Our CEO, Charlotte O’Leary, was invited to contribute industry expertise at a government roundtable today, helping to ensure proposed statutory guidance for pension trustees is practical and effective. The session followed the Minister for Pensions’ commitment to provide greater clarity on fiduciary duty, to better support trustees in acting in their members’ ‘best interests’.
Torsten Bell MP, the Minister for Pensions, acknowledged concerns that trustees are taking varied approaches to interpreting the ‘best interests’ principle. He called on experts to reflect on what the guidance for the industry should cover. Speaking on behalf of Pensions for Purpose, Charlotte shared best-practice case studies and referenced the Financial Markets Law Committee (FMLC) paper, highlighting the roles of advisers, investment managers and government in supporting trustees to consider structural factors such as climate risk and members’ standards of living. This approach would give trustees greater confidence to adopt systems thinking and invest in ways that serve the long-term interests of members in the face of interconnected risks.
To address these considerations, the Minister confirmed plans to introduce legislation enabling the development of statutory guidance for the trust-based private pensions sector. However, many experts present argued statutory change, rather than guidance alone, may be required.
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