The Lab submitted a response to the consultation run by HM Treasury and the Department for Work and Pensions (DWP) on pension trustee skills, capability and culture. Echoing ShareAction, the Lab argued: for a redefinition and clarification in law about what it means to act in beneficiaries’ “best interests”; that trustees should be required to outline to savers the scheme’s understanding of best interests (and report on how this has guided their decision-making); and that the DWP should publish statutory guidance on how trustees should consider sustainability impacts. These steps would help to enhance the sustainability of pensions in the long-term.
