Commenting on the DWP and HMT consultation on pension trustee skills launched today, Laura Andrikopoulos, Partner and Governance Consulting lead, Hymans Robertson, said:

“We are pleased to see the interest DWP and HMT are taking in Trustee skills and effectiveness. Their main concern seems to be the ability of Trustees to make investment decisions but the review may also have wider benefits. The consultation covers the current state of Trustee skills, the role of advice and barriers to trustee effectiveness. Proposed ideas in the consultation include a requirement for TPR to keep a full register of all Trustees and strengthened Trustee accreditation regimes. In the barriers to effectiveness session, Trustees’ fiduciary duty is questioned, with an implication that current interpretations may be holding Trustees back from considering a wide range of investments. The timing of the consultation reflects wider calls from the Government to re-think pension scheme investments. Pension schemes are enormously influential in financial markets and provide vital income for their members in retirement so we welcome debate on how their assets are best invested to ensure optimal member outcomes.”