Regulation 7 (1) In this regulation "trustee" includes directors of a corporate trustee board. (2) An individual trustee of an occupational pension scheme, provident fund scheme or personal pension scheme shall (a) have appropriate knowledge and understanding of the law relating to pensions and trusts and the investment of the assets of the schemes, and (b) be conversant with its scheme-related documents, that is, the trust deed and rules of the scheme, any statement of investment principle and any other document that records current policy relating to the administration of the scheme generally. (3) For the purposes of sub-regulation (2) (a) the degree of knowledge and understanding required is that appropriate to enable the individual to properly exercise the functions of a trustee of a registered scheme, and (b) being conversant with documents is having a working knowledge of those documents to the extent that the trustee is able to use them effectively when required to do so in the course of carrying out the duties of a trustee of a scheme. (4) A corporate trustee shall ensure that an individual who exercises a function in relation to the scheme as a director of a trustee company, or in another capacity, has the appropriate level of knowledge and understanding of (a) the trust deed and rules of the scheme as if that person were an individual member of a trustee board, (b) any statement of investment principles, (c) any other document recording current policy relating to the administration of the scheme generally. (5) The requirement in subregulation (4) applies whether the corporate trustee is (a) a company formed to act as a professional trustee for any number of pension schemes; (b) a company formed only for the purpose of acting as a trustee of a particular pension scheme; or (c) a company such as the sponsoring employer acting as the scheme trustee. (6) The Authority shall issue Guidelines on the scope of knowledge and understanding of trustees. (7) An approved trustee shall obtain the relevant trustee training from training institutions and courses approved by the Authority. (8) A newly-appointed individual trustee shall within six months from the date of appointment as trustee complete the required training. (9) An approved trustee who successfully completes the relevant trustee training program shall be given a 'Certificate of Successful Completion' approved by the Authority. (10) The certificate is proof to sponsors or to the Authority that the learners and scheme members understand all that is required to manage a successful registered scheme. (11) The knowledge and understanding of an approved trustee shall be updated annually in accordance with Guidelines issued by the Authority and learning programs designed to update the knowledge of the trustee. (12) The Authority shall review its Guidelines where necessary and shall publish the reviewed Guidelines on its website or any other print media determined by the Authority. (13) The Authority shall take into consideration the relevant knowledge and understanding acquired by a trustee in the renewal of the licence of an approved trustee. Registration of occupational pension schemes, provident fund schemes or personal pension schemes.