11-12-2025 | 06:00 - 06:45 IE
Panel members: Louise Davey, Interim Director of Regulatory Policy, Analysis and Advice, The Pensions Regulator Bobby Riddaway, Professional Trustee, Capital Cranfield Pension Trustees Stuart O'Brien, Partner, Sackers Chair: Joe Dabrowski, PLSA Deputy Director – Policy, PLSA The session Next steps for the General Code and DB funding regulations took place on Wednesday 28 February 2024 at the PLSA Investment Conference
Sarah Smart: Diverse perspectives, skills and experiences on the trustee board support robust decision-making. Through effective DE&I, trustees are better equipped to weigh issues and consider aspects important to those impacted by their decisions – including in the design and implementation of the scheme’s investment strategies
A: Sarah Smart : Diverse perspectives, skills and experiences on the trustee board support robust decision-making
However, there are many risks associated with DB transfers and 80% of trustees reported they were concerned about their members’ lack of understanding of those risks
According to our research, there remains a subset of disengaged trustees who fall short of the standards expected or are unaware of the existence of such codes...If they can’t improve, trustees will need to work with the employer to consider other options
Ruari Grant highlighted the necessity for regulatory coordination and suggested trustees could guide members towards suitable decumulation strategies through a mixture of products, ensuring investment continuity
It arises when I ask members whether they will be attending our next big Conference and they say ‘I would love to attend your Conference, James, bu t we’ ve got our trustee board meeting that week, s o it ’s not possible , I ’m afraid.’
The Committee also had a discussion on trusteeship and guidance, particularly in relation to potential areas where new trustee guidance might be beneficial. Topics discussed included: (1) the role of professional and sole trustees; (2) trustee education and training; (3) the benefits and risks associated with introducing uniform standards of trustee training/skills; and (4) the role played by lay trustees and the expectations placed on them
They had hoped the regulator might identify simple thresholds around size, maturity, governance and surplus as a quick way of benchmarking for those seeking a fast track approach. Another trustee questioned whether the levels of reporting to the Pensions Regulator were necessary and created data that was actionable or even had any purpose. One trustee asked whether the largely lay trustees populating boards and committees of public sector schemes might be a source of sleepless nights for the Pensions Regulator
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