Commentary on Sections Obligations of trustees of occupational schemes Section 247: Requirement for knowledge and understanding: individual trustees
900.This section provides that an individual who is a trustee of an occupational pension scheme must be conversant with specified scheme documents and have knowledge and understanding of matters relating to the performance of his functions as a trustee of that scheme.
901.Subsection (3) requires a trustee to be conversant with:
	the trust deed and scheme rules;
	the statement of investment principles under section 35 Pensions Act 1995, if any;
	where appropriate, the most recent statement of funding principles;
	any other policy document relating to the administration of the scheme generally.
902.Subsection (4) requires a trustee to have knowledge and understanding of:
	the law in relation to pensions and trusts;
	the principles relating to investment of assets;
	the principles relating to scheme funding;
	such other matters as are prescribed in regulations.
903.Subsection (5) provides that a trustee of a scheme must have an appropriate level of knowledge and understanding to enable him properly to exercise his functions as a trustee of that scheme.
904.Under section 90 the Regulator must issue a code of practice regarding the obligations imposed on trustees by this section.