Award in Pension Trusteeship

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. However, a Fail is broken down into two different segments. An S - Grade is mentioned if you fail within 5 marks of passing. A T - Grade is mentioned if you fail by greater than 5 marks from the pass mark.

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 £5500.

10 people = £5500

11-15 people = £8000

16-20 people= £10,500

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 PMIqualifications@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Please note we do not publish past papers.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.

Please note, because PMI are not affiliated with any of these companies listed, we cannot guarantee when they will offer revision sessions throughout the year or their requirements to enroll onto their session. However, we aim to keep information as up to date as we possibly can. We encourage you to get in touch with the company contact directly to enquire further

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

Squire Patton Boggs

Squire Patton Boggs is a full-service global law firm. Our top ranked, award winning pensions team provides legal advice from across its UK offices in London, Birmingham, Leeds and Manchester.

Our pensions team offers comprehensive trustee training on a wide range of matters, communicating complex issues in an understandable and engaging way. Our imaginative and interactive sessions stimulate audience participation and understanding, including formats such as case studies, role-plays and quizzes. Our deep industry insights span both legal and trustee perspectives. Please visit our Pensions Thought Leadership Library to access our publications, including materials from recent UK Pensions campaigns such as #AttentionPensions, #How2DoPensions and #PensionsTensions.

We offer the following courses:

• Revision and exam training sessions for the PMI Certificate in Pension Trusteeship (Unit 1: DB/DC)
• Bespoke courses on any legal issues relating to occupational pension schemes
• Hot topics sessions
• Scheme conversance training

Training can be delivered at our UK offices or at your premises.

Matthew Giles, Head of Pensions, Squire Patton Boggs, Rutland House, 148 Edmund Street, Birmingham B3 2JR

Email: matthew.giles@squirepb.com Telephone 07974 836515

Catherine McKenna, Partner, Squire Patton Boggs, 6 Wellington Place, Leeds LS1 4AP

Email: catherine.mckenna@squirepb.com Telephone 0113 284 7045

The PMI have recently launched the 'study skills' website, which will help learners understand how best to prepare for their exams, as well as gives tips and information regarding the specific style of exams you may be taking.

The study skills website can be found here -

https://www.pmi-study-skills.co.uk/