The government’s forthcoming updated guidance on fiduciary duty should enable trustees to make the best decisions for their scheme and members, not the decision that’s least challengeable, according to Department for Work and Pensions (DWP) Technical Working Group chair, Sir Robin Knowles.

Earlier this year, the DWP announced the launch of a Technical Working Group designed to help the government develop guidance to support pension trustees’ investment decision making.

The guidance is intended to give trustees greater clarity about what factors they can legitimately consider when making investment decisions.

Speaking at the Society of Pension Professionals (SPP) Conference 2026, Knowles said that while the new fiduciary duty guidance “has been facilitated by government, it has been led by industry”.

He said that pension scheme trustees “should have the confidence that their work will survive challenge,” adding the new guidance should enable trustees to “make the best decision, not the decision that’s least likely to be open to challenge”.

He said he believed the non-statutory guidance will be taken seriously because "it has come from the sector as a whole so it will have the attention and respect of regulators, and to be frank the courts too”.

Chairing the panel session, A&O Shearman partner, Andy Cork, said: “As fiduciary duty continues to evolve, it was clear from this panel discussion that the breadth of what we recognise as financially material is widening, encouraging trustees to move beyond only numbers to evaluate complex, long-term risks through a robust decision-making framework.

“As Sir Robin highlighted, the guidance may have been facilitated by government, but it has been led by industry so we are hopeful it will achieve the right balance of clarity and flexibility.”

A consultation is expected on the guidance later this year.

---