trustee to their own schemes for a fee.  Last option - you can appoint a professional trustee but this would be expensive for a one-person scheme.  

If your Income Protection claim was paid directly, then you would no longer be an employee of your former employer and therefore no longer eligible to be part of their pension scheme.    

Liam D. Ferguson


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## StevieC (22 Mar 2010)

9 hours training every 2 years or paying €5 a month to companies to be your Trustee for you isnt everyones cup of tea.

Irish Life have recently agreed with the Pensions Board to produce a Trustees manual which will cover Trustee training. By declaring you have read this you can act as your own Trustee and avoid the 9 hours online training. I expect other companies to follow suit. If you do become your own Trustee then you have 2 years to do your Trustee training so watch that space if your policy is not with Irish Life.




www.CheaperLifeAssurance.ie


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## Anfear (30 Mar 2010)

Most of the providers seem to be offering access to trustee training now.


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## Anfear (30 Mar 2010)

As LDFerguson pointed out, the Pensions Board on-line trustee training (free) is a good option. Takes about 12 hours though they say it should take no more than 9! It's quite digestible!


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## gimp (21 Apr 2010)

Thanks for all the advice

As i am on PHI benefit at present due to my illness  my "Tied" advisor has said maybe the Insurance Co could view me acting as trustee as that i am capable of work and try to use this as a reason for not paying the PHI claim.
This seems like a crazy assumption, he was only suggsting it may be an issue as he wants to protect my existing benefits and not see me do anything that could be detrimental to this. 
As far as i can see that is like saying because i manage my own bank account  i am capable of working!!! 

Surely this can not be a way out for an Insurance company

While one can be unable to work due to illness just because you act as trustee on your own pension fund does not mean you an carry out normal/regular work. Being a trustee is not exactly a full time job but i want to have some control over the operation of my pension fund and being a trustee seems the best way of making sure everytihing is done in my interest and no one elses. Again this is a single member executive scheme


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