On Aug. 22, RSA FSCA announced launch of new e-learning platform.
RSA FSCA announced launch new Trustee Training Toolkit (TTK) e-learning Platform.
Overview
First 11 modules will be launched in Sep. 2023 while the other 11 modules in 2024.
TTK is free e-learning program specifically developed to provide board members of retirement funds (trustees) with better understanding of their roles.
To assist them in performing their fiduciary duties more effectively and efficiently.
RSA FSCA notifies trustees that completing the new TTK will be compulsory.
Section 7A(3) Pension Funds Act requires board members of retirement funds to attain prescribed levels of skills and training within 6 months after being appointed/elected.
But also to retain such prescribed levels throughout their term of appointment.
Conduct Standard 4 of 2020 (CS4) prescribes minimum skills, training requirements.
TTK official minimum training requirement for all trustees of retirement funds in RSA.
In accordance with CS4, a board member must attain certification of TTK within 6 months from the date of their appointment or election to the board.
RSA FSCA encourages all trustees to proactively complete new toolkit once launched.
Despite stating it will be launched in Sep. 2023, no specific date is provided for that.
Sep. 2023 Update
On Sep. 27, 2023, RSA FSCA notified board members of pension funds who were appointed on or before Sep. 26, 2023, that they must complete the first 11 modules of the new TTK within 6 months from the date of publication of the communication.
All new board members appointed or elected after date of publication of notice must complete the first 11 modules within 6 months from date of appointment or election.
Mar. 2024 Deadline Extension, Second Phase
On Mar. 28, 2024, RSA FSCA issued communication to inform stakeholders of extended deadline for completion of the first 11 modules of Trustee Training Toolkit.
Deadline extended after careful consideration, taking account of technical challenges experienced by some board members in accessing the eLearning portal.
Board members of pension funds who were appointed on or before Mar. 28. 2024 must complete first 11 modules, and modules 12 to 22 of new TTK by Sep. 30, 2024.
All new board members appointed or elected after Mar. 28, 2024 must complete modules 12 to 22 of TTK, within six months from date of appointment or election.
Completion of TTK is compulsory for all trustees; RSA FSCA will monitor completion and take regulatory action where there is a lack of compliance.
Regulators
RSA FSCA
Entity Types
Fiduciary; Inv Co; Pension
Reference
PR, Com 11/2024 (RF), RN 5/2024 (RF), RN 6/2024 (RF), 3/28/2024; PR, Com 25/2023 (RF), Nt 21/2023 (RF), 9/27/2023; FAQ, PR, 8/22/2023; Pension Funds Act 1956; CS4
