Advice to Pension Trustees

Pension trustees play a central role in safeguarding members’ benefits and ensuring that pension schemes are governed responsibly, transparently and in full compliance with the law. As regulatory expectations grow and schemes face increasing operational and strategic pressures, trustees must make well‑reasoned decisions, manage risk effectively and maintain strong governance structures.

The role of pension trustees

Trustees are responsible for:

• Protecting the interests of scheme members and beneficiaries
• Running the scheme in line with trust law, scheme rules and regulatory requirements
• Making decisions about funding, investment, administration and member benefits
• Managing conflicts of interest and maintaining robust governance processes
• Ensuring decisions are properly documented, reasonable and defensible.

Trustees act as fiduciaries, meaning their duties must always be exercised in the best interests of members. Their decisions shape the long‑term health and security of the scheme, and they must operate within a carefully regulated environment.

Why trustees are so important

Trustees are the backbone of scheme governance. Their role matters because:

• They protect member benefits: Making decisions that directly affect retirement security
• They ensure legal compliance: Safeguarding the scheme from regulatory breaches or governance failure
• They provide independent oversight: Acting as a counterbalance to sponsoring employers and other stakeholders
• They manage risk: From operational issues to strategic decisions, restructurings and de‑risking exercises
• They maintain public trust: Ensuring schemes are run fairly and transparently.

With growing scrutiny from The Pensions Regulator, trustees’ responsibilities are heavier than ever. Specialist advice helps them exercise these duties effectively and consistently.

Key considerations for trustees

Trustees must be confident they are:

• Making decisions based on accurate information and appropriate advice
• Acting in accordance with their fiduciary duties
• Managing conflicts of interest properly
• Following compliant governance processes
• Keeping decisions well‑documented and defensible
• Addressing member concerns promptly and lawfully
• Preparing the scheme for long‑term strategic changes where needed (e.g., risk transfer or scheme redesign).

Good governance is essential to protect members and reduce regulatory or legal risk.

How can we support you?

We work collaboratively with both lay and professional trustees, as well as scheme actuaries, investment consultants and covenant advisers, to provide a seamless, joined‑up advisory service. Our support includes:

Governance, compliance and risk management

• Ensuring schemes are well‑governed, compliant and resilient
• Helping trustees understand and discharge their fiduciary duties
• Supporting documentation of decisions and governance processes
• Managing conflicts of interest effectively.

Operational support

• Advising on benefit interpretation issues
• Managing member disputes and Ombudsman cases
• Overseeing data protection and administration arrangements
• Ensuring trustee decisions are legally robust and defensible.

Strategic and transactional advice

• Guiding trustees through corporate restructurings, scheme design changes and risk transfer exercises
• Working alongside other trustee advisers to deliver coordinated, informed advice
• Helping trustees prepare for and manage major scheme events or transitions.

Across all areas, our consistent focus is protecting the scheme and its beneficiaries.