Free trustee training
Module 5: Being a trustee
Lesson 1: What your duties actually are
Lesson 2: Conflicts of interest
Lesson 3: Records and accounts
Lesson 4: The reporting year
Lesson 5: When it goes wrong
Lesson 6: Who can advise you
Check what’s stuck
A few questions on this module. There is no pass or fail — they are just for you.
1. How is a trustee's duty to take proper care judged?
- On whether the decision turned out well
- On how the decision was made
- On whether the trustee is an expert
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On how the decision was made
2. You have a conflict of interest on a decision. What should you do?
- Declare it to your fellow trustees and have it noted before the decision
- Keep it to yourself and take extra care to be fair
- Resign as a trustee
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Declare it to your fellow trustees and have it noted before the decision
3. What is a trustee resolution?
- The scheme's annual return to HMRC
- A letter from your administrator confirming a payment
- A signed record of what the trustees decided, when and on what basis
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A signed record of what the trustees decided, when and on what basis
4. What is the simplest way for the trustees to stay on top of the scheme across the year?
- Wait for the administrator to raise anything that needs doing
- Hold one fixed trustee meeting a year, work through a set agenda and minute it
- Only meet when something is being bought or sold
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Hold one fixed trustee meeting a year, work through a set agenda and minute it
5. Something has gone wrong in the scheme. What should you do first?
- Put it right quietly with another transaction
- Wait and see whether it sorts itself out
- Tell your fellow trustees and your administrator, and write down what happened
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Tell your fellow trustees and your administrator, and write down what happened
6. Someone offers to advise you on the scheme's investments. What should you check?
- That their job title says adviser
- That they're FCA authorised, on the FCA register, with matching contact details
- That your administrator has heard of them
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That they're FCA authorised, on the FCA register, with matching contact details