Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, with reference to the oral contribution of the Parliamentary Under-Secretary of State for Work and Pensions in the Report Stage of the Pension Schemes Bill on 3 December 2025, whether the guidance on fiduciary duties will cover the (a) ability to consider system-level risks, (b) ability to consider the impacts of investments and the organisations in which schemes invest, including on members' standard of living, (c) ability to consider members' views and (d) duty to cover matters when they are financially material.

The Government is committed to ensuring that private pension trustees have a clear, range of guidance, with the objective of supporting consideration of wider factors within their existing legal obligations. This will include clarification and practical support on their ability to take account of system level risks, such as climate related risks, and the impacts of investments where these affect members’ long-term outcomes, including their standard of living.

The guidance will also explore how trustees may consider members’ views, provided this remains consistent with investing in members’ best interests, and will reaffirm that trustees should take account of all financially material matters, where appropriate in their investment decision making.

Our objective is for guidance to be delivered in partnership with the pension sector and other interested parties. Work will commence shortly beginning with an industry roundtable to gather views and technical expertise to ensure the guidance meets the identified need.