The Department for Work and Pensions (DWP) has announced plans to support The Pensions Regulator (TPR) in developing a register of trustees, to allow the regulator to target those trustees and schemes who require additional support to fulfil their obligations.

The DWP and HM Treasury previously held a joint call for evidence to deepen the evidence base around trustee capability and the barriers to trustees doing their job in a way which is effective.

The government response revealed that there was "widespread support” for a trustee register, with a "clear" message that there is space for action to ensure that all trustees are able to work effectively.

Given this, the government confirmed that DWP will support TPR to develop and take forward a register of trustees, which is expected to enable targeting of those trustees and schemes who require additional support to fulfil their obligations.

The register is also expected to help improve the communication of information and guidance to trustees, including relating to the proposed Value for Money framework once it is introduced.

The DWP also said that it strongly encourages all professional trustees to seek accreditation and will consider whether legislation should be taken forward to mandate this in future, if required.

It also confirmed that TPR's new General Code, once laid, will set accreditation for professional trustees as an expectation.

The response also emphasised the need for those who provide trustee training, resources, and accreditation to consider expanding their provision of material to ensure it thoroughly covers the full range of assets which trustees are able to invest in.

"We believe that ensuring all trustees have a minimum level of understanding of all asset types will enable them to make the most appropriate investment decisions for their scheme’s specific circumstances, whilst acknowledging that, at a board level, not every trustee needs to be an expert in all matters," the response stated.

TPR is also already producing additional guidance on this area, with new guidance on investing in private markets expected by the end of the year.

Commenting in the foreword, Pensions Minister, Paul Maynard, and Economic Secretary to the Treasury, Bim Afolami, stated: “We are pleased to see responses to this call for evidence confirm that the majority of trustees are well-supported, knowledgeable, and hard-working.

“However, it is clear there is space for action to ensure that all trustees are able to work effectively. Every saver deserves to know their pension is being well looked after, no matter how small the scheme.

“We hope this suite of measures will together continue to ensure that trustees and those who advise them continue to work to produce the best possible outcomes for pension savers.”

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