A former editor of Pensions Expert is among a 14-strong panel of industry representatives convened by the government to develop statutory guidance around fiduciary duty and investment decision-making.
Maria Espadinha – who was editor from 2021 to early 2023 – is representing trade body Pensions UK on the Technical Working Group, which was formally announced yesterday (17 March).
The group is chaired by Sir Robin Knowles, a High Court judge and a member of the Financial Markets Law Committee, which has previously issued guidance on fiduciary duty in relation to climate change and sustainability.
“Bringing together experience and expertise from across the sector, we will endeavour to support trustees with practical and realistic guidance on their duties.”
Sir Robin Knowles
The full committee includes:
- Claire Brinn, UK policy manager at ShareAction
- Simon Daniel, partner at Eversheds Sutherland
- Maria Espadinha, policy lead at Pensions UK
- Richard Giles, member of the pensions board at the Institute and Faculty of Actuaries
- Claire Jones, member of the steering committee at the Investment Consultants Sustainability Working Group
- Emma Jones, head of pensions legal at Universities Superannuation Scheme
- Andy Lewis, partner at Sackers
- Jo Myerson, trustee director and head of innovation at Independent Governance Group
- Stuart O’Brien, partner at Sackers
- Diandra Soobiah, director of responsible investment at Nest
- Matthew Swynnerton, chair of the Association of Pension Lawyers
- Oscar Warwick Thompson, head of policy and regulatory affairs at the UK Sustainable Investment and Finance Association
The group has been tasked with developing “practical, principles-based guidance to give trustees of occupational pension schemes greater clarity and confidence on their investment duties”, according to a statement from pensions minister Torsten Bell’s office.
It follows a recent pledge from the minister to develop “statutory guidance” on fiduciary duty to clarify terms. A clause has been added to the Pension Schemes Bill to facilitate the development of this guidance.
Bell said: “Pension trustees steward billions of pounds on behalf of millions of savers, and they deserve clear, practical guidance to help them do that job well.
“That’s why we are acting now – to ensure they have the clarity they need to fulfil those duties effectively and make sure they get the best outcomes for millions of savers.”
Sir Robin Knowles added: “Where investment is concerned, these are complex times. Trustees, with those who assist and advise them, are entitled to clarity and confidence as they do their crucial work.
“To those ends, bringing together experience and expertise from across the sector, we will endeavour to support trustees with practical and realistic guidance on their duties.”
The group held its first meeting on 5 March, with all members participating on a pro bono basis. The announcement stated that more industry input would be sought through a larger advisory group and a series of roundtable discussions.
