Consultation outcome

Pension trustees: clarifying and strengthening investment duties

• From: Department for Work and Pensions
• Published: 18 June 2018
• Last updated: 13 August 2019 — See all updates

This was published under the 2016 to 2019 May Conservative government

This consultation has concluded

Read the full outcome

Government response: Clarifying and strengthening trustees’ investment duties

PDF, 796 KB, 58 pages

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Detail of outcome

We published the government response to this consultation on 11 September 2018.

Read The Pension Protection Fund (Pensionable Service) and Occupational Pension Schemes (Investment and Disclosure) (Amendment and Modification) Regulations 2018.

We have also published the Reporting costs, charges and other information: guidance for trustees and managers of occupational pension schemes.

Feedback received

100 Group to BT Pension Scheme Trustees

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Cardano to Hymans Robertson LLP

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Implementation Taskforce to Law Debenture Pension Trustees

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Legal & General Investment Management to NOW Pensions

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OneSource to SRI Services

ZIP, 5.3 MB

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Tesco to Zurich

ZIP, 3.77 MB

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Detail of feedback received

We published the public feedback to this consultation on 13 August 2019 following a Freedom of Information request.

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Original consultation

Summary

This consultation seeks views on the draft Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations 2018.

This consultation ran from
18 June 2018 to 11:45pm on 16 July 2018

Consultation description

The regulations amend:

• what a pension scheme’s statement of investment principles must include
• the way trustees prepare and revise the statement

The regulations also require trustees of schemes offering money purchase benefits, subject to certain limited exceptions, to:

• publish the statement of investment principles
• publish an annual report on how they implemented it
• use the annual benefit statement to tell members that the statement is available

This consultation is aimed at:

• pension scheme trustees and managers
• pension scheme members and beneficiaries
• pension scheme service providers, other industry bodies and professionals
• civil society organisations
• any other interested stakeholders

This consultation follows the government’s response to the Law Commission report ‘Pension funds and social investment’.

Short online questionnaire

We’ve provided a short online questionnaire for individuals who might want to comment on the proposals without going into great detail.

Complete our short online questionnaire on the proposals

Documents

Consultation on clarifying and strengthening trustees’ investment duties

PDF, 544 KB, 37 pages

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Draft regulations: The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations 2018

PDF, 113 KB, 4 pages

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Draft guidance: Cost, charge and related information reporting: guidance for trustees and managers of occupational schemes

PDF, 202 KB, 14 pages

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Impact assessment: Clarifying and strengthening trustees’ investment duties

PDF, 529 KB, 21 pages

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Published 18 June 2018
Last updated 13 August 2019 + show all updates

1. 13 August 2019

   Added public feedback to the consultation following a Freedom of Information request.

2. 11 September 2018

   Added a link to The Pension Protection Fund (Pensionable Service) and Occupational Pension Schemes (Investment and Disclosure) (Amendment and Modification) Regulations 2018.

3. 11 September 2018

   We published the government response to this consultation on 11 September 2018.

4. 18 June 2018

   First published.