Pension Trustee Skills, Capability and Culture: PLSA response

Following the Chancellor’s speech at Mansion House on 10 July 2023, in which he announced the Government’s intention to explore various ways to incentivise the UK pensions industry to invest more in productive assets, DWP and HMT released a call for evidence to understand trustee capabilities and barriers to their effectiveness. The call for evidence focused on three key areas: 

• Trustee skills and capability; 
• The role of advice; and 
• Barriers to trustee effectiveness. 

In particular, the call for evidence sought feedback on whether trustees have the right knowledge and skills to consider investment in the full breadth of investment opportunities. Based on feedback from our members and additional research, the PLSA responds to this query, and makes several other recommendations on immediate actions TPR can take as well as highlights issue areas where additional assessment is necessary.