Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what discussions her Department has had with the Pensions Regulator on the effectiveness of the steps it is taking to ensure the independence of pensions trustee bodies.

The Department works closely with the Pensions Regulator (TPR) to ensure that pension scheme trustees always act in the interests of all beneficiaries.

All pension scheme trustees have the same duties and responsibilities and must comply with the law and the rules of their scheme. All pension schemes are required by legislation and the Regulator’s General Code of Practice to have processes in place to identify and manage conflicts of interest.

TPR’s corporate plan outlines the importance of good governance as a foundation of the pensions system and their priority to raise standards of trusteeship. The plan outlines their core delivery objectives in 2025 to 2026 to develop a new strategy for raising the standards of trusteeship and expand their market oversight to the largest professional trustee firms. DWP continues to regularly review TPR’s delivery against its corporate plan through its sponsorship arrangements.

The Government recognises the vital role trustees play in running occupational pension schemes and will consult on matters to improve trusteeship and governance later this year.