When is a lay trustee not a lay trustee? When legislation requires him or her to become professionally qualified to deal with a pension scheme.

A lay trustee is an employee who voluntarily sits on the board of his or her company pension fund. He or she -- although not necessarily well versed in the world of pensions -- is tasked with making decisions based on the scheme's objectives. At the same time, they must ensure that the scheme members' interests are well protected.