Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps her Department is taking to increase transparency in the (a) management and (b) adjustment of pension schemes.

Trustees have a fiduciary duty to act in the best interests of the scheme membership, and are required by law to provide members with information about how the scheme has been managed. This includes legal duties about transparency and disclosure of information. There are also clear legal requirements around a trustee or sponsoring employer’s ability to make changes to a pension scheme, including requirements that members must be properly consulted before a change is made if it will affect their benefit rights.

The Pensions Regulator has powers to investigate and take the necessary action if there is evidence these obligations are not being met.

The Pensions Regulator’s 2024 revised General Code of Practice sets out detailed requirements which all occupational pension schemes are expected to follow in order to maintain an effective system of governance.