Pension Schemes Bill Report Stage and Third Reading — government amendments agreed and statutory guidance on fiduciary duty promised
During the Report Stage and Third Reading of the Pension Schemes Bill, which took place on 3 December 2025, several government amendments were made to the Bill. Significantly, Torsten Bell also announced that the government intends to bring forward legislation that will allow the government to develop statutory guidance on fiduciary duties for the trust-based private pensions sector. The guidance (which will be consulted on before being finalised) will provide practical support to trustees about how to comply with their fiduciary duties in considering wider factors, including systemic risks (like climate risk) and members’ standards of living. By clarifying their fiduciary duties, the government’s aim is to give trustees added confidence that they can invest in the long-term interests of their members and society. The government will set out more details on its guidance plans ‘in a matter of months’.