Can 'the directors' be trustees of a DC scheme ?

[zag]

Can anyone clarify whether it is legitimate to specify 'the directors' as trustees of a scheme ?

I mean, as distinct from 'Joe A. Director' and 'Mary B. Director' - is it legitimate to specify whoever fills the role of director at a particular time.

I would have thought that a major problem with this would be that the directors can change and it may not be made aparent to the new directors that they are trustees.

z

 

[homerjay]

Directors as trustees

Virtually anyone can be a trustee of a pension scheme: the employer, employees, retirees, directors, professional trustees etc.

Where a trustee is an individual (as opposed to a 'body corporate') they have to be named (be party to the deed of appointment), their address has to be included and they have to sign the deed of appointment and have their signature witnessed.

When a trustee is being replaced a deed of appointment and retirement has to be completed.

Simplest thing in your case may be to have the employer as trustee.

The prospective trustees should be aware of the respobsibilities they are taking on, the pensions board has a good booklet along the line 'So you're a pension scheme trustee', check it out on www.pensionboard.ie.