A pensioneer trustee of a small self-administered pension scheme MUST be:

• A. A Company
• B. A Co-Signatory on All Financial Transactions of the Scheme
• C. Authorized by the Central Bank
• D. The Only Trustee of the Scheme

Answer: (B)

In a small self-administered pension scheme, there’s a need for independent oversight of the scheme’s finances. The pensioneer trustee exists to provide that extra layer of checks, and their main duty is to countersign all financial transactions of the scheme. This means no payment, investment, loan, or transfer can be completed without the pensioneer trustee’s sign-off alongside the other trustees, helping to prevent misuse and conflicts of interest.

That’s why the statement about the pensioneer trustee being a co-signatory on all financial transactions is the best description. It isn’t about being a company or needing authorization from the Central Bank, and it doesn’t require the pensioneer to be the sole trustee—the essential point is the required independent co-signature on all financial dealings.