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Award in Pension Trusteeship
The Award in Pension Trusteeship is a qualification for Trustees or those interested in Trusteeship, based on The Pensions Regulator’s indicative syllabus. It provides formal recognition of a Trustee’s knowledge and understanding (TKU) in line with the requirements of the Pensions Act 2004.
The APT is otherwise known as CPT unit 1.
From 2021, we will be holding 'Private Sittings of the APT (CPT unit 1) exams which will take place online only. If you would like to hold a 'private sitting' please contact James Cumine or Vanessa Jackson directly to enquire about availability.
Private sittings can hold no less than 10 individuals and at least 4 weeks notice must be given so that we can try and hold the exam on your chosen date.
Next online exam date: 28 September 2022 | Applications closed
Please read our policy here before making any bookings
Who is this course for?
Trustees or those interested in trusteeship.
Those wishing to become an Accredited Trustee.
Learning support
We recommend learners work through the e-learning programme of The Trustee toolkit, which has been developed by The Pensions Regulator to meet their Trustee Knowledge and Understanding (TKU) requirements.
Reading list
We provide a list which contains several items which will be of assistance to those preparing for these examinations, download it from Useful Resources below.
PMI Members are entitled to a 15% discount for core reading list item Spotlight on Pensions which is written by a past PMI president, Kevin LeGrand, and which is available on the Perspective platform with its unrivalled functionality.
Assessment method
This qualification is assessed by a 90 minute 60 question multiple choice exam paper.
The examination is marked as PASS or FAIL (and an indiction willl be given if you were within 5 marks of a PASS). We, as with other awarding bodies, do not offer a breakdown of marks, or individual feedback on scores.
Study time
95 hours
The qualification comprises a single compulsory unit.
Cost
Examination Entry (Non-Trustee Member) £465
Please note: To sit this qualification you must be an active trustee group member of the PMI, currently £165. The Trustee Group membership year runs from the 1 January to 31 December.
Examination Entry (Current Trustee Member) £300
Re-Sit Fee (Current Trustee Member) £300
Re-Sit Fee (Non-Trustee Member) £465
Useful resources
- APT examiners report from Autumn (September 2019)
- Award in Pension Trusteeship reading list
- Trustee Training Directory 2020
- Wider information set
- APT 2020 Feedback Doc
- APT Spring 2021 Feedback Document
- APT Specification
- APT + CPT Unit Guidance
- APT September 2021 Feedback Doc
- APT March 2022 Examiners' Report
FAQs
EVERYTHING YOU NEED TO KNOW
Public Examination Sittings
There are two public examinations per year; March and September.
Private Examination Sittings
It is possible to arrange a private examination sitting.
Each question on the exam paper scores one mark. All questions should be attempted there is no difference in marking between a wrong answer and one left unanswered
There are two grades for this qualification: (P) Pass or (F) Fail.
Successful candidates receive a Qualification Certificate.
It is a condition of acceptance of an examination entry that learners carefully read the examination regulations and agree to abide by them. Exam instructions will be sent to each learner ahead of their exam.
It is possible to arrange ad hoc private sittings of the examination at dates and times to suit specific groups of candidates. This facility is provided by the PMI to make the APT examinations as widely and as flexibly available as possible. Should an organisation wish to use this facility it allows them to select a date and time to suit their requirements. Examinations can be taken on any working day during the hours of 9am to 5pm.
NOTE: We will not hold private sittings for less than 10 individuals. If you would like to hold a private sitting with less than 10 individuals, you will be charged a cost of £5000
10 people = £5000
11-15 people = £7500
16-20 people= £10,000
NOTE: An absolute minimum of one calendar months notice is required to request a private sitting.
Private sittings are taken online only
How to apply to run a private examination
To apply, please contact James Cumine jcumine@pensions-pmi.org.uk
In the event of the examination being cancelled less than two weeks prior to the examination date, 10% of the standard fee will be charged, or deducted from any refunded fees.
These are samples of previously used questions and may not reflect current legislation.
Each either poses a question or makes a statement which requires completion, and is followed by four possible responses lettered 'a', 'b', 'c' and 'd'. Only ONE is correct.
Please note we do not publish past papers.
1. What is a corporate trustee?
A. A trustee appointed by the court.
B. An individual trustee appointed by the sponsoring company.
C. A company which acts as a trustee.
D. The sponsoring employer.
2. If the sponsoring employer of a defined benefit scheme becomes insolvent who is responsible for exercising all trust discretions in the company pension scheme?
A. The Pensions Regulator.
B. The Insolvency Practitioner.
C. Pension Protection Fund.
D. The person specified in the Trust Deed and Rules.
3. Meetings of trustees must be held..
A. at least twice a year.
B. following the actuarial valuation.
C. in the way as stipulated in the trust deed and rules.
D. as required under the Pension Schemes Act 1993.
4. Under statutory requirements, the decisions of the trustees may be taken by a majority unless...
A. there are less than 12 members.
B. the trustees agree otherwise.
C. the scheme's trust deed and rules provides otherwise.
D. there are less than one hundred members.
5. The trustees are ultimately responsible for the collection of contributions....
A. only if Additional Voluntary Contributions are paid by members.
B. at all times.
C. if instructed to do so by the employer.
D. if the trust deed permits.
6. It is a legal requirement that the trustees' Annual Report must be available...
A. at the end of the scheme year.
B. within 7 months of the end of the scheme year.
C. within 12 months of the end of the scheme year.
D. within 18 months of the end of the scheme year.
7. Which one of the following does NOT have to be included in the trustees' annual report?
A. Details of changes to the trustees.
B. Details of discretionary pension increases made in the scheme year.
C. Details of any self investment.
D. Home addresses of trustees.
8. Investments should generally be stated in the audited accounts of a pension scheme at...
A. cost.
B. fair value.
C. book value.
D. the value used by the insurance company.
9. In general in-house investment managers...
A. specialise only in UK equity investment.
B. are independent companies that frequently attend in-house meetings.
C. are employed by the company sponsoring the pension scheme or another company within the same group.
D. have few restrictions placed upon them by the Financial Services and Markets Act 2000.
10. If a fund manager has purchased a financial future to buy stock it will have...
A. a future option to buy at a fixed price.
B. a guaranteed profit.
C. an obligation to buy at a fixed price in the future.
D. an option to buy at a negotiable price in the future.
1. What is a corporate trustee?
A. Wrong
B. Wrong
C. Right
D. Wrong
2. If the sponsoring employer of a defined benefit scheme becomes insolvent who is responsible for exercising all trust discretions in the company pension scheme?
A. Wrong
B. Wrong
C. Wrong
D. Right
3. Meetings of trustees must be held..
A. Wrong
B. Wrong
C. Right
D. Wrong
4. Under statutory requirements, the decisions of the trustees may be taken by a majority unless...
A. Wrong
B. Wrong
C. Right
D. Wrong
5. The trustees are ultimately responsible for the collection of contributions....
A. Wrong
B. Right
C. Wrong
D. Wrong
6. It is a legal requirement that the trustees' Annual Report must be available...
A. Wrong
B. Right
C. Wrong
D. Wrong
7. Which one of the following does NOT have to be included in the trustees' annual report?
A. Wrong
B. Wrong
C. Wrong
D. Right
8. Investments should generally be stated in the audited accounts of a pension scheme at...
A. Wrong
B. Right
C. Wrong
D. Wrong
9. In general in-house investment managers...
A. Wrong
B. Wrong
C. Right
D. Wrong
10. If a fund manager has purchased a financial future to buy stock it will have...
A. Wrong
B. Wrong
C. Right
D. Wrong
A number of providers run trustee training courses combined with sittings of the APT examinations.
If you run trustee training courses and would like to combine a course with a sitting of the APT examination please contact the PMI team.
PMI does not run trustee training courses neither does it recommend or endorse any particular training courses. The list of providers is assembled as an aid to those seeking training for trustees.
Aon
Aon offers a range of training courses to enable Trustees to meet the requirements, and demonstrate they are 'taking control'. Whether you are a new Trustee getting to grips with your role and its requirements, or an experienced Trustee maintaining your knowledge to comply with regulatory requirements, our courses will give you an understanding of the key issues.
Our courses are designed to develop your knowledge of the areas identified in the Pensions Regulator's Trustee Knowledge and Understanding (TKU) Scope Guidance and are rooted firmly in the reality of day-to-day trusteeship.
https://www.aon.com/unitedkingdom/retirement-investment/pensions-training/default.jsp
Capita
Capita Employee Benefits is one of the leading employee benefits consultancies in the UK; a multi award-winning organisation serving over 1,600 clients and more than 4 million company employees and pension scheme members. We are part of Capita plc, a FTSE 100 company.
By listening and engaging closely with our clients we deliver carefully designed administration services and unrivalled consultancy solutions through our employee benefits specialists, using market leading, creative and innovative technology solutions.
We have a long established history of providing Trustees of pension schemes with training on all aspects of the operation of occupational pension schemes in order that they may undertake their duties effectively and with confidence.
The following courses are offered:
Introductory Trustee Training – A one day, introductory seminar giving an overview of legal responsibilities and dealing with actuarial, investment and administrative issues. This course is suitable for recently appointed trustees of defined benefit or defined contribution schemes and non-trustees who perhaps work on administration issues.
Focused Training for Trustees of Defined Benefit Schemes – A two-day seminar giving a detailed look at investment and funding issues for defined benefit schemes, essential in view of the major changes brought about by the Pension Act 2004. This course is designed for trustees (or anyone involved with running defined benefit schemes) who have a basic understanding but want to know more about developing an asset allocation strategy appropriate to a scheme’s liabilities and the trustees investment objectives and appetite for risk..
Although this course is designed to help trustees to meet The Pension Regulator’s expectations regarding funding and investment, because of the specific nature of some of the strategies that are covered, further bespoke training would be required before the full scope of The Pension Regulator’s requirements are met.
PMI Award in Pension Trusteeship – The Pensions Management Institute (PMI) Award in Pension Trusteeship (Defined Benefit and Defined Contribution) examination gives formal recognition of a trustee's knowledge and understanding of pension fundamentals.
This two-day training course is aimed specifically at trustees (and others) who wish to sit the PMI Award examination and covers the full (Defined Benefit and Defined Contribution) syllabus including:
Unit One – Law and Pensions overview
Unit Two – Investment and Funding issues
Unit Three – Scheme Management issues
We also aim to provide candidates with an understanding of the techniques associated with passing this examination.
If you have any queries please contact Paul Tabrett on 0207 709 4864 or at paul.tabrett@capita.co.uk
Eversheds Sutherland
Our online training programme is designed to draw on our long experience of successfully helping trustees to prepare for the PMI Award in Pension Trusteeship (CPT unit 1) exam through face to face training sessions. It uses pre-recorded modules to cover the core elements of the syllabus. The programme also includes two live, interactive sessions to encourage Q&A discussion.
Our programme:
- is a unique offering in the market, providing pre-reading, access to eight short recorded training modules, which should take around 30 minutes each to complete, and two live sessions of up to one hour. The live sessions are a welcome webinar on what to expect and exam technique, and a closing “clinic” to deal with final pre-examination queries from the recorded modules
- is led by experienced pension lawyers who have passed the PMI APT themselves
- provides a mixture of self-paced learning and live group sessions
- will give you the opportunity to ask questions of the presenters and share experience with other delegates
The programme is available to individual or small groups of trustees.
Please contact pensionstraining@eversheds-sutherland.com for more information.
Squire Patton Boggs
Squire Patton Boggs has provided market leading trustee training since the early 1990s. All our experienced presenters are qualified pensions lawyers, and we place a real emphasis on interactive workshop exercises enabling delegates to put theory into practice. Whilst we can and do sometimes run open access, public courses, we tend to find that most trustee boards want to be trained together as a group. This helps the board develop together and builds team spirit.
The main courses we offer are:
- Introductory – A one day course looking at the context for current pensions issues, and covering the legal responsibilities and powers of trustees, the different kinds of schemes, the role of the actuary, the principles of investment, the role of the Regulator and the protection of members. Suitable for both defined benefit and defined contribution schemes, and ideal as a basic grounding for new trustees, or a refresher for those with more experience.
- Advanced - A one day course which focusses in more detail on the new regulatory regime governing schemes and trustees under the Pensions Acts 2004 and 2008, the tax regime under the Finance Act 2004 and subsequent legislation, and on the financial priorities for trustees - particularly funding and investment.
- PMI Award in Pension Trusteeship – A one or two day course (depending on delegates' diaries, time commitments and level of confidence) aimed specifically at those with some prior experience and wishing to sit the PMI Award in Pension Trusteeship examination. We aim to cover the PMI entire syllabus, using sample questions of the type used in PMI examinations to encourage interaction and discussion, and to bring out the underlying issues. The course includes a complete mock examination, and finishes with a private exam sitting supervised by a PMI invigilator. We have run this course for many years and have a success rate of around 98%.
- Bespoke - We can tailor a half or full day course around your particular requirements. Typical courses tend to cover Hot Topics and Scheme Conversance, but we respond to clients' needs.
Training can be delivered at our UK offices (London, Birmingham, Manchester and Leeds) or at your premises
Catherine McKenna, Global Head of Pensions, Squire Patton Boggs, 2 Park Lane, Leeds LS3 1ES
Email: catherine.mckenna@squirepb.com Telephone 0113 284 7045
Matthew Giles, Partner, Squire Patton Boggs, Rutland House, 148 Edmund Street, Birmingham B3 2JR
Email: matthew.giles@squirepb.com Telephone 0121 222 3296