Trustees

FORTHCOMING DEVELOPMENT: On 15 December 2025 DWP launched a consultation on strengthening the trusteeship, governance and administration standards for trust-based pension schemes, which runs until 6 March 2026.

Among other things, the consultation proposes mandatory accreditation for professional trustees with centrally set standards, measures to improve trustee board diversity, and potential regulatory oversight of pension scheme administrators by TPR. It explores introducing a public trustee system for schemes requiring trustee replacement and creating a statutory trustee directory.

The proposals aim to address governance challenges as the sector consolidates towards fewer larger schemes, like megafunds, where provisions contained in the Pension Schemes Bill require multi-employer DC schemes to have £25bn of assets by 2030. The consultation covers schemes safeguarding retirement savings for over 40m members with approximately £1.5trn of assets across England, Scotland and Wales. It builds on previous government commitments following the Work and Pensions Select Committee's DB pension schemes inquiry and a 2023 call for evidence on trustee skills and capabilities.

For more information see, PRESS RELEASE – PASA responds to new DWP consultation on trustee and administrator regulatory oversight.

Trusts are often used