DWP fiduciary-duty chair says forthcoming guidance should help trustees make best decisions, not least challengeable ones
Sir Robin Knowles, chair of the Department for Work and Pensions technical working group on fiduciary duty, told a Society of Pensions Professionals conference that forthcoming guidance should give trustees confidence to make the best long-term decisions rather than those least open to challenge. A public consultation is expected later in 2026. The Society of Pensions Professionals said the guidance now appears likely to be non-statutory, though Knowles said industry-led guidance would still carry weight with regulators and courts.
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Key points
- Sir Robin Knowles said forthcoming DWP fiduciary-duty guidance should help trustees make the best decision, not the least challengeable one.Pensions Expert
- A public consultation on the guidance is expected later in 2026.Pensions ExpertSolicitors Journal
- The Society of Pensions Professionals said the guidance now appears likely to be non-statutory; Knowles said industry-led guidance would still draw regulator and court attention.Pensions Expert
- The guidance will not replace the best-interests duty but aims to clarify what trustees may take into account in investment decisions.Pensions ExpertSolicitors Journal
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Solicitors Journal